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Posted on October 2, 2017 by staff

‘Modern businesses must employ innovation specialists’

The key to future-proofing your business is to have an employee dedicated to innovation.

With technology advancing at a rapid rate, Mylo Kaye, CEO of award-winning app developer Dreamr, says companies cannot afford to rest on their laurels.

Back in 2000, for example, Blockbuster passed up the opportunity to buy Netflix because the video rental giant couldn’t see the opportunity created by online streaming.

Today the value of Netflix’s content alone is $11bn while Blockbuster is no more.

“If you can hire a ‘chief futures officer’, you should – or task someone with looking at innovation and how tech will and can affect your business,” he told BusinessCloud.

“It’s a role you cannot live without – especially if tech advances so much that you cannot keep up.”

The business graveyard is full of examples of companies that failed to the see disruptive technologies that were coming their way. However by embracing technology, established brands can not only survive in the new age – they can thrive.

Shop Direct has gone from being a catalogue business to a pure internet retailer and is reaping the rewards. Auto Trader is now the UK’s largest digital automotive marketplace after ditching its print edition completely in 2013.

BusinessCloud has teamed up with CascadeGO HR Software to look at how modern businesses can future-proof themselves through technology.