How Startups Can Overtake Corporates in the Innovation Race

Three years ago, the world’s largest automotive company, Toyota, publicly doubted the real potential of electric cars. “We do not believe there is a market to accept it,” said Toyota Chairman Takeshi Uchiyamada.

In April, 276,000 people signed up to buy the Model 3, Tesla Motors’ latest all-electric vehicle. This figure matches the annual sales of some of the most popular car models in the U.S., such as the Honda Accord or Nissan Altima. And they did it in just two days.

Tesla’s success has proven the industry giants wrong. The business is the first successful American automobile company in over a century, started by just a small group of engineers and a handmade car. Their story shows how, by going against the grain, new entrants can challenge established leaders. Startups have a secret weapon — they are inherently innovative, they are agile and adaptive. This gives them an advantage over the more rigid structures prevalent in larger corporations.

Pioneering a new idea in the presence of industry giants can be a daunting prospect. But by questioning the accepted standard successful startups such as Airbnb and Groupon, have redefined whole industries. This article explains just how entrepreneurs can effectively ‘reinvent the wheel’, taking tips from the successes and failures of new businesses, and my own experiences, creating a smart bike in a crowded market.

 

1. Define your own big mission.

Startup leaders have the benefit of being able to assess a problem from a fresh perspective, to create their own unique solution, and bigger mission.

The global bicycle market is a $53.9 billion industry focused on mass market produce, and dominated by household names such as Giant and TREK. At SpeedX we compete with these veterans by focusing on transforming cycling from a functional activity into something that is enjoyable, through the use of smart technology. We are taking on a huge industry, but doing this with our own distinct vision.

Startup founders have the ability to pioneer new solutions that others perhaps may overlook or disregard. uBeam founder Meredith Perry has come under fire from skeptics who question her radical vision to create the world’s first wireless energy solution and disrupt a multi-billion dollar CE industry.

Perry aims to enable the first truly wireless device, by creating a charging system that uses ultrasound waves to transmit energy. This means wireless power and also wireless secure data — all groundbreaking technology, but met with little confidence from experts. However, the CEO believes being able to address the problem of transporting power as someone who is not an expert in this field means she has actually has an advantage. “You have the potential to outthink the top thinkers,” she says. uBeam has already received $25 million in funding, and the new charging system will be unveiled later this year.

 

Entrepreneurs need to define their greater mission. Following this end goal will give you direction, an identifiable market, and will help you to identify the necessary steps to take to make this happen.

2. Startups are agile, use this to your advantage.

A startup is small enough to act with freedom, they are agile and can be more responsive. A larger business already has an established product, and connected target audience. They have a system of departments and hierarchies built around this, product road maps, and shareholder interests to contend with. All of this limits new innovations to R&D teams, and shifting business focus is much harder, whereas startups can jump full throttle into new projects.

recent survey of 250 executives reported that 40 percent believe that startups are disrupting their industries. Inc reported these findings, explaining that respondents cited “a greater willingness to take risks and more flexibility” as strengths that help startups to innovate.

A great example of this is the billion-dollar pivot executed by The Point, better known today as Groupon. The Point started off an online fundraising platform, the venture struggled and was on the brink of failure. They tested the concept of a “Tipping Point,” communicating target amounts required for a plan to be actioned. The Point died through lack of focus, but using this new concept Groupon was born and it transformed the online discount market.

 

3. Make your product better than the original.

In 2015 Rdio, the first on-demand music streaming service in the U.S. went bankrupt. Launched by the founders of Skype in 2010, the music service charged listeners $5 a month to access the streaming cataloguer. Rdio failed to market and distribute this to a large enough user base and was beaten out by Spotify, who arrived later to the scene, but with an improved model. Spotify’s free service attracted a larger audience who became familiar with the platform, later encouraged to upgrade to the premium service with additional features. The company understood that the online world had grown accustomed to free music, and they created a better tool to fit this appetite.

Startups might be recognized for innovation, but this only works if your product is significantly better than the industry standard. This means you need to understand the market and the demand, know what the current offering is, and then create something that adds more value. At my startup we did this through taking part in cycle tours, working with focus groups, and interviewing cyclists.

Getting feedback directly, using online testers and even crowdsourcing solutions means businesses can constantly improve their beta products. It is important to stay connected with your audience, and to make sure your concept fits their needs and habits.

4. Lean on accelerators and business pros.

When Tesla founders Martin Eberhard and Ian Wright pitched electric cars to Elon Musk, in his SpaceX office, they found a common passion. By bringing a visionary on board they were able to turn their concept into a reality.

