Digitizing Industries, Are You Keeping Up?
With the current unlimited access to technology, rising funds and entrepreneurs, any industry needs to be always one step ahead of its competitors. It is no longer a possibility to remain entrenched in traditional markets that boycott digitization and the advance of technology. Many businesses, such as Nokia and Sony, feared going forward with products similar to iTunes and the iPod because they did not want to lose their current profits. How many people do you see holding a Nokia nowadays?
It is only when companies are in tune with rapidly growing digital technologies that they are able to thrive. According to the World Economic Forum, “Companies that have implemented digital technologies across their business have been successful in enhancing revenue sources, competing against digital natives and outperforming peers.”
New digital startups are spreading every day and are achieving success much faster than analog companies ever did. Whereas the average Fortune 500 company took 20 years to reach a market capitalization of $1 billion, Google managed it in eight years, and the likes of Uber, Snapchat, and Xiaomi in three years or less. The main reason for their achievements is the successful utilization of digital technology.
Taxi companies like Careem and Allo Taxi, have been following in Uber’s footsteps by creating an online presence so they don’t lose customers. Restaurants need to adapt to online ordering and applications like Zomato to stay on the map. Ignoring online reviews because you know your product is good? Doesn’t work anymore. Banks need to adjust to the needs of the consumer by being more transparent & accommodating. Digital banks are now a thing in Europe & the US, you never have to visit a branch. It’s that extreme out there. The travel industry was disrupted to its core with Booking.com & Airbnb...
Now we’re not saying if you’re not digital, you’re doomed. We’re not digital and there are a ton of Do-It-Yourself (DIY) tools to create logos & websites out there. It’s about adapting, knowing your audience and making sure no one else is offering what you’re offering in an easier way - without compromising the quality of course.
Digital technology as a part of industries is not disappearing anytime soon, so make sure your industry does not idealize the past and the present, at the expense of its future.