Industry X.O: Break The Silo
We’re seeing a convergence – a coming together of multiple industries & governments “self-harmonizing” in realtime to create a deeply integrated consumer experience, with the help of a robust, intelligent digital infrastructure. The need for extreme personalization is leading to a technological ‘singularity’ of sorts, where AI is demonstrating potential to combine efforts of multiple, genetically-diverse industries, leading to a culmination of heightened value delivered to the consumer in real-time.
Traditionally, digital transformation took an “industry-specific” approach. Business transformation was confined to the boundaries of the industry the business belonged to. An education company wouldn’t imagine collaborating with an entertainment company; an Oil & Gas industry wouldn’t seek to know how Electric vehicles charging infrastructure is improving – just because these were perceived to be two different industries / domains.
Cross-industry Disruption
- Cross-pollination of ideas in the education industry and entertainment industry to come up with an innovative digital “Infotainment” strategy to make online learning personalized, interactive & impactful.)
- Smart harmonization of a food delivery business and an electric bike rental business, unifying their offerings and delivering collective value with technology.
- Collaboration between an automobile manufacturer and a healthcare service provider to come up with patient friendly movement and promote accessibility in design.
Today, your digital strategy could involve participation and integration of multiple industries and cross-pollination of ideas and offerings.
There’s high levels of integration, collaboration and interoperability made possible with technologies like Blockchain. Also, fluctuation in demand for one industry could impact others. For example, rising demand for food delivery at the door, increased the demand for 2-wheeler transport to solve the ‘last-mile-connectivity’ problem and the demand for fractional ownership of bikes.
Multi-industry collaborations or cross-domain integrations are becoming the new norm, to thrive in today’s “Intelligence first” era, businesses need to embrace this change and exploit advanced digital technologies to participate in consistently delivering maximum consumer value.