Roughly ten years ago Coca-Cola, GE, IBM, Nokia, and HP were some of the top brands that seemed impervious to change, the unpredictable fluctuations of our economy, or any incumbent, rival company out there. However, with the advent of sophisticated technologies like cloud computing, machine learning, smartphones, and the internet of things the power quickly shifted away from the above super brands as smaller, more digitally strategic companies began to establish themselves. Today, companies like Amazon, Microsoft, Alphabet (Google), and Apple hold the top positions as the most valuable companies in the world. Most notably, Amazon was a company that managed to skyrocket from the 15th most valuable company to being dubbed king of the enterprises in under five years. How does this happen? And how is it that 52% of Fortune 500 companies “have either gone bankrupt, been acquired, or ceased to exist” since the year 2000? The answer is simple: some companies just missed the metaphorical digital transformation boat.
The Times, They are A Changing
Today, it goes without saying that many companies are concerned about keeping up with the digital wave inundating every industry in practically every corner of the world. However, the ever more urgent need to have a digital business plan isn’t something that has to take on a negative, “why now?!” kind of connotation. It’s something that can be a godsend as it can add new ways to understand consumers, which in turn can yield products they really want and find useful. As such, more businesses are beginning to catch on to the important role smartphones have taken for consumers and have started to create services, products, and applications that offer them the convenience of doing everything from their phones.
Keeping Up with the New Mobile Consumer
In 2018 alone, smartphone users downloaded over 205.4 billion apps. While we wait to see what’s in store for 2019, more companies are developing more mobile applications that will be downloaded by more consumers. Many industries are aware of the rising impact smartphones have on the way we communicate, spend money, book doctor appointments, and even do business.
So where is the security industry in all of this? We’ll give you a hint: it’s beginning to tread water, but a buoy is within reach. As consumer demand for smartphone applications rise, security companies are taking notice, but not all of them are taking action. In a recent Mckinsey study, the company:
“surveyed 150 large companies to measure their digital strategy, capabilities, and culture, and found a large gap separating the digital leaders—the top 10% or so—from the rest. Big incumbent firms in particular are struggling to keep up as more agile digital challengers deliver products and services in faster and cheaper ways.”
In short: the costs for not taking action can be catastrophic and could even lead companies to a similar position as the superbrands we mentioned at the beginning of this article. In 2019, it’s now easier than ever to fall behind; no matter how long your brand has been around or on top of its respective market. But innovation can still be achieved by all through strategic collaborations and investments in consumer-inspired technology.
Don’t Get Left Behind
At UniKey, we help our partners meet the wants and needs of today’s consumers in order to provide the world with more fortified and innovative physical access control solutions. However, most of all, we’re here to make sure that the security industry doesn’t fall behind. To learn more about how your company can be a part of the future, visit unikey.com