Monday 13 February 2023

Refining The Place Of Technology In The 21st Century Business : A New Paradigm For Business Sustainability

 

Refining The Place Of Technology In The 21st Century Business : A  New Paradigm For Business Sustainability

By Ernest Chefon Ndukong (the script of a presentation at the Catholic University Institute of Buea, School of Business Conference held on 09/01/2023)

 “When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.” George Westerman.

Most businesses which had enormous potential for exponential growth and expansion are nothing but really fast caterpillars today because of failure to match up with technological evolution. The consequence of technological obsolescence is that the company is either overtaken on the market place or worst still they go out of business resulting from declining performance. The one person responsible for causing a business to experience declining performance or exit the market is “The Boss”.

Some worldwide examples of businesses that failed to adapt include;

Blockbuster, a former provider of movies and video game rental services employed over 84.000 people worldwide at its peak. They failed to change their business model with time and their demise came with Netflix and other on-demand streaming.

Blackberry at a point had over 80 million users worldwide with the likes of former U.S president, Barack Obama who got rid of his in 2016. They monopolized the market in the 2000s as the primary mode of personal and business communication was carried out on Blackberry messenger. They ignored upgrade until would be overtaken by the likes of Apple with the iPhone just with touch screen base technology.

Kodak used to be leader in photographic film throughout the 20th century but stayed in their comfort zone. They introduced the first digital camera in 1975 but dropped it due to fear of it dismantling their photographic film steamroller. Digital eventually took over and Kodak’s failure to innovate forced them to file for bankruptcy in 2012, re-emerging in 2013, much smaller and focusing on serving commercial clients.

Locally, several cases of business decline or exit are recorded for one reason or the other. Some anonymous cases are illustrated with their history and experience;

There exists a money transfer company which led the market and had mammoth potentials to monopolize the money transfer market. They even had a powerful tool in complaining customers which they could leverage on to skyrocket in the market place. They failed to make use of Bill Gates quote; "Your most unhappy customers are your greatest source of learning”, and today they are just a fast moving caterpillar.

There exists a road transport company who were “kings of the night”. Internal squabble and failure to upgrade fist led to a split of the company before rendering them a fast moving caterpillar

There exists a mineral water company whose business and legal name actually meant “mineral water” in the consumer’s mind. Failure to leverage on this powerful recognition tool has forced them to be another fast moving caterpillar.

The prime consequence of technological obsolescence is decline in the bottom-line and eventually exit from the market place ad this happens when The Boss changes taste and according to Sam Walton, “There is only one boss. The customer. And he can fire everybody in the company from the chairman down, simply by spending his money somewhere else.”

With The Boss being the primary reason for business performance decline or market exit, every technological tool must respond to a want in The Boss’ voice. Some wants in The Boss’ voice include; Comfort, Celerity, Security, Self-service, Effective communication, Service personalization, One-stop-shop.

Steve Jobs puts it nicely; “You’ve got to start with the customer experience and work back toward the technology, not the other way around.”