The Victory March of Hi-Tech with Data
Some of the biggest companies in the world are Hi-Tech companies, and yes, it is not by any means an accident. As one of the largest sectors to generate and harness the power of data, the companies have grown tremendously in the past years. The business models have evolved along the way to embrace platform thinking with a steady migration of value from products and devices to service platforms. The situation is such that companies are moving towards 'Everything-as-a-Service' (EaaS) with a zeal, specifically in the B2B space as a continuous revenue-generating business model. Adobe's, now famous pivot to EaaS by moving the entire product line to creative cloud, which seemed like a mercurial decision then, has established itself as a winning model. 1
In the heart of it, is the willingness to change and lot and lots of data to back up the decisions. Data Science, Advanced Analytics and AI are playing a pivotal role in predicting and prescribing what customers need faster than ever to create unprecedented agility for businesses. Edge computing for IoT and Deep Techs – the newer and the jazzier entrants in Hi-Tech – are only pushing the boundary further by applying the best analytics has to offer.2 When you buy a consumer appliance would you wait for the appliance to break down or would you prefer enrolling to a service for a few extra bucks that tells you the health of your appliance? The answer lies with the data.