Business that are hoping for the pace of change to be slow in our current fast-paced economy are likely to be left disappointed. We are witnessing change in the world every day. People are changing, generations are getting older, populations are changing, technology and the whole economy as well. We have seen businesses that have been left behind and even wiped out from existence because they failed to embrace the change or compete with the current trading conditions. KFC in Zimbabwe, Capcom in Canada, Toys R Us in the US and UK, and over 500 Subway branches around the world have closed down recently.
Change is a natural constant process in every organization and it is important because businesses need to maintain their competitive edge and meet the ever-changing need of their audience. Besides, change brings about new challenges and opportunities which businesses can capitalize on to stay ahead of the competition and thrive.
The Evolving World of Technology
If there was no change in the world, business leaders would be wasting time rewording the same everyday tasks until they eventually run out of doing the same thing differently. This is where new technology plays a significant role in changing the outcome of tasks and operations once they are adopted in the work place. Sure, this may be disruptive and even expensive at first, but ultimately, the change will increase productivity, service delivery and will bring some life to the work place
Technology has also changed how we communicate. No longer do businesses need to have floors of employees to dial customers, get a busy signal, or get hanged up. There is little or no need to physically meet with people in order to exchange information or resources. With the availability of businesses online and smart digital communication systems like Programmable SMS, communication has become instant and convenient due to consumer preference of texting. Other channels like emails and social media are also used effectively to reach consumers for information and promotions. Plus, search engines have enabled access to more information to users than the president of the United States in the 90’s and earlier had. Our current burgeoning and evolving communication represents change that allows business to learn, adapt and grow at a better pace as compared to the last few decades.
Customer Needs are Constantly Changing
Consumers who were accustomed to doing business only during regular opening hours just a decade ago now expect business to be open round the clock. Along with this, they demand businesses to be available with the swipe of their smart phones. This is what happens with the change of technology and due to this, you can now find businesses maintaining their online presence with their Mobile Apps or mobile friendly websites. As these trends begin to rise, new opportunities present themselves and the first few to take advantage of the situation by meeting those demands thrive.
The Transforming Global Economy
The economy and consumer market can impact business in both negative and positive ways. A strong economy with increasing demand of your product or service may require your business to expand in terms of man power and facilities otherwise there are plenty of competitors who would be happy to share your potential success. In weak economies, it is often the opposite with businesses having to make difficult decisions which may involve letting people go or cut down on expenditure. Either way, critical scenarios and challenges will come from time to time and businesses will need to maintain their strong relationships with their employees and customers.