Flows: Step-by-step innovation
When one considers innovation, the focus tends to be on the acquisition element - but there is a lot more businesses need to do in terms of the tech they use to create a fully innovative company. James King, CEO at industry-tailored innovation platform Flows, discusses how the future of
innovation is less about creating one huge idea and more about providing a full end-to-end innovation process.
"You can't sit on your stubbornness and do things the same old way because it's not the same old environment. We'll just be left in the dark if that is the sort of mentality moving forwards." Do you maintain, as you did in our previous interview in 2021, that the igaming industry has a legacy mentality? Has the dial shifted at all?
Tere’s been some shift since we last spoke, but in many cases this still rings true. I’ve seen a lot of cases where companies are still opting to just cover over the cracks instead of building a new wall. Tey look to find workarounds that solve a single problem but, in the process, add more complexity and layers to the overall tech stack. Even so, in these cases I think the mentality is beginning to shift. Tere is an admittance that there needs to be some change. Sooner or later, they'll look at newer technologies that can help drive digital transformation.
On the flip side, we’re seeing the complete opposite and businesses, often newer companies, are embracing all new technologies and delivering great innovation. Ultimately, this is setting themselves up to be able to embrace the digital revolution.
Why is it that companies in other digital verticals can move with such speed comparative to igaming?
For one, the resources. If you take one of gaming’s largest operators in Bet365 as an example. Annual revenue of just over $3.5bn and operating profit $42m for 2022. Ten you have Disney with revenues of $29bn dollars and net $2bn. Netflix - €30bn revenue. So, they have a
P150 WIRE / PULSE / INSIGHT / REPORTS
James King CEO, Flows
lot more firepower to invest in innovation while continuing to operate.
Gaming is also slowed down by process and legislation. A new innovative content provider wanting to operate in certain regulated markets can’t just create the product and go live. Tere are months of regulatory work, especially going into markets such as the US. Innovation takes a little longer – not just to get to market - but to be operational too.
Gaming is a highly competitive sector. In some markets hundreds of operators are fighting for a share in their vertical and therefore everyone wants to keep their secret sauce... well, secret.
To truly embrace 2023's digital landscape, should the igaming industry open APIs to one another and open-source more technology? Is this realistic in such a competitive sector?
It’s hard for people to just open source their tech in this space, especially with some of it being very specific and a USP. You wouldn’t want to
If people can easily integrate, then users and operators can have a choice on whether to use the best tech that suits their business. A big barrier for new technology, especially as a SaaS type product, is to be
accessible. There are too many gatekeepers that won’t allow for an integration.
necessarily give away your single selling point.
However, the middle ground that I believe drives us forward more harmoniously is to be universally open to integrations and largely from the pam/central tech providers within the industry.
If people can easily integrate, then the users and operators can have a choice on whether to use the best tech that suits their business. A big barrier for new technology, especially as a SaaS type product, is to be accessible. Tere are too many gatekeepers that won’t allow for an integration and this in turn holds back their clients from moving forwards.
What is the role of automation in facilitating innovation?
Take our recent integration of natural language
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