Info-Tech’s Guide to Increasing Customer Value and Business Growth

Retailers today are under relentless pressure to remain competitive, drive innovation and improve their market positions. In such a dynamic environment, IT leaders are increasingly tasked with helping companies leverage exponential technologies for sustainable growth. In response to this urgent need, Info-Tech Research Group has released its latest draft: Priorities for adopting an exponential IT mindset in retail. This study highlights the urgent need for retail IT leaders to embrace advanced technologies such as AI, cloud computing, and data analytics. By addressing these critical priorities, the industry can overcome current obstacles and open up new avenues for growth and innovation.

Info-Tech’s newly released industry study highlights the increasing customer demand for personalized services and transparency. However, many companies struggle with the challenge of meeting these demands because they have complex and costly legacy infrastructures. The company highlights the need for innovation and stresses that companies must recognize IT leaders as valuable business partners to leverage exponential technologies.

“As technology continues to experience groundbreaking innovations, there is a real risk that companies will fall behind their competitors,” says Donnafay MacDonald, research director at Info-Tech Research Group. “It is imperative that companies are prepared for the next wave of rapid, exponential technological development. Companies that can quickly adapt, adapt and adopt new technologies have the greatest potential to unlock value.”

The importance of adopting Exponential IT in retail to combat disruption cannot be overstated, especially for IT leaders. Because speed is a must, Info-Tech warns that IT leaders and organizations risk being left behind if they don’t adopt new technologies fast enough.

“Adopting an exponential IT mindset is about preparing for growth by evaluating existing operational and organizational structures and taking steps to modernize them,” adds MacDonald. “Our research identifies fundamental skills and essential steps that need to be taken in the process of adopting an Exponential IT mindset to help organizations prepare.”

Info-Tech’s study highlights several key priorities for retailers, including the need to develop a robust IT infrastructure, seamlessly integrate advanced technologies, and develop a flexible workforce capable of leveraging new digital tools. These strategies are essential to foster innovation, improve productivity, and maintain a competitive advantage in the market.

The business plan describes three key priorities that IT leaders should focus on when adopting an Exponential IT mindset. These recommended priorities are:

• Transform infrastructure and applications into utilities: Leverage demand-driven supply chain networks for greater agility and real-time decision-making. This approach also includes adopting cloud computing for applications and restructuring existing applications as part of digital modernization.
• Treat data as a product: Data must be treated as a product with a value proposition. Organizations can increase productivity and gain a competitive advantage by developing data ownership, increasing cross-departmental influence and collaboration, and marketing and selling data assets both internally and externally.
• Let AI take over the core processes: As advances in artificial intelligence and machine learning continue, there will be significant progress toward greater automation. IT leaders must prepare for the automation of infrastructure and operations with a clear IT strategy and the implementation of new technologies.

The company’s plan explains that retail will struggle to remain competitive without the adoption of AI to support business operations. The use of AI and automation can significantly increase efficiency and provide real-time insights, enabling companies to meet evolving business needs and maintain a competitive advantage.

By aligning IT initiatives with business goals and fostering a culture of innovation, retailers can overcome obstacles to digital transformation. Info-Tech’s comprehensive plan provides practical guidance on building a robust IT infrastructure, effectively managing risk, and creating a data-driven environment that supports continuous improvement. Implementing these priorities will help retailers navigate the complexities of the digital age, improve operational efficiency, and maintain a competitive advantage.

For exclusive and up-to-date commentary from Donnafay MacDonald, an expert in the retail and wholesale sector, as well as access to the complete Introducing an exponential IT mindset in retail Draft, please contact [email protected].

InfoTech LIVE 2024

Registration for Info-Tech Research Group’s annual IT conference, Info-Tech LIVE 2024, is now open. 17 to 19 September 2024in the iconic Bellagio in Las VegasThis premier event offers journalists, podcasters and media influencers access to exclusive content, the latest IT research and trends, and the opportunity to interview industry experts, analysts and speakers. To request press credentials to attend the event or to gain access to research and expert insights on trending topics, please contact [email protected].

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