A few months ago, only a few companies could call themselves aware of the digital era proponents. As the pandemic disrupted businesses, organizations understood how technologies could help them in business continuity. However, we cannot expect the emerging tools to understand our business needs magically. In this article at Digital Tonto, Greg Satell shares insights about what the digital era has taught us.
Ushering Into the Digital Era
Several companies thought that purchasing new tools and technologies will give them an edge over their peers. The catch is, you need to input basic algorithms based on which AI will provide you company-specific data. Here are the lessons that various organizations learned in the digital era:
Not Everything Has a Digital Solution
W. Brian Arthur’s Harvard Business Review article in 1996 claimed that businesses that dealt with information would have increasing returns. It was contrary to the conventional market scenario where organizations faced decreased ROIs. Marc Anderson further projected that software would have a monopoly across the globe. The problem is, information and communication technologies sector has only 6 percent GDP in OECD nations. So, WeWork, Uber, Lyft, and Peloton went through devaluations.
Businesses Cannot Be Selfless
There was a notion that brick-and-mortar businesses are interested in making money for themselves, and IT companies were developing for the greater good. The number of lawsuits slammed on Facebook, and the increasing amount of IT regulations prove that no business is selfless.
With Power, Comes Responsibility
While technologies help us to cure diseases, cybercriminals can use the same to breach organizations. Organizations that develop new tools and introduce them in the market must also follow an ethical code in the digital era. Companies can access various customer data, so the onus is on them to keep it secure and not break consumer trust.
Go Beyond Performance Metrics
The global GDP has seen a significant rise since the digital boom. The job market is better than what it was before the digital era. However, the overall U.S. life expectancy is reducing, with consumer debt reaching a tipping point in 2019. Companies in the digital era should not limit themselves to thinking about stakeholder interest or measuring their success through KPIs.
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