While we can’t all woo Elon, there are other ways that entrepreneurs can find valuable mentorship and support.There are hundreds of accelerators and incubators that will provide training, networking opportunities, and even office space and capital to help you get your idea off the ground.

Entrepreneur contributor Punit Arora reported that businesses that work with incubators have been found to have survival rates of over 80 percent, compared to a startup average of 20 percent. There are a huge number of options, from industry leaders such as Y Combinator to more niche programs that may suit your business better.

As a founder, you need to take the time to find an accelerator that caters to your business needs, has mentors and previous graduates who have worked in your field, and has a program that introduces you to suitable investors.

But it’s not all about the money, Rdio was able to raise $117.5 million from investors, it was the first player on the U.S. music streaming scene, but it still failed. uBeam may well have a very unique yet defined mission, but it still comes up against constant criticism that wireless power is not much more than a dream.

The road to success can be tough for new businesses. However, more and more we are seeing the strongest ideas emerge from the startup scene. Agile startups are today recognized as valid contenders against the giants of industry. What’s more, larger businesses are increasingly waking up to the power of startup innovation, and harnessing this for their own developments. Google has created its own in-house startup incubator, Area 120, helping employees to launch their own startup initiatives. This is reflective of a new trend of startups helping larger businesses to create new products outside of the rigid structures that may have previously inhibited this.

In recent years, startups have turned homes into hotels, drivers into a paid couriers, and electricity into a viable fuel for new automobiles. Successful new enterprises can challenge the accepted norms with new concepts and in doing so, transform entire industries.

Writer: Tony Li 

Source: https://www-entrepreneur-com

The Top 8 Vendor Management Success Tips

The Top 8 Vendor Management Success Tips

How to create a winning vendor relationship

    • 01

       Share Information and Priorities

      Supervisor and worker handshaking in factory

      Caiaimage/Paul Bradbury / Getty Images

      The key to succeeding in vendor management is to share information and priorities with your vendors. That does not mean that you throw open the accounting books and give them user IDs and passwords to your systems.

      Appropriate vendor management practices provide only the necessary information at the right time to allow a vendor to serve your needs better. It may include limited forecast information, new product launches, changes in design and expansion or relocation changes.

    • 02

       Balance Commitment and Competition

      One of the goals of vendor management is to gain the commitment of your vendors to assist and support the operations of your business. On the other hand, the vendor is expecting a certain level of commitment from you. It does not mean that you should blindly accept the prices they provide. Always get competitive bids.

    • 03

       Allow Key Vendors to Help You Strategize

      If a vendor supplies a key part or service to your operation, invite that vendor to strategic meetings that involve the product they work with. Remember, you brought in the vendor because they could make the product or service better and/or cheaper than you could. They are the experts in that area, and you can tap into that expertise to gain a competitive edge.

  • 04

     Build Partnerships for the Long Term

    Vendor management prioritizes long-term relationships over short-term gains and marginal cost savings. Constantly changing vendors to save a penny here or there will cost more money in the long run and will impact quality. Other benefits of a long-term relationship include trust, preferential treatment and access to insider or expert knowledge.

  • 05

     Seek to Understand Your Vendor’s Business Too

    Remember, your vendor is in business to make money too. If you are constantly leaning on them to cut costs, quality will suffer, or they will go out of business. Part of vendor management is to contribute knowledge or resources that may help the vendor better serve you. Asking questions of your vendors will help you understand their side of the business and build a better relationship between the two of you.

  • 06

     Negotiate to a Win-Win Agreement

    Good vendor management dictates that negotiations are completed in good faith. Look for negotiation points that can help both sides accomplish their goals. A strong-arm negotiation tactic will only work for so long before one party walks away from the deal.

  • 07

     Come Together on Value

    Vendor management is more than getting the lowest price. Most often the lowest price also brings the lowest quality. Vendor management will focus quality for the money that is paid. In other words: value! You should be willing to pay more to receive better quality. If the vendor is serious about the quality they deliver, they won’t have a problem specifying the quality details in the contract.

  • 08

     Vendor Management Best Practices

    Whether you’re a multimillion dollar company or a small business with a few employees, here are some vendor management best practices that any size business can use.

