Incorporating today’s digital technologies can sometimes be a challenge when your company is concerned with the day-to-day responsibilities of simply running a business. Generally, businesses are aware of major digital trends, but may be slow to incorporate them. Many of these trends cannot be ignored, as they will ultimately give your competition the opportunity to gain market share.
Consider the digital trends of today, such as the ability for consumers to gain insight into products and services using a simple Google search. Add to this the ability to contact companies with complaints with the expectation of a fast response. A favorable answer can be shared via social media, which can be extremely positive, but should consumers continue to feel unhappy, they can freely express their disappointment, which can have an extremely unfavorable knock-on effect. Find out about 5 insights social data can reveal for your business.
What trends have the ability to reshape your business? Gartner explores three emerging trends driving digital business, with a useful infographic detailing these trends.
While many of these trends are in development, we are already realizing the benefit of items such as the smart watch. The article suggests that this is very much the direction of the future.
- Democratization of Technology – everything is connected. Smart things will start to have a real impact on our behavior.
- Dematerialization - The physical and digital Worlds begin to blur
- Disintermediation – smart things begin to replace trained people
It is important to be aware of the shift in technology, and incorporate these changes into your business routine, workforce, or even your products. Technology trends alter the perception of consumers, and the demands they make on manufacturers and service providers.
Devote resources to analyzing shifts in your industry that may affect consumers in particular. If you do not have this ability in-house, consider hiring a market research or consulting firm to track trends and analyze the effects of these trends. The ability to use information and feedback from digital capture also gives your company the advantage of discovering what won’t work as a result of certain trends. What may work for one company may not be advantageous for another. It may be worth setting up a team that analyzes shifts in consumer tastes or opinions so that you are ahead of the game when it comes to making the next major product change, or re-organization in your company.
Analyzing data correctly, and incorporating new technologies may certainly help give your business a competitive edge. In much the same way, invoice factoring can help provide a competitive edge when it comes to managing cash flow. There are occasions when your business may face a cash flow challenge. Explore the benefits of turning your outstanding invoices into cash, so you can put your working capital to work now, and not wait up to 90 days for payment on your accounts receivable.