Is Your Business Future Proof?
Technology is rapidly evolving, and businesses are discovering that they have to adapt or be left in the past. One way to ensure that you stay relevant is to future proof your business.
Why is future proofing necessary?
Society is becoming more technology based; the younger generation primarily uses technology to complete most tasks. Employees and consumers expect systems that are user-friendly, efficient, and quick.
Today’s consumer is the most educated, socially involved to date. They research and compare every purchase, so their standards are incredibly high. However, they are also expected to contribute $1.4 trillion in purchasing power over the next five years, coming largely from those with a college education. For your business to survive the future, it’s imperative to analyze your current situation and adjust accordingly. You need to assess all your systems and decide which need updating, and which need to be scrapped.
Key considerations to make your business future proof
The future is now, but where is your business? To make the business future-ready, it is customary to consider all the aspects of business’ operations and decide where and how to update.
It is important to consider:
- your product
- your technology
- your competition
- your customers
- your industry
Among them, the key players that make the business future ready are – Technology and Customers. Business – Technology – Customers, the trio make a potential platform for symbiotic survival. The lion’s share of participation is taken over by customers followed by technological implementations as a secondary potent player.
A Relational Linkage between Business, Customer and Technology
“Watch the trends: Millennials form a large part of the customer base”
You can’t plan for the future unless you study the trends. Projections aren’t perfect, but they do give valuable insight for adequate future proofing. For instance, 84% of the millennial population will purchase an item based on the brand’s values, instead of the product itself. And they don’t just take your word for it; they are 2x more likely to do their research about your company’s social integrity.
As of 2014, 90% of millennials have smartphones, and 93% had consistent access to the internet. Their TV watching experience is changing rapidly, as almost 28% watch newly aired shows through streaming services instead of live networks. Millennials also like to feel special. Impersonal pop-up ads are much less effective with them because they’re generalized. In fact, they preferred information about products from peers, or through personal, localized Facebook offers.
What does all of this mean for you? Most marketing strategies are things of the past, as the upcoming generations prefer education vs. Advertising. They want that education to be available at a moment’s notice on their mobile device.
Mobile technology is the new trend
Mobile devices are becoming more and more commonplace not just in business but also in personal lives. As of 2014, 53% of millennials owned tablets, and 90% owned smartphones. Mobile use has now officially overtaken desktop use, as 51% of internet time was mobile, compared to 42% at a desktop. Getting to your customers is now easier than ever with mobile technology.
Cloud technology – A Perfect Future
Cloud technology is becoming necessary for businesses as it allows users to access information from multiple locations and devices. In a recent survey, 95% of respondents were using cloud-based services. That’s a major uptake since 2015. However, with the exponential growth of cloud use comes inevitable problems. Security issues and storage capacity are among the front-runners. Cloud use is inevitable with a future-oriented company, but education on security measures on public and private cloud sources are a must.
Ensuring Correct Alignment of the Subsidiary Factors
Apart from the enthralling active technology and overwhelming customer response, there are some other factors that are although passive but their presence is a keen factor for any enterprise and especially for the product that is being dealt.
In an effort to make the business future-proof, the first task from the user’s end is to upgrade software. Upgrading the software may seem like an overburdening and intimidating task; however, upgrading your software via patch will not only improve efficiency but also minimizes the risk of cyber aggression. For a more effective response, it is recommended to evaluate the efficiency of the software prior implementing the same to enhance productivity.
Utilize your IT department
A good IT department will not only keep your current systems operational but will also constantly be looking for new systems in the market. Your IT department will also be a valuable asset in regards to training staff members on new systems and devices which you decide to implement.
Take some time to future-proof your business and watch your business grow.