As Stephen Hawking quoted, ‘Intelligence is to adapt to change’, alteration of your company’s activities according to contemporary needs is the only way to survive in business as it is dynamic with trends changing every year. For 2017, digitalization seems to be the buzzword and the cornerstone of all entrepreneurs. We walk you through some of the aspects trending this year:
- Live Streaming can be a great way to boost engagement and interaction. Apps like Meerkat and Periscope are a go-to for enhancing B2C. Meerkat’s content scheduling option helps you custom images for upcoming streams with a call to action. Today, as most of the entrepreneur base is comprised of tech savvy youth, even the interviews and promotion of brand happens through live streaming. Well established brands including Mercedes Benz made their audience part of a photo session for their S-Class model.
- Today, all information is available at the royalty of a click. So, the price of information came down considerably and the businesses are using data to increase revenue and reduce costs. They mine data and are cross-referencing the internal information pricing histories, customer traffic patterns with multiple outside sources to increase revenue by understanding customers’ behavior better, reducing costs by eliminating inefficiencies and giving employees new tools to perform their jobs better.
- Consumers have become more informed due to the internet and this is changing the way businesses operate. People of all income and demographic levels are making cautious financial decisions, thereby reducing compulsive spending and looking for value in products that provide better use. It is imperative that companies re-evaluate their old business assumptions and adapt to new conditions.
Bringing in fun factor
- According to a study by Microsoft, an average human has attention span of eight seconds. So, the businesses are working on ways to capture and retain attention. It is learnt that one of the effective ways to achieve better engagement is through gamification. A leading firm introduced one game called ‘Same Side Improv’ which allows teams to practice real world customer dialogs and the results showed extensive growth.
So, digitalization is likely to change operating environment with functional solutions enabling efficient collaboration and information sharing. When companies create all-new solutions from a blank slate, they can simplify their basic IT and run it more cost effectively. Moreover, the cash saved in getting information can be funneled into something like innovation which will contribute to efficiency of the firm.
Every company in every industry will be dramatically affected by the digitalization trend and the companies will need to be clear about their digital strategy. Digitalization will help drive a massive change in how people around the word socialize, work and live their passions for which they use information and communication technologies paving way for more job opportunities.