Technology Innovation – “Life moves pretty fast…”

0

We recently held an event with senior technology leaders where we discussed the current innovation landscape and had some new technology companies present in the areas of Social Media, Data Science and Big Data Analytics. Whilst putting together the schedule and material, I was reminded of a quote from that classic 80’s film, Ferris Buellers Day Off;

“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it”

When you look at today’s challenges facing leadership involved with technology this does seem very relevant. Organisations are fighting hard just to stand still (or survive)….trying to do more with less, both staff and budget. And whilst dealing with this prevailing climate, around them the world is changing at an ever increasing rate. Where does Technology Innovation fit in then? Well for many, it doesn’t. There’s no time and certainly no budget to look at new way of doing things. However, it does really depend a little on definition.

  • Is switching to more of a consumption based/utility model, be that cloud or whatever makes it more palatable to communicate, classified as innovation?
  • Is using any of the “big data” technologies to consolidate the many pools of unstructured and structured data into a single query-able infrastructure innovation?
  • Is providing a BYOD service for staff, or providing iPad’s for executives or sales staff to do presentations or interface with clients innovation?

No, not really. This is simply evolution of technology. The question is, some technology organisations themselves even keep up with this? We were interested in the results of the 2012 Gartner CIO Agenda Report. The 3 technology areas that CIO’s ranked highest in terms of priority were;

  1. Analytics and Business Intelligence
  2. Mobile Technologies
  3. Cloud Computing (SaaS, IaaS, PaaS)

That in itself isn’t overly surprising. What we found more interesting was looking at how these CIO’s saw the technologies evolving from Emerging, through Developing and to Mainstream. We work a lot with Financial Services companies, so have picked that vertical for the graphic below;

The first area around Big Data/Analytics is largely in line with our view of the market. We see a lot of activity in this space (a some significant hype as well). However, we do concur that by 2015 we expect to see this Mainstream and an increased focus on Data Science as a practice.

Mobile has certainly emerged already and we would expect this to be more in line with the first category. On the device side, technology is moving at a fast pace (in the mobile handset space look at the VIRTUS chipset, which transmits large volumes of data at ultra-high speeds of a reported 2 Gigabits per second. That’s 1,000 times faster than Bluetooth !).

In the area of corporate device support, business application delivery and BYOD, we already see a lot of traction in some organisations. Alongside this new entrants are disrupting the market in terms of mobile payments (such as Monitise).

Lastly, and most surprisingly, whilst financial services see Cloud delivery as a top priority they also see it as Emerging from now through the next 5 years. That can’t be right, can it? (Btw – if you look at the Retail vertical for the same questions, they see all three priorities as Mainstream in the same period).

That brings us back to the question…what do CIO’s consider as Innovation? Reading between the lines of the Gartner survey it clearly differs by vertical. Are financial services organisations less innovative? I’m not sure they are…more conservative, perhaps, but that is to be understood to some degree (see the recently launched Fintech Innovation Lab sponsored by Accenture and many FS firms).

No, what would worry me as a leader within FS is the opening comment from Mr Bueller. Technology and Innovation is certainly moving fast and perhaps the pressure on operational efficiencies, whilst undoubtedly needed, could ultimately detract from bringing new innovation to benefit business and drive competitive value?

There is also a risk that in this climate and with barriers to entry reducing, new entrants could actually gain market share with more agile, functionally rich products and services. We wrote before about the rise of new technology entrepreneurs…there is certainly a danger that this talent pool completely by-passes the financial services technology sector.

Perhaps we do need to “take a moment to stop and look around”. Who in our organisation is responsible for Innovation? Do we have effective Process and Governance? Do we nurture ideas form Concept through to Commercialisation. Some food for thought…

RSS Feed Subscribe to our RSS Feed

Posted on : 25-09-2012 | By : john.vincent | In : Cloud, Data, Innovation

Tags: , , , , , , , , , ,

Write a comment