Most companies are undergoing a transformation in how they do business. This transformation started with the e-commerce wave and continued through big data, the cloud and more. Now, many companies are still in the middle of the transformation.
In the near future nearly every company will be a technology company and a media company.
The Technology Company
There are a number of ways to consider how companies will become technology focused. Companies use technology to replace processes, build services or as an end product and in hundreds of other ways.
The world is becoming more automated. Processes, data and documentation has already been digitized for decades. But more automation is replacing human processes. Chat bots and automated IVR system are simple examples of this. When was the last time you called a company – any company – and talked to someone immediately instead of going through an automated process? This is how a company leverages technology to outsource processes and must be technology focused to ensure the process still provides value to their customers.
The collection of data to enhance products and services has already disrupted organizations in recent years. Data is collected digitally, stored in a cloud and analyzed with algorithms. Companies of every industry need access to quality data to make decisions.
Even cottage industries or one-person service companies will have to become technology companies. Consider a carpenter or a plumber. How much more effective could they become by utilizing technology to automate certain processes and analyze data?
The Media Company
Brand loyalty is on the decline. People are cutting cable at high rates, so advertising dollars are being redirected. Pop-up ads are the bane of the Internet.
How will companies get the attention of customers?
Companies will have to tell compelling stories of their value and, essentially, why them. Large media and product brands have been doing this for years. Just think back on the last Super Bowl commercial that you talked about with friends after the game.
Regardless of company size, business leaders will have to tell stories with engaging content across multiple platforms and media types.
What You Can Do Now
While you can still succeed as an organization today without being a tech company or a media company, that time will come to an end at some point. So, what can you do today?
- Evaluate your manual systems and identify what can be automated.
- Perform an assessment of your digital assets and ensure that all data flows have integrity.
- Ask the big questions about your product and services – how can you digitize it? How can you have access to high-quality data? What can you do with your data to make better decisions?
- Identify the most successful marketing campaigns and determine the emotional impact they had on your customers.
- Engage your employees, partners and customers to find the right stories to tell in the right way.
Every industry is moving at a different pace, but they are all headed in the same direction: technology and storytelling. The only question you have to ask yourself is are you on the same path?