1.2.2 Organisations adapt or lose competitive edge
Organisations must be agile and adjust to the changing trends in technology. organisations can use this technology to streamline operational cost through the use of collaboration and automation. In addition, businesses provide more relevant offerings using real-time data gathered from customers.
Organisations must also modify the way they advertise and sell products to customers. Technology is changing individual behaviors, such as how they learn about products, how they compare competitors, and even their purchasing patterns. For this reason, organisations must be able to customise their advertisements and special promotions toward certain customers and cut costs with targeted advertising. Additionally, customers, as a group, can affect the bottom line of the company by expressing their comments online. organisations must be able to react quickly, to counter any negative feedback entered by customers or employees.
These new technologies and trends can lead to tremendous success for some organisations. For other organisations, the failure to adapt to the new trends will likely result in the loss of their competitive edge. They will fail to meet the needs and expectations of the customers they serve. Consider, for example, how internet streaming is affecting the business operations and profit margins of movie rental stores, as shown in the figure. This is also happening with music and printed media.
The IoE forces organisations to adapt, or settle for diminishing impact on their business and society.
Governments and technology
Governments are not immune to the change caused by rapid information exchange through technology. Officials can respond quickly to emergencies through real-time data. Citizens can connect through social media and gather support for change.