Technology, Media, and Telecommunications: just thinking of these industries brings to mind legendary innovators, scrappy startups, emerging technology, and creativity in the pursuit of the solutions of the future.
But we’re not alone anymore…
Software is fueling the development of technology and services-based business models for all industries, and hastening the breakdown of industry walls. Convergence within the Technology, Media, and Telecommunications (TMT) industry is being met with the rapid escalation of technology acquisitions by non-TMT companies.
As our own Barry Jaruzelski said recently in the Wall Street Journal, software is “becoming the oxygen” for all established companies – regardless of whether their roots are in brick and mortar retail, century-old consumer product brands, manufacturing, or mobile apps.
So, how can TMT companies succeed amid convergence, increasing competition, and the threat of commoditization? We have identified four guiding principles that can provide a blueprint for successful transformation from a products company to a “software and services” company.
While we can’t see the future, we can prepare for it. Our latest article on this topic, “Software greases the wheels” provides additional insights on how to take decisive action now to prepare for the continued evolution of our industry – and the breakdown of industry walls.
Brad leads PwC’s Global Technology, InfoComm, and Entertainment & Media practice, a role in which he oversees PwC’s Technology, Media & Telecommunications (TMT) clients across the PwC network. In this capacity, PwC provides services to over 90% of Fortune Global 500 TMT companies.
Authors: Brad Silver, Global TICE Leader