Your way of doing business yesterday could already be obsolete today. Interconnect your business to achieve continued competitiveness.
In today’s digital age it’s imperative to be interconnected or you’ll risk losing engagement amongst your employees and your consumers. Artificial intelligence, blockchain, 3-D printing, the Internet-of-Things, and drones are all emerging technologies that are already transforming and increasingly connecting the world. But what does being interconnected really mean and how does it affect you?
Interconnected means being able to seamlessly operate anywhere in the world, or have all your employees and every branch instantly on the same page, or being transparent and building trust with your customers.
Operating on a global scale
“58% of CEOs told us it’s becoming more difficult to balance global competition and protectionist tendencies. Globalisation is shifting gear into a multi-layered tug-of-war amongst global economic power centres. CEO’s now need to deal with multiple value systems, frameworks, and trading blocs as they operate across the world,” reports World Economic Forum.
Accelerating digital connectivity tools are also causing rifts and new alliances within supply chains as businesses look for suppliers (and buyers) that will ensure their future customers’ expectations of transparency. An example of a business that got global its connectivity right is Netflix. The media streaming service operates across the world and no matter where you are in the world, you get the same service and products.
Besides connecting your operations to customers across the world, you should have employees in every branch, in every country on the same page. “A higher level of interconnectivity has raised engagement with stakeholders and forced society to think about how information is accessed and consumed. Increased transparency demands a new way of communicating, a higher level of accountability, an elevated approach to leadership, and indeed, a deeper focus on trust, purpose, and the inherent human connection that has brought us closer together,” says WEF.
Having your team transmitting the same message across the world will help you to achieve trustworthiness and transparency.
Nurturing trust with your consumers
58% of CEOs worry that a lack of trust in business could harm their company’s growth, according to WEF. This has become significantly more important, up from 37% in 2013, because consumers now use trust as a differentiator between similar pricing or offerings from businesses.
As with everything, technology plays a role here too. CEO’s, surveyed by the World Economic Forum, are convinced that gaining and retaining trust is harder in the digital age. This is because even genuinely positive events can be seen by consumers as PR punts, which reflect the business in a poor light.
Retaining trust is becoming an increasingly challenging issue. But for organisations that succeed they gain a significant competitive advantage. Your business needs to effectively articulate your purpose, act transparently, and stand by its values. The key to retaining trust is sustained and honourable execution.