For every challenge that change brings, there is also an opportunity. Those ambitious businesses that can effectively harness the right technology will be the ones to gain competitive advantage and grow. In fact, figures from industry analysts IDC show a huge correlation between the use of digital technology and business growth figures.
To be able to capitalise on disruptive technology though, businesses need to be able to identify and harness the right technology for their – and their customers’ – unique needs. Anticipating how customers want to consume products and services is key here, as well as having a solid understanding of how existing and emerging technology is influencing customer behaviour.
For example, in 2018, purchases via mobile phones overtook sales from physical shopping centres for the first time. As such, all businesses need to be embracing a mobile first approach. This doesn’t just mean having a mobile app, but having an overarching strategy for web systems and customer interactions that is constructed with mobile in mind.
In the same way, while still in its infancy, AI is set to have huge ramifications for all industries. It is not just something for the IBMs and Googles of the world to take advantage of, AI in the form of simple chatbots or machine learning in terms of search and keyword functionality can be employed quite simply and inexpensively by SMEs, if they have access to the right expertise.