The One Certainty About the Future Is the Pace of Change Will Only Quicken As the generation that grew up with digital technology moves through their careers, innovation will come faster and so will failure to companies that don't keep pace.
By Murray Newlands Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
A new generation with new way of doing business is now upon us. It's the most rapid time of technological transformation ever, as far as information goes. The Chinese developed the printing press many centuries before Johannes Gutenberg created the European printing press within the middle of the 1400s and came out with his first Bibles. Few could afford these printed books made available by presses for an additional several centuries. In contrast, the adoption and invention of digital technologies by over a billion individuals around the world has happened in a couple of decades. In spite of this digital technology saturation in multiple cultures, no generation has yet to live from cradle to grave within the digital age.
No major element of modern-day life is untouched by the method in which most of us currently utilize information technologies. For instance, business may be done over greater distances and more quickly, oftentimes with a lot less capital needed to start running. Politicians email constituents, provide video presentations to campaigns upon their websites and give volunteers sophisticated digital tools to organize events. Even religion now has been transformed: Pastors, priests, rabbis, imams, gurus and Buddhist monks reach their audiences through weblogs.
With this generation on the scene, how are businesses going to be running for the next five years?
Faster innovation.
Successful businesses often are well-known for innovating, but a new addition to this might be how quickly you're able to innovate. It's because innovation oftentimes takes a big cost. Not all businesses, particularly the small-to-medium enterprises, are able to afford the cost. However, you can't say "no" to innovation. According to Steve Jobs, if we don't cannibalize our products, somebody else will. Therefore, you must innovate. Most importantly, you must innovate quicker to save money.
Related: Act Now, Assess Later: One Company's Real-Time Transformation
Transparency.
It might be a huge game changer within the coming years. Whether you're planning your strategy for marketing or strategy for employee management, in 2015 and beyond, transparency must be provided the highest priory. The upcoming generation like to work with smart managers who are transparent and honest. Similarly, consumers want honesty and transparency.
In 2015, real time data in marketing will out compete fictional stories. As it'll come to engaging Gen Z workers born from 1994 to 2010, the ideal method of making things run smoothly includes making friends with them.
Customer engagement.
More and more businesses in 2015 and beyond will be open to feedback from their employees and customers. As an employer, you must understand that you can't be right all the time. Likewise, as a marketer, you must listen to the consumers' voice. As a matter of fact, requesting feedback might be a critical strategy for business for 2015 and beyond, according to the experts. Some businesses might utilize their digital marketing platforms, like email marketing and social media, to gain precious feedback from customers. Most importantly, companies must utilize this feedback to identify their drawbacks and then take the appropriate measures to rectify them.
Related: Why Big Data Is Your Key to Beefing Up Customer Engagement
Digital technology.
More businesses are investing in digital technologies to improve profitability and productivity. Some more popular technologies include collaboration and virtual meeting technologies, data mining and analysis, private cloud, mobile application, public cloud infrastructure and data visualization.
This trend will increase within the next year. With a boost in laptop and smartphone use, most employers are encouraging the concept of "bring your own device" (BYOD). Organizations will utilize mobile technology to engage and educate their customers, gather data about consumers, promote and sell services and products. The usage of analytics for various business functions, like making a strategy, managing risks, and marketing also is expected to further increase in the coming years.
Lastly, with the skill gap widening, it might be challenging to find qualified and trained individuals for high profile jobs. Some companies, as a result, might think about working with colleges to develop new talents.
Digital Natives will move marketplaces and transform global politics, education and industries. Changes they bring about while moving into the work place may have a positive effect upon the world in which we live. The digital revolution, by and large, already has made the world a better place. Digital Natives possess every opportunity of propelling society further ahead in many ways -- if we allow them to.
Related: Don't Ignore the Cultural Perks Millennials Crave on the Job
