Convergence to drive future business models

by CXOtoday News Desk    Nov 29, 2013

future tech

A recent Frost & Sullivan summit on ‘Growth, Innovation & Leadership’ brought together over 100 senior executives to discuss growth opportunities and technology trends in the energy, mobility, medical devices and pharmaceuticals industry.

“The key to future growth and innovation lies in the convergence of industries and products, the cooperation of companies, and the attitude of a company’s management team. Understanding what convergence really means is crucial,” says Frost & Sullivan Head of German Operations, Klaus Huhn.

The integration of current products, technologies and industries will not only shape the future of new, innovative and unique industries, products and technologies. It will also create new business models and competitive environments, which will either combine elements and features of the original industries, or create completely new corporate and industrial landscapes, promising growth opportunities in the future. “The attitude of the companies however, has to adapt itself accordingly, in order to profit from these changes,” believes Frost & Sullivan Partner and Director, Dorman Followwill.

“In 2025, we will have robots in our households, digital personal assistants organizing one’s daily agenda, and cars with autonomous functions and advanced driver assistance systems routing us through the traffic in the smart cities we will live in,” forecast Frost & Sullivan Senior Partner and Global Practice Director Automotive & Transportation, Sarwant Singh. “The companies, which will make most of this become a reality, will not be the traditional market players in the respective industries, but rather new players entering from outside the industry.”

The Frost & Sullivan presentations on mega trends and their impact, the 50 most innovative technologies and 360-degree perspectives on the above mentioned industries were discussed at length at the forum. Frost & Sullivan’s Global GIL Community supports CEOs and their management teams in critical decision-making, offering tools that help industry leaders in achieving the three essential objectives of Growth, Innovation and Leadership.