One the most important aspects of nearly every successful business is the ability to evolve. Because of technological innovation, no organization operates the same way it did a decade ago, let alone over a 150 years ago.
A recent article from CIO profiled Western Union and its search for a new CIO. The business sent its first telegrams across the U.S. in 1851 and a cutthroat business plan helped it stay in business. As time has gone on, the organization has added other services, mainly money transfers, and has become a $5.7 billion company.
Today, however, most of its money comes from the fees it charges to transfer money or pay bills, as well as hedging exchange rates for currencies in over 200 countries. Business is handled in person and with cash, two practices that are quickly falling out of favor with consumers.
"To anticipate where new, profitable niches will emerge and to keep costs in line, Western Union must transform itself into a digital company," the article reads. "But it also wants to preserve the core business that has provided so much for so long."
To provide this, the company hired David Thompson as its CIO. He is championing the use of the Web, mobile devices, big data and analytics. By embracing these, Western Union will be able to avoid the mistakes of organizations like Borders and Blockbuster that tried to adapt too late and closed their doors.
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