As information technology starts to integrate and influence other sectors like finance, medicine, education, wholesale, retail (you name it, it is everywhere now). These industries will be drawn into this doubling effect, and will be forced to either adapt or die out.
This could mean industries being replaced by a newer breed which can handle the growth and who not just invest in it but live it and, ideally, whose business models are defined by this effect existing.
Newspapers have seen this, and we have been in the middle of it all – 7 to 10 years ago, everyone could “kind of” see it but thought there was still time. It didn’t look like such a cliff edge then and they were stuck in their ways. They were stuck in their traditional ways, thinking, “We don’t need to invest yet”.
We were told, “We have to do it this way because we have always done it this way”. Now the rules have obviously changed because the business models are changing. The ones who want to survive are thrashing around trying to work out how they can jump the ever-widening gulf that has opened up, step by step, over the last 10 years.
Your current information systems need to constantly evolve, because while it might not feel as if there is much change in any one year, there is enough (as you can see) that SHOULD get your attention.
If not, “catch-up” will be very costly and may be the turning point for your future existence.
The underlying technology base you are using should be replaced within 7 to 10 years or you will be building on foundations that are 128 to 512 times slower, weaker and less capable than your competitors and not, as most business people see, “only a few years old”.
If you wait longer, you get exponentially less capable of competing.