Technology and digitization are changing the face of how companies cater to their customers through services and products that are well-suited to the needs of a diverse consumer base. Innovative technologies are providing leaders with tools that can help carve out more profitable and sustainable businesses and engage better with both consumers and employees.
Realizing these benefits, an increased number of organizations are adopting new technologies such as the Internet of Things, virtual and augmented reality (VR and AR), and artificial intelligence with the view of accelerating growth. These emerging technologies are having a notable impact on how companies manage manufacturing and supply chains and deliver services.
Organizations have also become more open about the need for investing in technology for balancing their capital expenditure with better return on investment. However, technology does not only impact return on investment or operational procedures. Technology can also have a notable impact on the business strategy of a company by optimizing technical prowess and positively impact the way leaders devise strategies.
Amazon, for instance, is testimony to how when these elements work together that a company can ascend in little over than two decades to reach to an annual turnover of more than US$178 billion. According to founder Jeff Bezos, leaning into the future is necessary to better figure out what needs to be done to sustain as complaining cannot be a strategy. With the help of management technology, companies can base their decisions on logical forecasts than just guesswork when it comes to navigating an industrial and commercial landscape that is constantly, and at times rapidly, shifting.