4 Industries Being Redefined By Software

By Admin
Posted on Thu, Oct 31, 2013 @ 7:00 am

Innovative software is turning into a real game-changer for many businesses, even though they are not in the technology space. Forrester Research recently pointed out four industries in particular as becoming increasingly software-centric in today’s plugged-in world. For companies in these industries, the way they view software has changed. Software is now being used to establish their brands and to differentiate themselves from their competition. The New Jersey Technology Council (NJTC) will host a November event to cover the implications of this trend:

  Software is Now Your Brand

An Event Featuring Independent Research Firm Analyst John McCarthy

Sponsored by OFS for the New Jersey Technology Council (NJTC)

Tuesday, November 12, 2013

8:00 am – 12:00 pm

Guest Speaker John McCarthy, a VP & Principal Analyst from Forrester Research, Inc., will provide major insights on how the software assets of a company are a key part of the brand experience and the firm’s differentiation.

The following four industries will be discussed as being particularly affected by this software-is-the-brand trend:

  1. Information Services
  2. Retail and eCommerce
  3. Financial Services
  4. Media and Entertainment

Below is a highlight of the software endeavors that companies in each industry must undertake in order to stay competitive in this digital age.

1. Information Services – Companies in this industry are using software to go beyond just presenting data; they are actually helping their users to visualize and interpret data through the use of advanced software platforms. By merging data from numerous sources and interpreting it in a way that’s valuable to their customers, information service providers can enhance their offerings and brand their company as a technology forerunner in today’s modern world.

2. Retail and eCommerce – Retailers are utilizing omni-channel software platforms to unify their brands’ products, prices, and promotions across all shopping channels – websites, mobile apps, television, bricks and mortar, catalogs, etc. The software also manages customer interactions by tracking purchases, website visits, loyalty program participation, and social network usage in order for retailers to gain the most insight into their consumers and to create an optimal customer experience for each. Location-awareness technology presents another way to personalize a shopper’s experience. Businesses can digitally welcome shoppers when they step foot in their stores, suggest products based on their personal shopping history, point them toward sales, and track their movement in the store to further analyze their behaviors.

3. Financial Services – Mobile banking has become a critical avenue for financial services to engage customers today. Individuals can check their personal accounts, transfer money, make a deposit, and pay their bills whenever and wherever they want. Businesses can view their financial management dashboard, including real-time stock prices, news and alerts that help them quickly make informed and strategic decisions. Insurance firms’ apps let customers easily find an agent, pay a bill, update their policies, and make a claim at any time. All of this software in the financial services industry also requires advanced security controls and monitoring to protect customer money and information.

4. Media and Entertainment – Cable providers and media distribution companies must change the way they deliver, manage, and bill for their content, as consumers are adopting new ways of consuming media, for example by using mobile devices instead of their televisions. Additionally, digital rights management software is needed to place advanced “digital locks” on music, videos, and other media to fight copyright infringement. Complex software is also required by film studios, who desire film production software that reflects the latest advancements in 21st century technology.

Leave a Reply

Your email address will not be published. Required fields are marked *