Innovation remains the lifeblood of many industries, but nowhere is that more true than in the world of technology. It seems every year brings something new into the high-tech mainstream – everything from 4K video to the Internet of Things to the latest NoSQL database. The absence of new ideas, on the other hand, can spell the death knell for some business sectors.
Is the lack of innovation causing harm to your industry? This article looks at a few industries, both in and out of the technology spectrum, who are suffering without radical new ideas and business insights. Let’s check them out.
The Cable TV Industry
The world of cable TV is feeling the heat as more cord-cutters eschew their service offerings in favor of streaming content from Hulu, Netflix, Amazon Prime, and a host of other content providers. Consumers are increasingly using set top boxes, like the Roku or Apple TV, to leverage their home Internet service as a conduit for entertainment.
Ultimately, saving money on their monthly bills is the big driver in this migration. Many customers don’t like paying upwards of $100 per month for 200 channels when they regularly watch only 10 to 20. The cable industry has been slow to react to this trend, as bundling cable TV with digital phone service is their biggest innovation. An a la carte option for channel choice is long overdue.
The Hassle of Airline Travel
It seems a story about long lines at airports causing travel delays and other hassles is a daily appearance on the news. While security concerns are a valid reason for some of the delays, the airline industry isn’t doing itself any favors by nickel and diming travelers for extra luggage and food service. This is a declining industry ripe for innovation and the introduction of a disruptive business model.
The Changing Hotel Industry
The hotel industry is suffering from many of the same problems as its airline brethren – most notably increasing prices combined with decreasing services. This is a main reason travelers are increasingly turning to other options, like Airbnb. The hotel world offers a fine example of another business sector in need of a radical rethought of its business model.
The lesson to be learned for IT companies is to always look for new ways to shake things up, both from a technology and business standpoint. Innovative ideas are vital!
If your company needs assistance in building a staff of innovative thinkers, talk to the experts at Strategic IT Staffing. One of the nation’s leading technology employment agencies, we offer candidates able to immediately add value to your organization. Talk with us today!