Keep up or drown
THROUGHOUT history, innovative technology has strengthened and propelled businesses to new heights. Computers and automation revolutionised workflow by replacing manual labour with robots and machines. The revolution continues today with the same tools, but in new synergy.
Machines now process data and create algorithms that guide ensuing actions with little to no human interference, hence the term “smart” in association with these devices. This advancement is producing new technology that is actively impacting business operations across every field.
Opening new doors
Systems vital to businesses such as accounting software, information management databases and point-of-sale systems have been simplified and optimised by technology. Keeping up with advanced technology does not only ensure survival; it also creates new business opportunities.
For instance, make-up behemoth L’oréal, has branched into facial recognition and augmented reality to allow its customers to try on products virtually before committing to purchases. This enable L’oréal to extend and digitise its relationship with the public.
Another notable innovation is virtual reality, which has seeped into multiple industries, going as far as to disrupt the video game industry. Far from the pixelated flat games that were all the rage in the 1990s, today’s immersive video game experience via virtual reality allow graphics and controls to replicate reality as closely as possible.
Birth of novelty
Advanced technology has also expanded possibilities for new business models. In a world where the hustler life rules and no one has time to spare, convenience is prized. Think Whatsapp, Grab, Foodpanda and Netflix – all commonly used applications that reinvented the modern way of life.
They share the common trait of providing heightened convenience at your fingertips. With constant innovation, you would think there is hardly any room left to optimise convenience, except maybe conjuring things out of thin air. Ironically, this is what 3D printing promises.
Touted as the basis of the next industrial revolution, 3D printing is redefining the creation of goods. In 3D printing, products are manufactured once purchases have been made. The production can take place locally, which eliminates the need for stocking and shipping and forgoes wastage.
Out of ink
At the other end of the spectrum, some businesses are being overwhelmed by technological advancement and their inability to keep up is proving fatal.
It is said that the pen is mightier than the sword, but what happens when tablets and smartphones enter the dance? It is known that the print industry at large is struggling to keep up with technology. Sales of physical newspapers and books are nosediving, but there is no greater example than photographic film to reiterate the importance of keeping up with technology. Once a leader in the photography industry, Kodak was best known for its films. As digitalisation rapidly gained ground in the photography community, Kodak fell from grace when it maintained focus on its film technology instead of jumping on the digitalisation bandwagon.
Today, Kodak has become a cautionary tale for businesses rooted in their ways. It is a reminder that without constant restructuring to meet the shifts and turns of disruptive technology, even the greatest titans are vulnerable.