Technology is creating opportunities in many industries – while also wreaking havoc.
Leading-edge companies are making strategic use of technology to innovate and differentiate by creating increased value for prospects and customers. They’re also using technology to ensure they don’t get commoditized, which is a competitive threat for many companies.
In a recent article on the World Economic Forum website entitled “Digital disruption has only just begun” Pierre Nanterme, CEO of the consulting organization Accenture, states that “Digital disruption is at the heart of all the conversations I have with CEOs today.”
He goes on to say that “new digital business models are the principal reason why just over half of the names of companies on the Fortune 500 have disappeared since the year 2000.”
Although he is referring to large corporate entities, the impact of the internet on buying behaviour is universal, affecting companies large and small. In our meetings with business owners and executives, discussions invariably include how the internet is changing the rules of the game.
This is why we are constantly urging them to capitalize on the tremendous opportunities offered by technology. It is possible to create more value for customers and prospects and reduce the cost of delivering products and services. I can’t think of a more compelling argument for making strategic investments in these readily available technologies.
When I’m asked by business owners what the return on investment is for online technologies, my response is the ROI is that their business will still exist in five years. This may not be true for all of them, but it is a real threat for many.
I encourage you to read Mr. Nanterme’s article and to take it seriously. Based on our day to day conversations with business owners, digital disruption is both an exciting and stark reality.
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