     

    Source: https://www.thebalancesmb.com/vendor-management-success-tips-2533810

How to Successfully Bring New Products to Market

Over the next three years, to generate organic growth more than half the companies participating in a recent McKinsey study indicated that the creation of new products, services or business models will be a key to their strategy.  Yet, new products have a poor success rate. Only about one in five survives longer than a year, and new product launches are six times more expensive than line extension launches. The result: As many as 95% of new products introduced each year fail, resulting in massive losses.

Given the cost to create and launch a new product, combined with the rate of failure, being able to successfully develop and bring new products to market is an important capability. Once you’ve decided to develop a new product, you will need to begin thinking about your go-to-market strategy and how you will launch it.

 

Want better results? Question your way to a stronger launch.

A product launch will not guarantee the success of a product. A good launch cannot overcome a flawed product.  However, if you’ve developed a competitive product that meets a need and is a solution of value and you can create a believable and ownable position in the market, then you’re ready to invest in a product launch strategy and plan.

As you begin to develop your product launch strategy, answers to the below questions will help you better develop your approach:

  • Why is this product important to your business, to your customers and to your market
  • What role does this product play in your business? For example, does it fill a gap, make you more competitive or meet a specific customer requirement?
  • How is this product better AND different from competitive offerings?  Is the magnitude only incremental or is it significant?
  • What constitutes success for this product and in what time frame? Think beyond revenue to such measures as category ownership or position, brand preference, customer expansion.
  • How will you measure the success of your launch?  Of course, the primary goal of the launch is to close deals. A well-executed launch should improve velocity; therefore, consider measures such as the rate of product adoption, and your inquiry and quote rates as measures of launch success.  Take five attributes such as product complexity, compatibility, relative advantage, observability and trialability when establishing product adoption rate targets and time frames.

Keep in mind that the launch and product are separate efforts and therefore need their own measures. Also, different products need different types of launches.

What kind of launch does your product really need?

There is a myriad of reasons to add a new product to your portfolio.  All new products are worthy of being properly launched into the market, but not all products are worthy of the same launch effort. Launches of any kind take resources, people and cash. It is helpful to have a method to determine what kind of launch is appropriate for what kind of product.  The kind of launch should be determined by the reason why you are adding the product and its role in your business.

We often recommend that you have a method for organizing your new products in launch classes. Different classes merit different efforts.  For example, you might create three classes: X, Y and Z.  A Z class might be a product that fills a gap in an existing family of products, offsets some customer risk and brings your competitiveness back to equilibrium. An X class might reflect products that are innovative and completely new to the market, products that are disruptive and give you a competitive advantage. Perhaps they signal a technology change or a new architecture, and/or create a new market. Clearly there is a difference between a Class X and a Class Z product. While they are both important, your plan level of investment will be different.

Once you establish your launch classes, then you can decide how you will launch each class to your various stakeholders, such as your existing customers, existing partners, influencers such as the press, analysts and other industry experts, and of course your internal stakeholders in sales, customer service, production and so on.

Define what channels and touch points you will deploy for each stakeholder for each class.  For example, Class Z launches may only warrant a press release for influencers, but a Class X product may be worthy of a press and analyst tour that includes a briefing kit, beta customer testimonials and a series of articles.  While every class will require a landing page that employs SEO to support the product, Class Z launches may only have a sales sheet and virtual briefing for the sales team and partners, whereas X products may need training, a selling kit and a partner promotion. Once you establish the components for each stakeholder for each class, you will have a framework for your launch plan.

The Strategic Difference

Based on our experience, product failures are often the result of poor product launch planning and execution. Too often we see a scramble a few weeks or a month before launch to pull together a plan.  Product launch requirements should be part of the signoff process for all new products/upgrades being considered, as both must be funded adequately from the start. This requires input from a cross-functional internal team and perhaps outside stakeholders, such as suppliers and partners. With the launch plan coming together earlier in the cycle, all effort can focus on ensuring successful implementation in the time period just before launch.

Writer: Laura Patterson.Laura Patterson takes a practical, no-nonsense approach to proving and improving the value of marketing. Laura began her 25-plus-year career in sales and had the great fortune of working across functions spanning customer relationship management and marketing.  Today she is at the helm of VisionEdge Marketing, founded in 1999, and is a pioneer and authority in the marketing performance management (MPM) discipline. The company specializes in helping companies apply data, metrics and proven best-in-class practices to improve marketing effectiveness, deliver business impact and enable better business decision-making.

Source: https://www.industryweek.com/innovation/how-successfully-bring-new-products-market

7 Reasons to Hire Product Development Experts

Consultants make the business world go ’round.  Companies hire them for management advice, company branding, and marketing strategy. Why wouldn’t they do the same for product development expertise?

