A decade ago, there were about 400 million people on the Internet; today, there are nearly 2 billion. More than 940 million people around the world have 3G mobile phone subscriptions, and more than 500 million use Facebook.
We are in the midst of unprecedented technology evolution, with multiple technology disruptions/trends transforming the way business is conducted. Today’s world is characterized by increasingly fast transformations, boundless interconnectedness and prevalent interdependencies.
Technology trends such as big data, mobile technology, cloud computing, social media are transforming the ways in which organizations and individuals engage with one another, be it in sales, marketing, infrastructure or operations. Younger consumers are more connected, demanding and vocal as never before. The large and growing proportion of ‘digital babies’ are technology savvy and demand personalized services and interactions through a range of information channels.
Therefore, the questions that businesses should be asking themselves are: How can I make it easier for my consumers to interact with my business? Can I change my process to allow my customers to access information and transact as it suits their need/convenience? How can I create a quick, personalized experience for my customers so they come back for more?
Examples of how sales departments are using cloud-based CRM packages and marketing departments are increasing social media use abound. This trend will only accelerate as different departments adopt more and more cloud and mobile technologies. Companies with granular insight into each of their Facebook users, including their demographics, interests, influence and friends network can offer customers and prospective customers personalized messaging based on demographics, psychographics, behavior and likes/dislikes.
The rise of mobile computing is incredible in sheer scale and its breadth of adoption – cutting across age groups, economic classes and geographies. Consumer interest in smartphones, tablets and untraditional connected devices such as set-top boxes, telematics, video games and embedded appliances is growing faster than with any other product segment.
Every domain which is consumer centric will have to lend itself to this evolution. It is critical for organizations to be agile – in decision making, thinking, assimilating and taking these solutions to clients that are transforming business and technology, in other words, to turn these disruptions into opportunities to improve business and maximize profitability. Companies who embrace these ‘disruptions’ and make the most of these exciting opportunities will be better placed to move their business forward.
Otherwise, they risk being overtaken by leaner, faster organizations that are forging ahead and making the most out of a growing amount of information…. And, it’s no longer a question or ‘if’, or ‘when’ – the questions need to be ‘how’ and ‘what’.
This post was originally published on CiOL.com on February 26, 2013, and is re-posted here by permission.