According to experts, companies should aim to should be ready and open to adopting technological innovations, even if they cannibalise their legacy operations. The rise of smartphones and mobile devices, as well as improved internet connection, changed the way users today interact with technology, which also caused the downfall of some traditional businesses.
There’s a clear accelerated adoption of digital lifestyle by consumers, on the other hand, in the enterprise sector, we’re seeing enterprises going through massive amounts of digital transformation. Over the past few years, large corporations have been obliged to reassess their current business models in areas as diverse as media, banks and transport services. This, obviously will translate to effects on smaller businesses and how they operate and compete in the market.
Take, for instance, the appearance of Netflix other online and mobile streaming services have forced traditional entertainment and television media businesses to re-evaluate how they engage their customers. The media and entertainment industry has been an interesting one. Over the many years of media transformation and shift, we have seen the fight between the best way to distribute content. The key seems to be delivering customised content to the end user and tailoring the experience to the individual. In the long-run, it is about using technology to target existing and new customers and providing a product that is unique and technology forward. Retaining demand from existing customers and continuing to provide them with services means that this will result in further business success and growth of customers.
The introduction of streaming services, which brought upon the demise of video-rental chain Blockbuster, shows what happens when companies don’t embrace new technologies, even when they cannibalise existing businesses. New services such as Netflix went the extra mile and extended their reach by offering high-quality video-streaming choices on mobile devices, even in places where internet connectivity is not reliable. Mobile is where everything is going. We’re going to carry our content with us when we want it, and anytime we want it.
Banks have invested in new technologies, including blockchain and cryptocurrencies, as well as Fintech start-ups over the past years. Banks have the resources and expertise to invest in advanced technologies to improve customer services and internal processes.
So what does all this mean for small businesses? The rapid transformation of companies due to technology means that small businesses must also keep up. This doesn’t mean investing big bucks in robots and crazy technology, but it merely says that another necessary business technology is very accessible and appropriate. Technology have increased the capability and efficiency of small businesses around the world. Examples include seamless and simple accounting software that allows small business owners to take care of their accounts instead of spending resources on outsourcing an accountant. The rise of cloud computing and online platforms has permitted efficient document storage and sharing in businesses of all sizes. In addition to this, internet technology has allowed small companies to access business management specialists through the internet and engage with their industry in ways they could not have before. Many online communities support small businesses and technology has facilitated this.
Technology is the secret to small business success in this growing economy, the simplification of business processes and data-rich information that can be harnessed through technology is essential and valuable. Talk to trusted small business advisors in your industry to find out what technology will help propel your business to future growth and success, remember starting small will heal you get ahead, there is no point in denying technology and resisting is increasing relevance.