Whether your company is building its first product or its fifteenth, it’s important to realize that new products mean new tech and big resource commitments.  To ensure your next technology product is well worth the cost and is built on a solid foundation, consider outsourcing its development to a third-party agency.

What Can Product Experts Do for You?

Regardless of what you’re building, a product partner can provide invaluable expertise. Here’s how:

1. Testing Ideas to Ensure Wise Investments

The job of your internal product developers is often to maintain and iterate on existing projects. They’re paid to get products to market — the wellspring that keeps company revenues flowing — not cause lengthy delays or shut down initiatives. Imagine for a second, that there is a guy in your office who has a team solely dedicated to testing new ideas and shutting down the bad ones. Some of you are already thinking of someone. Now imagine their career track. Are they being rewarded for ending bad initiatives? Is there a senior level position they are on track for? The answer to both of these questions is NO. Chances are they are holding a competing initiative and are fighting for internal company resources. If they get their idea to market then they will be rewarded for launching their product. This dynamic creates a strong bias toward pushing projects across the finish line, and against halting projects that lack merit.

Some of you will make the argument that this competition for limited internal resources operates like natural selection and only the best ideas will thrive. I think we all know that’s not always true. In fact, it’s far more likely that this system will breed internal politics where only the best internal sales people get their initiatives funded and staffed, with little weight going to the quality or viability of the actual concepts. While external consultants are also incentivized to help bring quality new products to market, they offer a far less biased perspective towards initiatives that require objective feedback — even if that feedback is to shut down a project.

Third-party product experts can take an unfiltered look at an idea, rapidly prototype and test it, and determine whether it’s a smart use of company funds. If a prototyped product idea is a winner, that’s great. But if not, a product expert — who isn’t handcuffed to current products’ performance — can re-prototype the idea or just shut it down, capping the loss at a fraction of its potential cost. While $50,000 for a prototype might seem like a high price, it doesn’t come close to the millions many companies waste each year on failed product development due to a lack of prototyping and testing first.

2. Creating Better Processes

For most companies, phase one development is, in a word, chaos. The launch date is just months away, your developers subsist on coffee and stress, and each fire you put out brings two more roaring to life. There’s just one thing that can keep your team on track: a solid process built on the foundation of identifying core interactions that provide value to end users. The biggest mistake we see companies make is getting land locked in feature sets without really asking if those features need to be there for the core of the product to function. The goal of any first-version product should be clear. It should be a better way of solving a problem than currently exists. As soon as that requirement is met then the product should be released and the market can then help you define how to improve the product. Even the best solution is useless to your customer base if it’s kept within the walls of a lab.

To be fair, this can be a bit of a double-edged sword. You don’t want to take a half-baked product to market only to watch it fail because it’s is not enough of an improvement over existing solutions. That is why we prototype and test with users. What we are looking for is the point where the improvement over the current solution is great enough to outweigh the pain of switching to a new solution for the end user. Product development experts are usually not incentivized to add complexities to projects, in fact most of us claim to do the exact opposite. It is our role to help your product find product market fit faster. Since we are not tied to an internal incentive, product consultants are free to prioritize core functionalities based on user research. In doing so, product experts help companies find their quickest route to a minimum lovable product and plan for subsequent iterations.

3. Leveraging Top-Notch Design Tools

Given the rapid integration and development of new product design tools, not every product development team has access to, or is even aware of, the perfect tool for every job. But because software development is the lifeblood of product agencies, product consultants constantly experiment with new tools on the market to find the one best suited to each job.

At Yeti, we tap into niche design tools like Zeplin — used to communicate design and interaction intents between developers — and Invision — a wireframing and prototyping tool. By selecting the perfect tools for each job, we design faster, prototype earlier, and build exactly what the client has in mind. It’s simple: The better the tools, the better the end product; the better the end product, the greater its profit-making potential.

4. Validating Concepts, and Evolving to Meet the Market

Untold assumptions underlie every product, made — consciously or not — by those who conceived it. But when you’ve spent months thinking about your product, how do you possibly pull yourself away from it to have a clear perspective? How can you ever hope to see your own blind spots? That’s why product experts prototype before building. Prototyping’s true power is prevention. It ensures your company doesn’t discover a poor product-market fit after it’s too late. Prototypes give customers a chance to speak up long before a product’s debut. Would you prefer to only spend thousands of dollars over a period of days or weeks to learn that your prototype needs fine-tuning? Or would you prefer to spend years and millions of dollars learning the same lessons from a full-fledged product launch?

