Nowadays, digital transformation isn’t a luxury but a must for all businesses, if they want to remain relevant. Think this isn’t true? Let’s take the ubiquity of smartphones as an example, and check out these two stories.
- The “Toys” story – Founded in 1948, Toys “R” Us dominated the toy retail industry for decades. At its height, it had 800 stores in the country and 800 more outside the US. But the toy giant failed to adjust to the shifts in the market, especially with the rise of online retailer, Amazon. Online shopping and e-commerce eliminated the need for shoppers to troop to the physical stores. And with smartphones, in almost every pocket of every American, buying online is more convenient than ever before. In September 2017, Toys “R” Us filed for bankruptcy.
- From hail to fail – For years, taxis have been the staple alternative to mass transportation. Telephones and radios made it convenient for commuters to call a taxi company from the comfort of their home and wait for a cab to drive up to their doorsteps. Uber, however, capitalized on the ubiquity of smartphones and technology’s capability to connect drivers and passengers in more convenient ways. Using the Uber app, passengers can instantly know whether an Uber ride is near them, their vehicle type, their route, and the approximate cost of the ride. While the riding public has clearly embraced Uber and other ride-sharing platforms, many traditional taxi companies are still stubbornly resisting the digital age.
Related article: Implementing new business technology
Keep up or else
It’s not surprising how many businesses, even the hugely successful ones, may hesitate to implement new technology, possibly due to several Important considerations they must deal with before implementing a new business technology.
But the more savvy companies know that embracing new technology has its benefits: increased productivity through efficient customer engagement, ultimately leading to further growth. For them, it is best to accept change as a continuous process, always adapting and keeping up.
Otherwise, your business falls behind on technology and suffers these devastating consequences.
#1 You lose your competitive edge
Today, a lot of people Google answers to their queries or solutions to their problems. Most businesses fall behind simply because they haven't expanded their technology and online presence fast enough. To be successful and relevant to your customers, you need to do things faster, cheaper, and more efficiently. If you cannot do all that, your competitors most likely will.
#2 You become irrelevant
When you cease to meet your customers’ needs and wants, you become irrelevant. This is especially glaring if all your competitors are changing their business operations and structures, yet you stubbornly cling to your old ways. Just look at how Blockbuster Video went from video rental giant to a sad reminder of past technology. At its peak in 2004, it had 9,094 stores. This year, only two are left in the world.
#3 You miss more opportunities
Consumers had to send snail mail to a customer service department if they had inquiries or complaints before it was replaced by customer telephone hotlines. Nowadays, consumers connect with brands through social media, and interaction can happen in real time.
Related article: The challenges of implementing new technology
With agile and powerful technology at your disposal, you can spot opportunities more quickly and cost-efficiently. You can detect brewing issues and address them before they develop into full-blown problems. And you have the data to identify emerging trends and capitalize on those before your competitors can.
#4 You waste money
New technology is faster, cheaper, more efficient, and more relevant. Staying with your old technology while your competitors stay updated means you are slower and less efficient. Lost time means lost opportunities and income.
#5 You play catch-up
The more your competitors become faster, more efficient, and more up-to-date, the harder it is for you to catch up. And the more you fall further behind, the closer you get to folding up completely.
Catching up isn’t impossible, but you need to act before it’s too late. Adapting to new technology doesn’t mean an immediate and complete overhaul. It can even start with just consolidating an unwieldy set of outdated management tools into one powerful program that can do everything and more.
Our experts at Online Computers can help make sure you don’t fall behind on the latest in technology. They can advise you on the latest trends, and offer IT solutions your business needs to stay relevant and get ahead of your competition. Don’t know what technology is right for your business? Read our comprehensive post about the 8 Most common IT mistakes, and how SMBs can avoid them. In today’s business environment, SMBs need to be tech-savvy in order to get ahead of the competition. But you don’t have to be a geek to be knowledgeable about technology. At Online Computers, we strive to educate our clients of the power of technology and how they can utilize it to enhance their business. Want to be smarter about IT? Get in touch with us today.
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