Issue of April 7, 2019
Mt. Province

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‘Firms need new biz models to survive digital disruption’
by Press release

Enterprises must have the courage to innovate, adapt with change, invest in human resources, and develop new business models if they are to survive the digital disruption of the 21st century, a technology expert said.

If companies continue with a “business as usual” mindset, they won’t make it because they are now operating in a much different world, said Alexander Avanth, director of Business Innovation at PTC Holdings.

Avanth said companies have to develop new business models that highlight innovation and adaptability to continue growing in the Fourth Industrial Revolution.

“We need to change the way we think in order to survive in the future,” he said.

He added that enterprises must understand that technology is accelerating at an exponential rate. Exponential acceleration is “the understanding that the acceleration of technology will never be slower than it is today,” or, conversely, that technology next year will be faster than it is today.

“We do not just get a faster smartphone next year, we also get faster artificial intelligence, faster Internet of Things infrastructure, faster 3D printing technology to disrupt manufacturing businesses,” he said.

And as technologies accelerate, they cross each other and new business models form, giving rise to media-streaming services or ride-hailing services, for example.

When this happens, Avanth said consumers’ value systems change as they welcome the capability to be able to watch shows in the safety of their home or get cabs without going down the street to hail them.

“But the consequence of these things is that all businesses face the paradigm shift. All businesses with their operational model based in even the second or third revolution, they cannot compete because this is a completely new value proposition for the consumer.”

Avanth said that with technology advancing so fast, taking a wait-and-see attitude before making a change could be too late.

“So the question about innovation and disruption is not if you can afford it but if you can afford not to do it.”

Avanth said for change to happen, learning must be emphasized.

He said companies also need to invest in their people in terms of skills development. The skills predicted to be important in 2022 are those that promote innovation such as analytical and critical thinking as well as active learning.

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