When it comes to digital, there’s a lot that’s being written and spoken about. What interests me is the tech front of the digital that’s set to alter the course of the industry. Digital Technology is filled with variables and businesses are delegating time and resources to get it right and make the best use of it. Let me give you some stats to give help you understand the dynamics of Digital Technology:
- More than half the world now uses a smartphone;
- More than one in five of the world’s population shopped online in the past 30 days.
- More than half of the world’s web traffic now comes from mobile phones;
- More than half of all mobile connections around the world are now ‘broadband’
If you ask yourself, how much of time in a day you spend on a digital platform? It should make it very clear the impact it has on your life. Do not lie to yourself. This technology can be termed as the process of transforming every branch of the economy. Companies, both large and small, feel the pressure to incorporate them in every activity along the value chain, from R&D and logistics to manufacturing, marketing, and sales.
Dynamics of Digital Technology
My insight on the ways the rise of digital technology is challenging the norm.
1: Increased Focus on the Customer
With review sites and social media, the performance of companies and products is more transparent than ever before and customers are able to compare prices with the click of a button.
2: Demand for Faster Processing Capabilities
“If I want it, I want it NOW“. As customers have become used to personalized and on-demand web services, not to mention the ability to order a product online one day and get it the next, the idea of waiting for a product or service is almost unbearable. Companies must develop ways of doing things that can deliver a high quality and efficient output, but, generally, in as minimal time as possible.
3: Rapid Project Delivery Timelines
With rising competition and fast-changing customers expectations, businesses need to rapidly evolve business models and services/product offerings and the processes that support them. The days where teams had the luxury of doing 6-month process improvement projects are well and truly over.
4: Sometimes You Need More than Improvement
While small incremental changes to business processes can add up to massive improvements over time, it can also amount to rearranging the deck chairs on the Titanic if the underlying business assumptions and ways of working are fast becoming obsolete. In sum, digital technologies offer emerging multinationals an array of new tools to develop, produce, and market goods and services. While the challenges are daunting, they are likely to provide them with new opportunities to unsettle established rivals and generate value for customers on a worldwide basis. As an entrepreneur running multiple firms, I have experienced the need for change and constantly look forward to adapting to the ongoing trend. Digital Technology has brought a lot of change in the way we do things, and you can expect the same in future.