5. Spotting Company Weaknesses

Make no mistake: Business is war. And if your company can’t adapt, it’s doomed to be overrun by competitors. Just look at how much fluidity there’s been in the Fortune 500 as of late. Consultants, however, can objectively spot your company’s susceptibilities, and then work to create a plan of action. Your company doesn’t necessarily need an Uber-style war room, but it does need to find lucrative areas that are ripe for disruption. Thankfully, product consultants spend all day studying other industries’ innovations, working to understand how they could translate and make a similar impact in another industry. For example: Do you deposit checks via mobile? That technology was originally used to capture data from business cards, but it proved even more useful to the banking industry. Internal team members who aren’t incentivized to know other industries might not see such an application, but a product consultant who is familiar with multiple industries often will.

6. Building a Skilled Team Without Interrupting Development

Because technology moves quickly — particularly since the rise of the Internet of Things — no company can afford to sit idle while industry players pass them by. But while you need to be constantly innovating, you also need to be constantly finding and building talent to support those efforts. What’s a product owner to do? Product consultants, fortunately, can step in and start projects immediately while also helping you to identify internal or external candidates you can bolster your team with. As every manager knows, building the right team is tough, but sitting still while building that team it is not an option.

7. Predicting the Future

Planning for the future can seem impossible. There’s always an immediate problem to solve or a new fire to put out, but the fact remains: If your business isn’t ready for what’s next, it’s already falling behind. In essence, your company needs to be like Google. It must master the moonshot. By setting its sights far ahead, Google innovates where others say, “No way”. But often, it’s not the end that matters; it’s the thousands of product challenges resolved in the process. Like Google, product experts live in an unpredictable future.

Writer:

Source: https://yeti.co/blog/7-reasons-to-hire-product-development-experts/

4 Technology Trends That Will Transform Our World in 2018

Predicting the future requires hubris, and it should therefore be met with more than a terabyte of skepticism. In past years, I’ve made some calls that have proved prescient like predicting way back in 2011 that social media would determine the U.S. presidential election. Meanwhile, some took decades longer than I had foreseen such as my 1992 prediction that this new thing called the Internet would lead Hollywood studios to merge with telecommunications companies.

Over the years, I’ve learned that the best way to predict the future is to hang out with the people creating it. When you work with a top consultancy and have leading technology innovators as clients, it’s pretty easy to recognize trends that have the greatest potential impact.

 

Here are my top four tech trends for 2018:

1. IoT becomes BIoT

The biggest mistake most prognosticators make is underestimating the potential for fast growth in our hyper-connected world. Automobiles took time to catch on because would-be drivers had to wait for roads and gas stations to be built.

But today’s disruptive innovations rely on existing infrastructure for mobile devices that puts most companies just a few clicks from billions of consumers. One of those is the Internet of things (IoT), which involves adding smart sensors to connected devices so that users can do things like ask Amazon’s Alexa digital assistant to turn off the lights or order a pizza.

But blockchain, one of the underlying technologies for the hot cryptocurrency bitcoin, can make IoT devices even more useful. It creates a digital record across hundreds or thousands of computers, vastly reducing the risk of hacking.

Combining IoT with blockchain —or BIoT—ushers in a whole host of new services and businesses. For example, BIoT can be used to track shipments of pharmaceuticals and to create smart cities in which connected heating systems better controls energy use and connected traffic lights better manage rush hour.

In 2018, companies will begin to use Application Programming Interfaces, or software used to connect different databases and computer services. Combined with the blockchain Internet of things, it will be as easy to get data from sensors in a warehouse as accessing websites on our mobile phones. When manufacturers, retailers, regulators, and transportation companies have real-time data from sensors imbedded on products, trucks and ships, everyone in the distribution chain can benefit from insights that they were previously unable to get. With BIoT, companies and consumers can also be assured that their most valuable data on the blockchain cannot be hacked.

2. The fintech renaissance

While bitcoin and blockchain were grabbing the headlines in 2017, social and mobile payments have fundamentally changed the financial markets. In China, mobile payment volumes now exceed $5 trillion annually.

