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Are You Ready For 2016? A Few Questions For Providers

by Rajesh Kandaswamy  |  December 16, 2015  |  Comments Off on Are You Ready For 2016? A Few Questions For Providers

As you get ready to record your out-of-office messages and finish shopping before taking a break for the holidays, I would like to offer a few questions that you can ask yourself to get ready for 2016. I have published posts of a similar kind earlier that you find here and here; this adds to them and is not an all-inclusive list.

These questions build on a webinar that my colleague Katell Thielemann and I did yesterday on the big shifts in the landscape of industries, both in your client industries as well as in the technology and service provider industry that you are part of.

How Are You Addressing Transformations In The Industry Landscape?

How Are You Addressing Transformations In The Industry Landscape?

A poll of the audience in our webinar revealed that more than 90% of participants believed that providers need a strategy to address upheavals in the industry landscape. But, more than 50% do not have such a strategy yet, but plan to develop one. Please note that this poll is not based on a scientific sample and hence should be used with caution.

For providers planning to have a strategy for industry transformations, hopefully the questions below help. Here they are:

  1. Do I have a clear view of issues that my clients face in their industry? How can I help them today or prepare to address them in the future?
  2. Today, many vertical industries face new entrants, blurring boundaries and innovative substitute solutions that rely on technology. In this dynamic landscape, what are the things I believe they must pay attention to, but do not and how I am going to get them to change?
  3. Do these industry transformations create new client segments for me or impact my current ones? What do I have to do to systematically exploit this transformation in my market?
  4. How closely are my products and services aligned with key investments of my clients? What can I do to get them aligned closer?
  5. A wave of technology advances are available – smart machines, IoT, analytics, mobile and cloud being some of the key ones. Am I exploiting them enough in my solutions and services? What is my strategy and plan to do that in 2016?
  6. How much has buying behavior changed over the last year and where do I expect it to be in a year? Have I build sufficient relationship with the new buyers (IT or otherwise)? Do I understand their needs, metrics and issues and am I reflecting this well enough in my solutions and messages? If not, what will I do to bridge the gap?
  7. Apart from my usual competition, are there others who provide new solutions or substitute solutions that capture new business from my clients? What is my defensive strategy to prevent market erosion?
  8. Am I helping my team understand the changes in the industry and the competitive landscape and helping them make sense of it? Am I empowering them enough to identify and seize opportunities that arise out of this?

The pace of technology driven change in industries has not slackened and it is likely to retain this pace in 2016. The role of providers is more important than ever and you should have an exciting year ahead. Wish you a wonderful holiday and a very successful 2016!

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Tags: marketing  strategy  

Rajesh Kandaswamy
Research Director
1 years at Gartner
20 years IT Industry

Rajesh Kandaswamy covers the banking industry for technology and service providers. His focus areas within banking include retail banking, credit cards, payments, mortgage, consumer and commercial lending, risk management, and technology finance. His primary technology areas are mobile banking, mobile and cloud payments, channel convergence, digital strategy, big data analytics, core banking, program governance, and outsourcing. Read Full Bio




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