The business sector is rapidly transforming. Now there are so many forms of tech out there and this has accelerated the change at which things develop. The transformation of digital technology has rocketed other parts of business and it has also created way more complexity and choices too. Within the next couple of years, the number of interconnected devices is going to rocket to well over 40 billion. This is going to expand the amount of access to data and it is also going to impact the marketplace for goods and services too.
Breadth and Depth of Change
The depth and breadth of change cannot be overstated. Surveys have found time and time again that transformation is right on the verge of impacting all Canadian industries and businesses. The speed, the scope and even the power of new tech in Canada is causing businesses to try and reinvent themselves and it is also changing how the market demand is met as well. If you look at a Canadian casino site or even Canadian businesses in general you will see that they really do see that they are going to have to undergo business change and transformation in the next 12 months. Tech-driven change is now impacting every industry out there and this is regardless of the size. 81% of smaller organisations report that they are undergoing or anticipating change. When you compare this to that of a bigger organisation, this rockets to 91%.
When you look at successful companies, you will soon see that they are completely focused on making sure that they are continually improving the sector and they are also working hard to ensure that their DNA transformation is big. Everything is on the table. Of course, the majority of respondents have indicated that tactical business functions and operational business functions are the strategic nature of their business and this is incredible to say the least.
The Future is Now
94% of respondents who are facing a transformation anticipate that the impact on their business model is going to be just about, or as significant as any other change that is going to be made in the last few years. Four out of every 10 businesses think that their transformation process is going to be more impactful than ever as well. When you look at all of the buzz that is surrounding the Canadian tech scene, it’s very easy to think of this as being a new concept. The main thing that you have to know here is that there have always been changes and that these all create better ways of doing business. It also facilitates the entry of any new competitors as well. The internet has fundamentally contributed to all of this and it has forced them into a situation where they need to react in order to survive. The difference here is the speed and the frequency of that change.
Canadian businesses and organisations have to make sure that they are aware of the trends that are impacting the market. They also need to consider the risk of stagnating as well. Retailers are now being forced to change to the ever-shifting needs of their customers and they also need to try and think about what they need as well. Post-secondary institutions are being challenged by various funding constraints and they are also having to implement both strategical and operational transformations too. This is going to help them to generate revenue and it is going to help them to accept the fact that the executive leadership needs to be the one driving the change.
Although there is certainly a lot of transformation in the business world right now, it looks like Canadian companies are embracing tech and taking a step in the right direction.