We’re now living in the age of digital Darwinism, where you evolve or you become irrelevant. If you can’t transform your new ideas into winning applications, you’ll be replaced by someone who can. But success goes beyond delivering the right applications, you also need to prioritize speed and agility. To survive in the world of digital Darwinism, you need a faster path to get ahead – one focused on rapid and iterative innovation.
Digital transformation is at the heart of every business. You need to digitize internal operations to do things better, faster, and cheaper; find new ways to engage users; and bring new products and services to market. And those businesses who can’t make these changes will struggle. In fact, 4 out of 10 companies will be dead in 10 years if they fail to digitize, a phenomenon called digital Darwinism. This stark reality comes at a time when competition and market volatility are at their highest. You adapt, or your business dies out.
The new competitive landscape
Enterprises continue to see a rise in more nimble new entrants, like Nest, Square, Uber, and Airbnb. These digitally native startups have more agile business practices and software delivery models which allow them to adapt products and services on the fly. New entrants, coupled with global enterprises willing to throw money and manpower at digital innovation, are able to quickly refresh their products and services.
A higher rate of market change
Like any type of innovation, the details are often unknown or evolving. As customers engage digitally, utilize wearables, and adjust to IoT solutions, expect requirements to adapt. And beyond market demands, expect greater stringency from regulatory boards. While we cannot guess the exact changes to compliancy, reporting, and security, we can assure you that businesses will have little time to react.
Don’t become a victim of digital Darwinism. Find out how Mendix’s application platform helps enterprises achieve their digital goals.
Projects that tie into digitization goals require a great deal of speed and flexibility. And for those organizations that wish to avoid being uprooted, you need to find comfort in change. But that doesn’t mean that your entire business needs to accommodate change. You also need to offer the right level of stability to optimize on those systems that exist today.
By implementing a separate approach for delivering innovation projects, you limit the risk associated with business change while still providing the same potential business impact. Gartner refers to this strategy as a Bimodal IT approach, urging businesses to segment their strategy based on the rate of change and distinctiveness of each application.
Traditional (mode 1) development provides little flexibility and requires significant time before an application can hit the market. Gartner’s second mode of development provides a fast lane for rapid application development. Find out how Mendix’s platform helps businesses deliver applications quickly and iterate toward that perfect new solution.