Businesses that live in ignorance of modern technology pay the penalty for this lack of modernization. If all companies in the market were to stick to yesterday’s technologies, nobody would be any worse off. Competition would remain the same as before.
But when some companies decide to go ahead and adopt newer ways of communicating, and operating, they move many steps ahead of their competitors. Digitally-enhanced businesses use big data and advanced analytics to offer personalized products to customers, they deliver products home almost at the speed of lightning. They offer value-added services that make life infinitely easier for customers. The customer not only expects but starts demanding these pluses and benefits from companies, they desire a seamless customer experience from beginning to end.
Businesses that fail to provide these customer “delights” fall back and lose the competitive race. They face bankruptcy and closure and go out of business sooner rather than later.
No better time than yesterday
It is no use thinking that digital transformation can be postponed till a more “suitable” time – there is no better time than yesterday. A failure to transform delays response time to changes in consumer preferences and behaviour, or consumer feedback – their products get outdated, they lose customer faith and loyalty and face extinction.
Thanks to digital technology, our world has been revolutionized in terms of the way we receive and utilize information on a daily basis. Online resources, the internet and the proliferation of computers laptops, mobile/smartphones have turned our lives around.
Touches almost every aspect of our lives
Whether it is buying an airline ticket or looking for a job, doing research or meeting people socially, finding information on our competitors or paying games, digital technology touches almost every aspect of our lives. Telecommuting has spread its tentacles far and wide, internet telephony is challenging traditional telecommunication companies, on-line retail has become the main source of purchase with the younger generation while older companies are having a tough job hanging on to their customers.
Digital technology has the power to transform the lives of people and it has the power to transform the course and progress of businesses and countries. A look around at what is happening in the world demonstrates how rich sources of digital information can enhance businesses and economies. Yet there are companies and countries that either lack the resources or the will to adopt digital technology.
There have been instances of countries spending large amounts of money to defend themselves against unknown dangers resulting in economic failures. Lack of knowledge caused these countries to flounder. In the same vein, businesses that live in ignorance of modern technology pay the penalty for this lack of modernization.
Obtain and process enormous amounts of data
Digital technology helps businesses obtain and process enormous amounts of data and information, which provides them with valuable insights to strategise, plan, execute and take their companies to success. When businesses do not adopt digitalization and remain content to continue using traditional, out-dated technology, it is the same as working in the dark with their eyes closed.
Competitors do not wait for laggards – they surge ahead with new technology, new markets, new customers; digital knowledge and real time information along with advanced business systems propel them into the future. Businesses today don’t have an option. They either transform and continuously update digitally or face an inglorious end.