Is every company now potentially a technology company?
At a Corporate Governance conference I attended in san Francisco in the summer of 2016, a speaker noted that every industry is now susceptible to digital disruption (to quote him almost literally, every company is now - potentially - a technology company) and therefore strategic and risk issues of technology should be central to the Board's role. What does the panel think about this?
I think yes. As companies are in search of an "even better if", the most successful or disruptors are utilizing data to develop a uniquely better product. It may deliver the same value to the customer, but is unique in how it is delivered or communicated. Additionally, the days of a "brick and mortar" business are over, uber and Airbnb utilize data to swarm the marketplace (crowdsourcing organized by tech).
I agree with you, every industry working in every area is now potentially a technology company and is susceptible to digital disruption. every company should put in place measures to face any digital challenge and be quickly ready to react to any risk. it does no longer matter if you are a digital company or something else
I have a different view on this. I think technology is as important as other aspects of the business such as human resource, accounting or marketing. It is an integral part of today's world. So, as companies following accounting practices are not Accounting Companies, or following HR practices are not HR Companies. Similarly, companies following technology or digital practices are not technology companies. That is a good sign, technology and innovation should not be limited to tech houses only. Maybe, a food processing company can come with an idea with technology that can help a lot of other industries.
In the current business scenario technology is providing competitive advantage over others. Because of which a big competition is going on for adapting best technology for winning/excelling in the race. Any successful business depends on the efficiency of its operations that comes through clever application of technology.
As technology becomes increasingly pervasive across industries and functions, companies like real estate, finance, healthcare, manufacturing, or other industries that have traditionally not been recognized as technology industries become technology companies are all racing to become technology companies as well. In the contemporary world, people are rarely putting a boundary line for distinguishing between technology and non-technology companies, since most of the successful companies are technology companies. It is very interesting to note that technology companies are rapidly learning skills/competencies of non-tech company, and non-tech companies rapidly learning to become a technology company for coping up with the current fast-growing market race.
Keeping everything in mind, one can say that in the current business scenario, all companies are tech-companies.