Are You Considering How Technology Could Put You Out Of Business?
TL;DR: The world is constantly changing, and with that change comes new technology. This new technology can often make existing businesses obsolete if they fail to adapt and grow.
To stay in business, it’s essential to always be ahead of the curve. So pay attention to new advancement in your industry and ensure you’re consistently evaluating technologies that could potentially disrupt you. Otherwise, you may find yourself out of business like Kodak, Blockbuster, and Nokia.
Almost every business relies on technology in some way or another. From the small sole trader to the multinational corporation, technology has become an integral part of business operations. However, as technology continues to evolve and advance, it is possible that it could eventually put you out of business if you don’t listen to the turning tides.
Think about it — you risk becoming obsolete if you’re selling products that can be easily replaced or replicated by a machine. The same goes for services that can be performed more efficiently by automation. So as technology continues to march forward, it’s essential to consider how it could impact your business and what you can do to stay ahead of the curve.
Of course, this is not to say that technology is always a bad thing. Far from it, in fact. Technology can also be used to your advantage, helping streamline your operations and improve your bottom line. It’s all about using technology correctly and keeping ahead of the curve.
Interested to know how technology might disrupt your business? Keep reading to learn more.
Technology As A Creative Disruption 👨💻
Technology is evolving at an unprecedented rate, and it’s predicted that many businesses will be obsolete within the next few years due to failure to keep up with technological advances. In addition, the technology’s growing reliability and popularity are now seen as a “creative disruption” by businesses and consumers alike.
The recent information revolution and technologies such as web 3.0, artificial intelligence, machine learning, etc., have caused a tremendous shift in today’s society. But, of course, when new technology comes out, it is always a concern that it will destroy jobs and uproot businesses.
Still, this time may be different because many people can now learn various skills online. This could help them find employment not just locally or nationally like before with no Internet connection. Also, businesses can find ways to adopt the new technologies and adapt themselves to the change, so they don’t risk becoming obsolete.
Case Study — The Rise & Fall of Kodak, Blockbuster, and Nokia 📉
Whether you’re an office employee, business owner, or a consumer just trying to get by in this tough economy, it’s essential for everyone affected by technological change that comes with new technologies like smartphones, digital assistants, and automation software. As a result, we must ask ourselves now more than ever before: what will happen when thousands lose their jobs while others may see an opportunity?
The case study of three companies — once prominent, now (almost) bankrupt — will help you find a clear-cut answer. Let’s understand what went wrong when they failed to adapt to new technologies.
Kodak — What Went Wrong? 📷
Kodak was once one of the most iconic brands in the world. The company was founded in 1888 and quickly became known for its innovative products and cutting-edge technology. Kodak was behind some of the most significant inventions in photography, including the first consumer camera, the first colour film, and the first digital camera.
For many years, Kodak was the undisputed leader in the photography industry. But then something happened. In the early 2000s, Kodak began to lose market share to digital cameras. This new technology was smaller, more convenient, and produced better quality images than traditional film cameras. Unfortunately, Kodak was slow to respond to this threat, so its sales declined.
Despite its rich history, Kodak filed for bankruptcy in 2012. The company has since emerged from bankruptcy and is now focusing on new businesses such as digital printing and packaging. But for many people, Kodak will always be remembered as a casualty of the digital age.
Blockbuster — No More Video Rentals? 🎥
It’s hard to believe that Blockbuster, once the undisputed king of movie rentals, is now nothing more than a memory. So what happened? How did such a powerful company fall so far, so fast?
There are a few factors that contributed to Blockbuster’s downfall. First and foremost is the advent of online streaming services like Netflix. Netflix completely disrupted the movie rental industry, offering a much more convenient way to rent movies. With Netflix, there was no need to go to a physical store and browse through the selection — you could simply choose from a list of movies online and have them delivered to your door.
Then there was the issue of late fees. Blockbuster was notoriously strict about enforcing late payments, to the point where it cost them their customers. On the other hand, Netflix didn’t charge any late fees, making it a far more appealing option for movie rentals.
