For example, utility companies buying telecommunications companies, mineral resource firms acquiring technology companies, car manufacturers moving into financial services. These are all examples of how various industries are reinventing themselves to stay competitive and expand on their core competencies. Service sellers should be aware that the customers you have now may require vastly differing services due to radical shifts in business models. Service buyers should carefully access the mobility and depth of vertical coverage the service provider has. Become an active partner in the target industry.
Many industries face competitive pressures from many non-traditional companies.
Vendors of IT services can help their clients manage and take advantage of technology solutions and relevant efficiencies. But this can only occur when a vendor understands intimately the drivers, inhibitors and competitive challenges that industry faces. While many vendors try to understand customers and provide them with adequate opportunity to give feedback into development and programs, others still do not give back that level of assistance. IT service vendors should not just focus on how to sell into a vertical and meet clients' needs. They should take the next logical step and become a member of that industry in an advisory and educational role.