The Business of Today Will Not be the Business of Tomorrow
Technology considerations to keep your business competitive
If you were to ask me whether I am a “half glass full or empty” person, I would answer a half-full kind of guy. But lately, it’s hard to turn on the news and feel anything but fear, uncertainty, and doubt. Doomsday appears to be right around the corner. But can we look ahead and see a brighter future?
I think we can. Maybe not today or tomorrow…but the optimist in me says things will get better. If we all do our part to help in the crisis today (stay inside, wash your hands!), collaborate in the future, and embrace emerging technologies that improve the way we conduct business; we will succeed in achieving a brighter future
How is Technology Changing our Tomorrow?
Technological innovation is happening at a faster rate than ever before, causing digital disruptions for many businesses. These innovative new technologies and models can impact the value of existing products and services offered in the industry, actually disrupting the current market and causing businesses to re-evaluate their competitive advantage.
Remember Polaroid? The company led the market with its cameras that created instant pictures. Yet in 2001, the Polaroid Corporation filed for federal bankruptcy protection because the company failed to make the smooth transition from analog to digital cameras. The corporation decided to bet on their past innovations and, as a result, lost to companies who jumped on the digital bandwagon. By keeping abreast of changes in demand, businesses can follow the trends and adjust their strategies to embrace these changes, which will help them to thrive and grow profits.
Today’s B2C digital disruptors are companies like Amazon and Uber, who use technologies to outmaneuver the competition and build growth. Their success has been fueled by employing next-generation technology such as artificial intelligence, data analytics, the Internet of Things, and software-enabled platforms that tie all these technologies together. The B2C industry was profoundly affected by these digital disruptors and the ripple effect it has caused the rules of business to change for both B2C and B2B marketplaces.
How can we embrace Technology in the B2B marketplace to improve business of tomorrow?
One way for B2B to stay ahead of the game is to connect their supply chain to a Digital Supply Network. With a Digital Supply Network, all business stakeholders share a single network, connecting and collaborating on supply chain operations from one end of the enterprise to the other. Each trading partner has access to information generated through the network in order to gain visibility to all aspects of production, procurement, transportation, and distribution. With the proper information, executives can make qualified decisions that drive improvements in the business.
Emerging next-gen end-to-end visibility applications in concert with a network of interconnected buyers, suppliers, and logistics providers are enabling companies to lower working capital and operating expenses, mitigate risk and improve customer satisfaction by breaking down silos within the organization.
Digital supply networks that gather data, which can be used for predictive analytics and machine learning to continually improve the organization. More informed decisions can be made by management. This information will reshape markets and help with launching new products or services for less cost.
Incorporating digital technologies into your strategic planning will cultivate an atmosphere of innovation. Businesses will be better able to sense and respond to changes in demand and disruptions to mitigate any risk.
This does not mean businesses should enable all emerging technologies. A business needs to determine whether digital technology is right for them or not. While businesses should not ignore emerging technology, businesses may not always have to respond. As we all do our part to keep safe and healthy today, we should also prepare ourselves for the business of tomorrow by leveraging technologies that help our business become more resilient to risk, efficient in processes, visible across a complex chain, and collaborative in nature.