Finally, Blockbuster was slow to adapt to the changing landscape of the movie industry. They continued to focus on physical rentals even as streaming became more and more popular. This was a mistake that ultimately proved fatal.
Nokia — Replaced By Newer Brands? 📱
Nokia was once the world’s leading mobile phone manufacturer — but what happened?
Nokia was founded in 1865 as a paper mill company in Finland. In the late 20th century, the company diversified into other businesses, including rubber and electronics. In 1992, Nokia launched its first mobile phone, the Mobira Cityman 900. This was followed by the Nokia 1011, the world’s first GSM phone, in 1987.
In 1998, Nokia became the world’s largest mobile phone manufacturer, with a market share of 35%. The company continued to grow in the early 2000s. By 2006, Nokia had a market share of 50%.
Nokia’s dominance was short-lived. In 2007, Apple launched the iPhone, which revolutionised the smartphone market. Then, in 2010, Google’s Android OS began to gain traction. These new entrants quickly eroded Nokia’s market share.
By 2013, Nokia’s market share had fallen to 15%. In 2014, Microsoft acquired Nokia’s mobile phone business to enter the smartphone market. However, this acquisition has not been successful, and Microsoft has since written off most of the value of Nokia.
Today, Nokia is a shadow of its former self. The once-mighty company has been relegated to a minor player in the mobile phone market. Nevertheless, Nokia remains an iconic brand and is still remembered fondly by many worldwide.
So What’s The Lesson Here? 🗒️
Companies such as Kodak, Blockbuster, and Nokia were disrupted by new technology and failed to keep up with the times. As a result, they went from being at the top of the food chain to becoming extinct.
To stay in business and keep up with the technological developments, your company needs to adopt a mindset that’s open to change. The change might initially be disruptive, but it will reward you in the long run. As a company, you must think holistically, meaning the management, product owners, developers, and other stakeholders must tackle the problem together. If you can adapt the business design to the changing conditions, there’s no risk of being out of business.
What happened to Kodak, Blockbuster, and Nokia is a cautionary tale for companies of all sizes — if you don’t stay ahead of the curve, you’re in danger of being left behind.
Here’s How You Can Adopt Technology In Your Business 💻
If you’re like most business owners, you’re always on the lookout for ways to improve your company. And in today’s day and age, that often means adopting new technologies. Yet, with so many different options, it can be tough to know where to start.
To start, look at the daily tasks you and your employees perform. Are there any that could be made easier or more efficient with the help of technology?
- Consider switching to a digital solution if you still use paper records for customer data. Many ERP and CRM software solutions can automate many laborious tasks for you. Not only will it save you time and money, but it will also be more secure and easier to access.
- Think about how you can use technology to automate some of your processes. For example, automating welcome series emails from HubSpot Email Marketing saves time and effort when onboarding new clients. In addition, this can allow you and your employees to focus on other tasks.
- Ensure that you’re staying up-to-date on the latest trends in technology. This way, you can be sure you’re using the best tools for your business.
- Remember that more and more people consume content in video format. So embrace video as a vital tool for your business’s marketing strategy.
- The Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR) will significantly change the way we do business in the future.
- New and emerging technologies such as cryptocurrency and web 3.0 will also radically change businesses, so do plenty of research in those areas — and don’t hesitate to experiment with those technologies.
Building your business takes a lot of work, but you should never forget the most crucial part: telling stories. Your customers are hungry for content that tells their story and connects them with what it means to impact this world; tell yours!
The future holds great promise; however, it also concerns what kind of outcomes could occur due to creative destruction — the loss of businesses to the loss of workforce. Therefore, it’s high time we all kept pace with the growing technology and scaled our business as per the changing demands.
These tips will help you make the most of technology in your business. So don’t wait any longer — start exploring what options are out there and see how they can help you take your company to the next level.
If you want do discuss more about technology that might disrupt future businesses, feel free to book in an obligation free chat. We’d love to hear from you!
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