THE PACE of change is a major worry for digital businesses in the US and UK, according to new research.
Almost half (49 per cent) of digital companies are worried that their products and services will not be attractive to the market within two years, according to the survey by international payment platform Currencycloud.
Nearly two thirds (60 per cent) of the businesses surveyed believe they must constantly innovate in order to stay relevant.
The research also revealed that 51 per cent of companies find it difficult to keep up with the pace of change in their industry.
And 47 per cent believe they are frequently too slow in bringing new ideas to market.
“The pace of change today is so high that organisations simply can’t rest on their laurels,” said Todd Latham, chief marketing officer and vice president of product at Currencycloud.
“Our research finds that obsolescence is now a very real threat for organisations, so innovation needs to move from something that happens in R&D, to a core business competency.”
Partnerships with external organisations can offer businesses a solution with 59 per cent of respondents saying that collaboration with external parties can lead to the best innovation.
“Digital companies have kick-started innovation in businesses, but thankfully we’re now past the David versus Goliath ‘disruption’ story,” said Latham.
“Collaborating with others gives businesses the tools to address some of the challenges our research has highlighted, but also stay relevant in a busy business landscape.”
Read more: Digital evolution: P2P technology