All aspects of the payments chain are open to disruption as blockchain speeds clearing house functions while smart contracts handle settlements. In 2018, look for biometrics such as facial recognition, voice ID, and fingerprints to help make shopping far quicker —by eliminating the need to swipe a credit card at checkout, for instance. Instead, you will be able to verify your identity for a merchant scanning your eyes with your smartphone, in what’s known as a retinal payment. A bold clairvoyant could even predict that some major retailers will hop on the cryptocurrency bandwagon and issue their own secure currency next year.

Fintech will likely also become greener in 2018. With cryptocurrencies reaching over $300 billion in total value, there is now a financial incentive for investments into quantum computing, which involves using the behavior of energy at a subatomic level to process computing functions at a billion times faster than today’s microprocessors.

By some estimates, mining today’s cryptocurrencies, such as bitcoin, requires more electricity annually than the amount of energy used in 159 countries. With cryptocurrency’s carbon footprint rapidly growing, quantum computing has the potential to greatly reduce the estimated 28TWhs of electricity consumed by all of the current computers processing bitcoin.

Analysts now anticipate that banks will derive over $1 billion annually from blockchain-based cryptocurrencies within the next two years as traditional financial institutions start treating cryptocurrencies and other digital assets similar to traditional fiat currencies with more efficient payment systems, loan processing, and credit instruments. Going green by using less energy to create bitcoins, will translate into earning more green.

3. Augmented reality goes mainstream

Before smartphones existed 10 years ago, most people would consider spending five hours daily staring at your phone as crazy. In 2018, the bent-neck trend will start to reverse itself.

The mobile game Pokémon Go has unleashed a billion-dollar demand for augmented reality entertainment, and major brands are taking notice. Thanks to the introduction of affordable augmented reality glasses, our phones will remain in our pockets and Heads Up Displays (HUD) will improve how we work, shop, and play.

HUDs, best known today as the instrument gauges that fighter pilots monitor on their visors or windshields, will become a standard in consumer eyeglasses. Imagine walking down the street in a foreign country, for example, and having all of the store signs instantly translated into English thanks to your trendy sunglasses.

AR will customize in-store experiences with mannequins that match your body type and display enough virtual inventory to rival any online site. Merchants will create AR experiences with their packaging so that demonstration videos can appear when you look at the product on the shelf or celebrity spokespeople can magically stand in the aisle to pitch the product. Virtual pop-up stores can be built to appear anywhere that crowds are gathered (in a stadium, a busy street corner, or even inside a subway). These non-brick and mortar retail locations will bring new opportunities for merchants to create engaging shopping experiences anywhere with accessible bandwidth.

Li-Fi, a new light-base wireless connection with data speeds 100 times that of Wi-Fi, will bring high-definition virtual objects into stores. With Li-Fi and AR, consumers can see limitless virtual inventory in store, at scale.

With just a wave of your hand, a car salesperson can change the model, color, and customized features of the car “sitting” on the dealership’s showroom floor. Combining real and virtual objects can enhance experiences for all out-of-home activities. Sports stadiums will be brought into the 21st century with personalized HUDs of players on the field. Imagine watching a live football game in the stadium and seeing personalized stats floating above the fantasy sports players you follow. When watching sports from home, AR has the potential to bring the excitement of life-size boxing matches into your living room. The real promise of AR is to bring people the information they need without having to ask for it.

For many, 2018 will be the start of living an augmented life.

4. 2018 is the year of the bots

We all have gotten use to speaking with bots whenever we call to make airline reservations or to confirm our bank account balances. The use of natural language bots will expand from use as automated customer service agents to become routine for daily living.

Home bots will do more than just respond to requests, to being able to provide timely information such as, “It’s time to take your medicine.” You may even feel like Don Quixote as mobile bots become dedicated Sancho Panza servants—always at the ready and by your side.

Imagine a bot whispering in your ear “don’t make that purchase or you will be over your credit limit” or “your parking meter expires in two minutes.” Bots will help with the children, act as financial investment advisors, and be an omnipresent value-add from the brands you trust. With phones staying in our pockets, businesses will likely spend more on creating chatbots in 2018 than on apps in an effort to better serve their customers.

There’s always room for the future to unfold unpredictably

As timely as I believe these four predictions to be, the pace of disruption can be slowed by a host of issues, including cyber security, government regulation, and, most importantly, consumers’ ability to adapt and accept change. In this era of endless innovation, the only prediction you can be 100% assured of is that future will look very different from today.

Writer:Jay Samit.  Jay Samit is independent vice chairman of Deloitte’s Digital Reality practice and author of the bestselling book “Disrupt You!”

Source: http://fortune.com/2017/12/26/4-technology-trends-2018/