Why and How Companies Should Approach Wearables

Executives at established companies are still considering if wearables will affect their industry, their product, and certainly their customers. As with most disruptive technologies, most companies will allow others to forge the riskier inroads, watch market reactions, and then act accordingly. But as Wired.com mentions, “this market follower mindset creates a vicious cycle of scrambling to develop me-too strategies.” Rather, digital agency Amyx+McKinsey argues that companies should analyze the potential impact of wearables to their strategy by:
1) Evaluating how wearable tech could solve the problem their offering currently does

2) Evaluating the degree of impact this new solution could have

3) Identifying new potential competitors (via the new wearables offerings)

4) Planning a defensive strategy

5) Setting an offensive strategy

Read the source article at wired.com

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