The Digital Economy Strikes Back

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In recent years, technology has moved from ‘luxury’ to ‘necessity’ and it now forms the heart of the economy. For those who fail to keep up with the times - Blockbuster, Kodak, and Blackberry are key examples - failure is just around the corner. On the other hand, those who are adjusting to the digital world are thriving each year. If you’re a business owner and wondering how to use technology as a business driver, we have four key tips for you today!

#1 Improve Your Products

Whilst allowing technology to help in your business processes, it can also add to your product offering. For example, you could integrate technology to healthcare businesses as well as hotels, malls, retail outlets, offices, and more. If we look towards the common watch, they used to tell the time alone but now they have GPS, the weather, your heart rate, and everything else you could possibly want to know about the world. Therefore, allowing technology to enhance your products will keep the customers interested and your business will remain modern.

#2 Innovation Through Collaboration

Following on from the previous point, collaborations could prove crucial in the coming years. Within the past year, we have seen the development of ecosystems with companies like PayPal, Amazon, Apple, Microsoft, and Aetna. As a business, you need to find another product or service that complements your own so customers see the two as a ‘must-have’ package.

According to a recent report, higher earnings and profit margins are currently being experienced by those who have over half of all revenue coming from digital ecosystems. In the quickly-growing ‘Internet of Things’, this has been huge in recent times with companies ensuring their products and services are compatible with every other product/service. With this set up, they will complement one another in home automation, health care, smart cities, and numerous other complex areas.

#3 Expectations of Customers

With the improvements in technology, businesses have found it easier to communicate with customers but this has created a new problem; customers are now more savvy and fickle. Nowadays, they expect a proactive experience from companies rather than just being happy with ‘ease-of-use’ and this is hard to manage for the younger enterprises.

How? In this new arena, big data will be important in the coming years. If you want to experience success in the near future, you need to utilise data to remove all worries about data privacy and fix the holes that appear in company security. By analysing data, you can offer a solution to the customer before they even know there is a problem and this proactive approach will be rewarded.

#4 Business Structure

There’s no doubt about it, industries are changing on an almost daily basis so the old-style of thinking just won’t do when it comes to structure and culture. Instead of using opinions, your company should be analysing data for decisions; the very biggest companies are now employing data scientists to improve organisational learning. By utilising algorithms and automation, decision-making is quicker and more reliable for long-term success.

In the coming years, we can expect progress in things like robotics, artificial intelligence, and analytics. Finding the right organisational structure and investing in new roles could just prove to be the biggest challenge we face. However, one thing is for certain; the thriving companies are the ones adapting to the new challenges rather than trying to block them out!

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