Businesses need to adapt to the new Digital Industry Economy

Businesses which are at the forefront of cloud, mobile, social and data innovations will lead the new Digital Industry Economy, according to Gartner.

The technology analyst claims enterprise is at the beginning of a new era of digitisation where all aspects of business will be exposed to these new innovations. It added that companies will need to embrace the virtual world if they are to reach their customers and drive revenues in the future.

“The Digital Industrial Economy will be built on the foundations of the Nexus of Forces (which includes a confluence and integration of cloud, social collaboration, mobile and information) and the Internet of Everything by combining the physical world and the virtual,” said Peter Sondergaard, senior vice president at Gartner and global head of research.

The Gartner report said new digital innovations will also allow newcomers to emerge and challenge the status quo.

“What many traditional IT vendors sold you in the past is often not what you need for the digital future. Their channel strategy, sales force, partner ecosystem is challenged by different competitors, new buying centres, and changed customer business model,” Sondergaard said. “Digitalisation creates an accelerated technology-driven start up environment across the globe. Many of the vendors who are on top today may not be leaders in the Digital Industrial Economy.”