Many global IT companies have the same nature of business. What sets them apart is the way they operate, the tactics they employ to attract clients, the strategies they frame to remain on top, and the policies that make them good business partners. While the operation maneuvers, tactics, strategies, and policies vary, one thing that remains the same is the core business model. The model relies on client accruals, services, and add-ons. All companies in the IT industry need to focus on 4 aspects which I like to term as the 4 ingredients to success. Let’s look at each of these in detail.
#1 Outsourcing is like protein. Just the way a dish revolves around a protein and is crafted to celebrate the protein, all companies dealing in outsourcing should ponder on the internal policies which attracts or repel clients. Many developing countries provide cheap labour, implement attractive laws, and are a hub of talented professionals. This combination attracts multinational companies to invest and divulge in business in these countries.
In 2017, a successful company that relies on outsourcing work should focus on the requirements of the client and create policies and environment that is of interest to the outsourcer. This includes personalized contract, specifically trained team members, etc. This also includes focusing on creating conducive environment with frequent connects with the client to keep them informed of the challenges and progress if required in specific cases.
#2 Security is vital; as vital as the salt. The information or data is important for companies. Therefore, extreme steps are taken to ensure that all the possible threats are recognized and taken care of beforehand. For example, software application development company might need specialized security solutions to protect the prototype or client information which if leaked can cause severe damage to internal business and external partners.
The year 2017 would see a rise in demand for security solutions and this means great business for companies. At the same time, the need for security is at all time high because more companies are now dealing with big data and embracing cloud-based technologies. The security benchmark needs to be changed every year because of the advancement in the technology and this year (2017) is no exception.
#3 Digitalization is the spice. Humans are critical aspect of almost all business dealings but there is a rising need for digitalization in certain aspects. While human involvement is not eliminated, machines are preferred to take up tasks that can reduce human involvement. This is ideally preferred in case where computers can be programmed to take up routine monotonous tasks so that human effort can be utilized in something more productive.
The coming years seems to set up high expectation in terms of digital transformation. The year gone by saw how companies that were dealing in online markets, adopted the application model to reach to customers even more quickly. This trend will rise in 2017 and more and more players will make use of digital technology to reach potential customers. The use of digital platforms will allow companies to break the physical barriers and establish global presence.
#4 Employees are the minerals and vitamins that are required for proper functioning. The right kind of talent can make a company reach pinnacle of success within a matter of time. The importance of employees has always been emphasized and with each passing year, there is more and more focus on how to select, train, and retain employees for the benefit of the company.
So far, the employees in IT industry were mainly from the technology domain. But, the companies are now realizing that in some cases, employees can be trained to perform a required task. This does not need any specialization in terms of education or experience. Therefore, 2017 will witness more companies opting for campus placements or looking for employees who are quick learners in comparison to those who are specialists. But, this does not mean that specialization will go out of fashion. For instance, a software application development company would still need programmers who are experienced and knowledgeable.
The IT industry promises a great future for all involved businesses that are directly or indirectly contributing to its growth. But, the fact that remains is that the competition will increase with each passing year. The competition is inevitable, but the existing companies might have an edge over the newbies because of the experience and credibility.
Additionally, there is a need to continuously adapt established technologies and outgrow the apprehension of experimenting. This does not imply getting all excited about every new technology and experimenting to the limit of creating chaos. It means to sensibly make decisions on the basis of weighted pros and cons so that the business benefits from the digital transformation, security protocols, to name a few. The year has begun with high hopes and the IT predictors have forecasted that the hopes will remain high for the coming time.