The Hi-tech industry essentially enables digital transformation across all industries. Autonomous vehicles are powered by AI enabled chips built by the semi-conductor industry, any enterprise that embarks on a cloud first approach needs to use the cloud platform built by cloud providers, any business process that is being digitized is enabled by software products and similarly consumers who use social media communications and watch video based content depend on high spend networks built by network equipment providers.
The digital era brings in tech-savvy consumers that have come to expect newer versions at accelerated rates without compromising on the end user experience. This puts immense pressure on the Hi-Tech industry to continuously offer new / upgraded products with extremely short product lifecycles which cutting edge UI/UX capabilities. They also face stiff competition in this digital-era by new entrants; affecting revenue and profit growth.
As the digital market grows, there is a need to assess investments at every juncture. How and where to implement digital solutions is crucial to get the most return on investments. Increasingly the industry is focusing on service centric solutions instead of the traditional product based offers (e.g. Apple revenue from Services).