The only constant is change and no change has been more drastic and far-reaching in human history than technology in the last 30 years. From the internet to the mobile phone, software, apps, and social media have all dismantled the traditional structures we had built over centuries redefining social and business landscapes. Analog to digital as they call it, this transition has unearthed new opportunities and sent seemingly solid entities into oblivion while presenting new challenges and opportunities to contend with.
For any business today, a semblance of adaptability of technology is a must, be it how you render your service, how you conduct your operations, how you market yourself, or how your customers interact with you. The tech and digital space has become woven into our lives from the basics of communication, making payments, or tracking our operations and you have to find that fit that blends well and gives you a differentiator or competitive advantage.
This journey however has been gradual over the last three decades with profound changes in how businesses operate. Traditional brick-and-mortar establishments are giving way to online stores, paperwork is giving way to software, and the mobile device going up the ranks as the premier communication and interaction device. Change is not only in what but how we do things, banking services are mobile, payments too, meetings are online and news is generated and consumed on social media.
As a business these changes must be factored into your strategy, you must be able to track trends, anticipate where next your customers will head and with informed decisions be present when they get there. This is agility and it must be part of your strategic plan in this ever-changing world.
Why is this important?
The Covid-19 pandemic forced agility on the world; Zoom meetings became the norm, so did work from home, mobile deliveries surged and so did mobile apps and solutions that lend themselves to the convenience of the user. Netflix changed TV from scheduled to on-demand, Uber made hailing cabs easy and secure and the snowball effect has forced some large entities to hire coders and software developers to develop or integrate products for increased reach and efficiency.
This thus raises the question, where are you at as a business in use of technology and how agile is your business? Further, it also demands a new understanding of your customers, what technology are they using, what is their tech appetite and how to rope them in better and more efficiently with technology. This is important because tech usage allows us to collect useful data for making informed decisions. By following patterns and trends on your consumer’s data points through ERP’s CRMs and Sales trackers etc. you can map consumption patterns, frequency, preferences and expenditure, etc., and use this information to plan different strategies for your customers.
This information is now an invaluable business enabler and not having sight of this either slows down your decision-making or makes the process harder.
While the digital age has opened up doors, turning your website into a global 24-hour store, and your social media posts into a free communication channel, it comes with several challenges. Hacking, social media abuse, stalking, misinformation, wrong usage, and a loss of customer interaction are some of the prevalent challenges and precaution has to be taken in embracing technology that you may anticipate and mitigate these risks.
Further, technology and tailor-made technology to your business also come at a cost, and if your business is looking to leverage technology and the digital space, you must set aside a budget for it so that you may use it effectively and efficiently. For the smaller entities, free technology and software exist to help your operations and processes.
Should you wish to read about new developments, follow trends and adapt your business strategy to the realities of the day, this is the place to be. At Springboard Capital we recognize the many benefits tech and digital space provides and not only online, we also employ various technology solutions that we may be able to serve you better. We also offer various loan products such as Business Loan, Emergency Loan, Asset Financing, Salaried Loan, Loan against Logbook, Import Duty Financing or Title Deed Loan, to help grow and manage all operations. Contact us today at 0700 944 444 or WhatsApp us through the button below, or email us at info@springboardcapital.co.ke.
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Article based on Cornelius Tonui’s BizSmart Webinar Presentation – Cornelius is a highly experienced software developer and CEO at The Micropoint Systems Limited with a track record of over 20 years in the industry. With expertise in developing financial applications, mobile apps, and working extensively with Dynamics 365 Business Central, Cornelius Tonui has consistently delivered innovative solutions that have empowered businesses and transformed their operations.
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