The trends of consumption and work that existed before the pandemic have only accelerated, and logically business trends have aligned with it. Ways of work have also changed substantially.
These changes are reflected in the business strategy defined by CEOs. Today the priorities of top executives of large companies are to encourage growth first, and everything related to technology second.
In this business context, to be successful, organizations must be excellent in the use of new technologies, and in managing the changes they cause. Companies must invest in new technologies as indispensable levers to address the challenges they have based on the need for growth, improving productivity, and something that we are giving more importance lately- the ability to continue operating no matter what.
The first step for companies is knowing how to adapt their business models to maximize the possibilities of new technologies. You must know how to gain value in serving more customers with much lower marginal costs. This opportunity includes the power to hyper-personalize offers, what they do for customers, or how to take advantage of the famous network effects to build customer loyalty.
Secondly, adopting digital must be a priority, designing the relationship with its customers understanding that the first and main point of contact is through, for example, their mobile apps, websites, or virtual assistants.
But the physical world does not disappear, rather it is also transformed using new technologies. The third point to keep in mind, to be excellent in the use of new technologies, is that the adoption of digital must be accompanied by a change in the physical experience we give to customers. People still want to drive a model car before buying it, or try on clothes before buying them, but how we make an appointment to go to the dealership, how we are received at the point of sale, or the adaptation of the information given to us about the product, all must be supported by the intensive use of new technologies.
The fourth point is that it is necessary to assimilate and integrate into the organization other changes that new technologies are causing. For example, the treatment of computer security cannot be the same in a context where we work from home without being directly connected to our company’s network.
And the final point is to dare to test technologies and business models. You must have one eye on the present, and another on the future. You must be open to detecting the emerging, experiment with it, and manage to turn the use of a new technology into a competitive advantage before the rest.
Company leaders that really use new technologies as a competitive advantage use different methods. They focus on the business vision, they think about how the use of a certain technology will transform the company, and above all how it will affect employees and customers.
They form teams with a variety of backgrounds, points of view, and life experiences. They pose changes in iterations, testing ideas, drawing lessons in each wave of change that allows them to correct course simply and efficiently, if necessary. They are measurement-oriented, so they can make decisions based on data, not perceptions or personal preferences.
They reward their teams for learning, not only for success, and of course they do not penalize failure as long as lessons have been learned in the tests that have been done. And they know how to collaborate with the ecosystem.
They work with companies, startups, universities or even competitors to achieve better results. The world of new technologies is too dynamic and extensive to think that an organization can do everything by itself with the right talent.
Companies must be excellent in the use of new technologies, creating new business models that they will reach only through exploration and having diverse teams integrated within a wider ecosystem. I encourage you to take advantage of the opportunity that all this offers.