Business in times of rapid technological progress

2000 and late

2017 is the year when everything seems possible. Self-driving cars are becoming more advanced and are promising to replace traditional automobiles by 2030; our home appliances are getting smarter via IoT; drones are becoming a legitimate means of delivery; VR and AR are being commoditised and are threatening our beloved smartphones; internet connection speed is now lightning fast and is quickly spreading to the most remote corners of the world; Google, Apple, Facebook and Amazon are serving us with virtual assistants; new mobile apps are popping up by the minute, promising to take care of our every problem, need or desire. On the industrial side of things, most manufacturing processes are getting automated, computing is done predominantly in the cloud, outsourcing is becoming completely decentralized and virtualised, AI is improving and in some cases replacing error-prone human decision-making and big data can help identify trends in consumption and conceive new products at the click of a button, considerably reducing time to market.

Digital transformation pillars

In times of rapid change and advancement such as these, there is only one winning strategy: ride the wave of progress or get left behind quickly.

Admittedly, there is a lot going on in terms of technology and innovation, which can be overwhelming and confusing, unless you are a geeky blogger who keeps up with all big tech announcements, keynotes and developments daily. For enterprises who have already committed to a continuous process and an organisational structure that support company-wide digital transformation at all levels, exploring the new possibilities enabled by technology on a regular basis is paramount. This, of course, is preempted by having the right mission, strategic vision, human resources and hierarchy in place to make it happen.

The products and services of the future

Whether you are making a product or providing a service, your final deliverables must respond to ever-changing customer needs, be it as raw material type or source of origin, production quality, price point, or the feelings it invokes.

End consumers (b2b or b2c) determine the products in demand today, not the manufacturers. How much your product should cost is also determined by a combination of factors, such as consumer value, product uniqueness and market price. The internet has made it easy for anyone to obtain any type of product from anywhere in the world with a credit card or another virtual payment method like Paypal. To simply remain competitive in this landscape implies constant evolution and improvement of not only your product or service offering, but also your production processes, customer insights, customer service, branding and packaging, delivery options and times, even sustainability and social responsibility. And if your organisation can’t do that, another one will. Both b2c and b2b consumers today expect great quality products, sourced ethically, which also protect the environment, are customised for them, delivered quickly and don’t cost more than they should.

Which trends are worth exploring for enterprises?

As quality of output, personalisation of products and services, fast production and delivery times and excellent customer service become the norm, enterprises must adapt their structures and processes to ensure they can meet growing demands. Technology is one of the fastest and most straight-forward ways of achieving this feat. Automation, big data, the internet of things, including sensors, routers and chips, analytics superpower and delivery drones can all facilitate the process of digital transformation for enterprises. Sophisticated mobile apps for the enterprise can help you serve customers, suppliers and other stakeholders faster and better.

PegusApps can help you build such web-based or mobile applications for a variety of IoT technologies, including but not limited to smart cars, smartphones, and many other industrial-grade smart devices. Get in touch for a free consultation tailored to your business today.

Copywriter: Ina Danova