Do you know what’s happening around you?
If we look at the current trends in the Technology sector, I think four areas promise to have a great potential – Cloud, Social, Data and E-commerce. A lot of times we here these words thrown around in conversations. These buzz words have been around and plan to stay. But for how long? Why do companies make invest these technologies?
Usually market experts predict what could be the next big thing and everyone moves their focus to those areas. Market experts are always on the look out for something new, creative, innovative and more importantly that has the potential to generate value. Based on these predictions, companies begin investing in these latest trends. How important is it to follow a market trend?
In various client environments, often there are legacy systems, which increase the maintenance costs exponentially. In such situations, providing more modern and sophisticated solutions helps generate value for their business. On the flip side, we must be very cognizant of how relevant a current market trend may be for us.
For example, most of our target audience is not tech-savy. Do you think it would be logical to launch a mobile app for this audience just because everyone else is launching one? It would definitely be a waste of effort as no one would be willing to use it. Let’s consider another example, say an e-commerce company that wants to increase its target audience and currently receives all of its customer traffic from its web portal. In this case, it would definitely be logically for the company to launch a mobile app that provides customers the ease of access and in turn increases revenue for the company.
I think it is important to conduct a periodic, relevant and accurate evaluation of the market around us. Once we know the trends in the current market or can predict what can definitely be beneficial for us, we must convert these opportunities into real success stories.
While working on a client project earlier in my career, I identified a module that involved a lot of repetitive, manual effort. I knew that another team was using an automation process that could easily be applied to this module. With support from other team members, we automated our module that resulted in significant cost savings.
Going beyond technology trends, I think there are a few other trends to watch out for in the global market. The market shift is moving from just to the western world towards the eastern hemisphere resulting in restoring balance. The average income of people is higher resulting in higher purchasing capacity. The increasing literacy rate impacts the amount of skilled laborers available. The rate at which natural resources are depleting is causing scientists to look for more renewable sources. I think an understanding of both short term and long-term shifts are key to identifying strategic goals.