More than the businesses, it is the way of doing business that has changed over the internet. Many entrepreneurs willing to adapt and capture the immense virtual market are relying on new digital innovations while ensuring that the risks involved are nulled with traditional business processes.
The ease of doing business on the web has changed the way people buy or engage in business transactions. As the much-acclaimed American industrialist Henry Ford put it as “If you always do what you’ve always done, you will always get what you’ve always got.” This adage puts aptly the need to modify the current business strategy and create a new working business model in anticipation of novel developments in times of change, especially, during the post-COVID-19 period when social distancing will be the new normal.
The adoption of digital means by many businesses has a palpable effect on other domains too as related businesses and loyal customers are forced to respond to the change. Markets that have been stagnant and compartmentalized in the past are suddenly thrown open to all as new digital services render them easily accessible. Take, for example, the smartphone industry that boasted of loyal customers to date have now forcibly switched to better and added features like hi-resolution cameras as their buyers preferred to take pictures from their mobile phones than investing in cameras. Automation in every industry using the digital process is another example where we experience greater precision at lower costs sans the hassle of dealing with human labor.
Do Not Lose Sight of Your Customer
Small businesses may find it easy to embrace new technological changes while large businesses realizing the need to seize opportunities will invest in research and development of the much-needed technology. Change is the norm, though there is no standard recipe for it. “Each to his/her/their own”, an English idiom, explains how every organization must adopt and approach technology depending on the need and extent of its use. Besides, the focus on technology must not precede the focus on customer expectations, which means that adopt that technology only that ensures ease of buying or service to your customers instead of long winding the approach.
Digital banking is a unique example in this regard that has saved time for customers and relieved them from the pain of waiting in long queues simply to deposit and encash cheques, money deposit/withdrawal, etc. Simply connect your bank account to your mobile phone, download the bank’s application software on your mobile phone and you can do your banking transactions at the click of a button. Digital payments have eased bill payments and transfer of money to bank accounts. As millennials prefer financial products of multiple banks and financial institutions, social media plays a great role in informing potential customers about these products, their benefits and lure them with promises of rewards and benefits.
Adopting a Structured Approach
One simply cannot rush through all available technological means to adopt them. One must sit and comprehend how the current digital disruption will affect company products, services, running business model, and adjustability of loyal customers. There must be a vision regarding digital developments and their effects on business reputation in the long run. Once the management has clarity about the company’s digital vision, the idea must be to redesign the business around it. Lack of proper vision will only increase the chances of failure, which means businesses must adopt technology only when they are ready for it.
In today’s digital times we hear a lot of words like social networking, cloud, analytics, internet of things, and many more. A wise and informed choice is important to reap benefits and keep the wheels of the business turning in the long run.