The Future of Businesses: Navigating the Digital Revolution
On average, we spend three and a half hours on our smartphones: we do our shopping online, communicate with our circle of friends, or simplify our lives with software or "apps. One thing cannot be denied. We live in a technology-driven era. It's a time when we should stop talking about whether digitization is important - because data rules our lives and determines what we see, what we focus on, and even what products we like. Yet we're just scratching the surface of how technology will change our everyday lives and the business landscape.
The new normal - also in business
Technology is becoming the new normal. One look at various online platforms is enough to notice the digital transformation in business. Companies use TikTok to find applicants, Google reviews are used to evaluate reputations, and a digital "shitstorm" can quickly mean the end for a company. But it is not only global corporations that are affected; SMEs also have to face up to the digital transformation.
Impact of digital technologies on companies
Despite the obviousness of technological development, according to studies, most of the time 90% of companies are "digital laggards". To be fair, SMEs face particular challenges, such as a lack of relevant knowledge, staffing, resources and the lack of time, in addition to their daily business.
It is relevant to emphasize that the solution is not to deliberately avoid digitization, but to open up wisely. It is about acquiring the necessary knowledge and approaching the unknown terrain with curiosity.
The variety of technical options, the flood of "marketing jargon" and the advertising promises can be paralyzing. Choosing the right technology depends heavily on a company's strategic positioning. If a company wants to be a leader in "customer experience," alignment with target audience channels is critical. This adaptation can include apps, digital platforms, online communities and digital interactions, for example. On the other hand, companies seeking "cost leadership" can add value with ERP systems, automation, new offerings such as mass personalization, and other efficiency-enhancing technologies.
Ultimately, the "perfect fit" of technology selection depends on how a company wants to position itself in the market. This defines, among other things, the processes & challenges that need to be considered and optimized.
Dependency vs. strategy
Many entrepreneurs feel dependent on the "randomness of technology and change", forgetting to value it as a strategic partner. Part of strategy development for SMEs is obtaining data and using the results from data analysis. There is now a wide range of tools that are very easy to use and can be used to either obtain or analyse data. Some of them are even free in the basic version, as well as MoreThanDigital Insights. The analytics tool eliminates the need for the usual costly look at and assessment of the business by consultants.
Many other tools can offer companies a significant advance, such as assistance in monitoring production to machine telemetry to perfect analysis of business figures in ERP systems, systems that manage all processes and data in a company to identify potential. Companies that focus on the strategically relevant topics for THEIR business, collect information and select the right tool on this basis will master digitalization. Because these first experiments lead to growth and experience on many levels, which will help to make the best decisions in the future.
Looking to the future, it is clear that business success, especially of SMEs, increasingly depends on the targeted and effective use of technologies. Those who use data and digitization to their advantage will set the pace in the exciting race of our era: In a world where technology is not just a tool, but a decisive factor separating the leading companies from the laggards.