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3 scenarios for ‘reinventing’ your business for the digital age

3 scenarios for ‘reinventing’ your business for the digital age

Ensure the CIO plays a critical role in each, says Manoj Menon of Frost & Sullivan.

Internet of Things – a term to describe the rise of connected devices – will have a great impact on many traditional business models.

Companies need to understand how their business models will change against this backdrop, said Manoj Menon, managing director, Asia Pacific at Frost & Sullivan.

Menon calls on companies to apply three concepts – disrupt, collapse and transform – as they work to reinvent their business.

The CIO has to be the chief innovation officer.

Manoj Menon, Frost & Sullivan

They should look at forces that will disrupt their business and feed ideas for growth of new businesses, as well as ways they can transform their existing organisations to compete with ‘disruptors,’ he said in an interview with CIO New Zealand.

Companies need to understand how the Internet of Things will change their business models.

Manoj Menon of Frost & Sullivan talks about how organisations can apply the ‘disrupt, collapse and transform’ framework.

Read more: Inside an ICT ‘shared services-plus’ model

Whatever option they chose, the role of the CIO is “super critical” as the organisation undergoes this assessment and change.

“The CIO has to be the chief innovation officer because at the heart of this is the digital economy,” he said. “[They need to ask] how do I leverage IT connectivity and internet of things to transform my business model in today’s times?”

Next: How to apply the ‘disrupt’, ‘collapse’ and ‘transform’ framework to your organisation, and the megatrends that will impact all businesses

Read more: Majority of mobile apps will fail basic security tests: Gartner

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