The rate of change we experience in day-to-day life in 2022 is much faster than any time in history. The invention of the internet, among many things, has meant that the time it takes a new technology to reach adoption by 50 million people can be less than 19 days (compared to 75 years which is what it took for the telephone to reach 50 million users).
Not only is the reach achievable on the internet but new online technologies are now occurring with exponential speed. This means that at any time, a new technology, delivered via the internet, can impact any industry significantly within 18 days.
In these giddy times of change, it is hard then for business owners and managers to ensure the safety of their business long term. Taxi drivers could not have seen the rapid decrease in the value of their long-valued taxi licences before 2009 but in less than 2 years, the taxi industry worldwide had been battered by a company that didn’t even own a car. Uber, a software company, changed the way car transport would work forever with apparently no notice.
Strategists have been scratching their heads and their collective crystal balls, to try to see the next big trends and how they would affect the empires of their clients and employers – almost to no avail. The hotel and B&B industry fell victim to a similar fate to Taxis when Air B&B began shaking out market share without a single building to manage.
In a world where nothing can be taken for granted, we have looked to find just three things organisations can do or start as a means of “futureproofing’ their enterprises and the outcome of this search may surprise many.
Emphasise Soft Skills
As disruptive technologies in the training space begin to take shape, the ability for employees to learn hard skills on the job at unprecedented speeds is here now. As technologies disrupt almost every industry, employee hard skills date quickly.
The new breed of worker will use these technologies to deliver products and services however there will be an increasing need for superior softer skills such as:
- storytelling and
Schedule regular Strategic Planning activities
With disruption all around, there is no safe industry. It is very easy to become complacent, particularly when enjoying financial success.
Scheduling authentic strategic planning processes such as a 6 monthly think-tank, regular reviews of technologies in and around your industry, competitor reviews to see how new entrants to your market are doing things will help ensure your team is trained and fit to see rapid change in the landscape quickly and creatively.
Many companies leave strategic planning to the top tip of management or even consultants (we can recommend a good one if you’re looking). But often it will be your coal face workers that see disruption first so involving them in Strategic Planning exercises will become more critical in the future.
Review Communications and Internet set up annually.
Anyone over 45 will remember a time when computers were new. When we did most business functions manually and mobile phones didn’t exist.
Younger generations were born into the digital age and were dealing with software upgrades, faster and better hardware tech and app development as well as learning basic tech skills like coding and software onboarding from a very young age.
Businesses today enjoy a rapidly changing set of technologies and internet driven opportunities every week. While it is tempting to stick with internet technologies that “work for now” and adopt a “if it ain’t broke don’t fix it” attitude to internet based technologies, the reality is that at any one time there will be a significant portion of your competition upgrading to the latest tech.
The downside of this is that without knowing it your brand can look old (who still has a non mobile-friendly website?), your customers may be receiving benefits that you don’t offer and your communications may be antiquated.
It’s a good idea to review your tech stack, communication and internet systems at least once a year. You don’t always have to change but you protect yourself from being caught on the wrong side of competitive advantage.
If you would like the team at SJH Communications to undertake a FREE review of your organisation’s ICT systems, feel free to contact the team on 4404 2303. If thy cannot find you savings or new measures of protections with your business nbn connection, Voip phone systems or CCTV technologies, they don’t charge for their time. They are some of the most experienced and trusted in the Hunter.