“Companies must fundamentally change or die” was the message from The Economist’s Technology Frontiers conference in March this year. Speed to market of new products and services has become a survival issue with Amazon’s chief technology officer Werner Vogels warning, “Businesses need to become more experimental. Product cycles are still lasting years, while small, innovative businesses take just months.”
With the web creating a crowded market and consumers no longer having any sense of loyalty, he said organisations must bring products to market quickly, measure how customers are using them and either continue or kill the product.
Vivek Kundara, vice president at Salesforce, echoed his views at the event, saying, “In the consumer web you are one click away from extinction. That is the future of business. We will see unprecedented creative destruction of businesses not embracing innovations. This is fundamentally re-engineering entire sectors of the economy.”
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