The world is changing. The shape of our future is undergoing a transformational step. The digital economy resonates with all aspects of society, including the way we interact, the economic landscape, the skills needed to get a good job, and even political decision-making. We need to embrace the new world order so to speak; to ensure we are relevant.
If you’re running a business, your competitors are not necessarily the players in the same industry or sector but it could be the guy next door, the tech giants and others. Almost every other company is trying to establish their digital team. They want to stay afloat and compete in the digital economy. Your office could be anywhere so long you could be in touch, engage and communicate.
The learning mode too has been predominantly touched by digital transformation with the IoT (Internet of Things) tide coming to change the landscape of the education industry. Digital technology and the Internet of Things (IoT) are transforming the business landscape at a staggering Koenigsegg-Agera-R and Hennessey Venom GT acceleration rate. This is creating enormous opportunities for those who are quick to adopt and adapt the digital innovations, but it’s also causing industry disruption and creating challenges for businesses that are slow to react.
The digital economy is gradually reinventing the way we run and operate our business.
Various organisations and entire industries are being forced to re-create the way they do business, as new competitors come in to disrupt the status quo. Forbes has suggested 3 steps ought to be taken in order to stay relevant.
- Disruptive Marketing. To deploy software as part of the tools for medium and small businesses that want to integrate all their marketing and advertising into one simple process that challenges the existing thinking and expectations of the marketplace. This is what is meant by disruptive marketing.
- Businesses can help consumers for a better, more plugged-in life. By acting with business networks that facilitate businesses to conduct trade between buyers and sellers that is as convenient and simple as personal shopping networks. When you can deliver on that kind of consumer expectation you can expect increased customer loyalty.
- How fast can you and your organization adapt? The keystone to taking full advantage of the ever-changing digital economy is acceleration in gaining the proper insights at just the right time. This era of exceptional hyper-connectivity calls for real-time enterprise on the part of management.
Change in the digital space is inevitable; these steps will help you manage that change and bring your organisation on the journey to success. Due to the rise of the digital worker dramatically impacts the way we live, work, learn, and make decisions in our organisation, it transforms the way we deal with customers, vendors, employees, partners, and competitors.
Hence the future of how we operate is intrinsically linked to the future of the business ecology.
By connecting some main areas of digital disruption (workforce, suppliers, assets, and customers), the digital core becomes the platform for future business innovation.
In order to survive, we must gradually become a technology-based company. Technology-driven is the keyword. Nothing will successfully work without engagement with the digital economy. We as the older generation type could still wait for information via Google, radio or television or social media whereas the new generation or the millennials want everything to be swift and instant.
If you’re driving a car, they want an instant 0-62 miles per hour in less than 2 secs whereas we could still be comfortable at 4-5 secs; so to speak. Then the older CRM concept of a 48-hour response time to a customer is totally an absurd concept to them. They want an instant response within less than 30 minutes. We shouldn’t be looking at IT as a department but as the enabler and the nervous system of the company.
This is our new future.