Harnessing the Power of Technology

Darren Miller | Georgia Oak Partners | June 16, 2020

Stay ahead of the curve

If Covid-19 has done anything positive for businesses, it has forced them to rethink business as usual strategies and realize the benefits of fast-tracking digital transformation. Out of sheer necessity, technological advancements we’ve been considering for nearly a decade were kicked into high gear in an effort to remain competitive, and in some cases, simply stay afloat.

While companies that implemented digitization strategies prior to the pandemic were better positioned to maintain operations with minimal disruption, companies that are just now jumping on the digital bandwagon are reaping plenty of benefits as well, including finding themselves ahead of the competitive curve.

What is Digitization:

In Gartner’s IT Glossary, digitization is defined as the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.

However, this begs the question: what is a digital business? In essence, digital businesses use technology and digitalization processes to create new value in business models, customer experiences and the internal capabilities that support its core operations.

With technology moving from a supporting player to a leading player in innovation, we’re seeing more businesses evolve into digital businesses with a focus on the competitive advantages that technology provides. Whether it’s digitally transforming processes to reduce overhead or working to improve value to customers, businesses are relying on digitalization to remain competitive, differentiate themselves, and as a means to survive post-pandemic.

Technological Advancements Reshape Growth

New technologies are transforming the world of business in a myriad of ways. And the transformation has just begun. Successful companies are reorienting their entire business model around technology while finding clever ways to incorporate automation into business development, customer experiences, marketing, and other business processes to capitalize on and maximize the long-term value.

growth

Manufacturing

According to the 2020 Manufacturing Industry Outlook, the coming year promises to challenge manufacturers as they attempt to regain their foothold amidst continued volatility in costs and policy decisions. However, there is growth on the horizon for manufacturers that position themselves for the year ahead with greater agility. Manufacturing leaders should increase resilience in their operations by building “digital muscle” across areas like their supply chain, mobilizing partnerships to drive business goals and leaning into corporate social responsibility.

Supply Disruption

COVID-19 has exposed the vulnerabilities of the modern supply chain. Although supply chains have been building resiliency by facing tariffs, focusing on environmental sustainability and responding to evolving consumer expectations, the pandemic still put them to the test.

With powerful lessons to be learned in the wake of the crisis, experts agree that diverse sourcing and digitization will be the key to building stronger, smarter supply chains and ensuring a lasting recovery. Another important step toward future resilience is supply chain mapping – documenting the exact source of every material, process, and shipment involved in bringing goods to market.

Organizations that had the foresight to map their supply chain prior to COVID-19 are emerging with better visibility and mobility to secure inventory at alternate sites. Yet, few companies invest the time to map their supply chain which leaves them vulnerable to future disruptions.

Smart Factories

Over the last several decades, the manufacturing industry has been characterized by seismic change and increased automation. Smart factories, specifically, are pushing those advancements even further with AI and data-driven systems and highly connected workflows.

In the United States alone, 86 percent of manufacturers believe that smart factories will be the main thrust of competition by 2025. Furthermore, 83 percent believe that smart factories will transform the way products are made. Yet, only 5 percent of United States manufacturers have converted at least one factory to “smart” status, which means a large percentage of companies are leaving substantial and demonstrated value on the table. It’s estimated that by 2022 factories that adopt smart factory technology will be up to seven times more productive.

Frictionless Payments

There’s no question that consumers are gravitating toward companies that provide a streamlined online experience. (Think Amazon, the iconic one-click check-out leader responsible for more than a third of all e-commerce in the United States). These frictionless transactions, aimed at reducing or eliminating red tape altogether, are the mega driver behind the $284 billion mobile eCommerce industry.

As the world reels from the effects of COVID-19, no business is exempt. However, with consumers demanding new, convenient and more efficient payment and transaction solutions, including eSignatures, eNotes and ePayment platforms such as Venmo or Zelle, businesses across nearly every industry sector hold a unique opportunity to capitalize on the booming e-commerce trend that’s expected to reach $4.9 trillion by 2021.

Digitalization, both on the home front and globally, will be the driver of innovation, productivity, and growth as we turn the corner post-pandemic. Technological transformation, making change a core initiative, placing evolving consumer expectations at the forefront of ingenuity and having the ability to modify practices in response to digital technology progress will be business’s vital armor against future crisis adversity and unpredictability.

HERE ARE SOME RELATED ARTICLES YOU MAY ENJOY

Miked Up: Volume 3, Practical Business Actions During COVID

By Darren Miller | August 27, 2020

In Volume 3 of Miked Up, Darren Miller welcomes Dr. Mike Miller, Ph.D., D(ABMM) to discuss the practical actions that business owners can and need to do to provide returning employees with a safe working environment, how to plan for and what to do if an employee(s) tests positive and some of the resources every […]

COVID-19 Leadership with Page Siplon, CEO of TeamOne Logistics

By Camille Cantrell | August 27, 2020

As the CEO of TeamOne Logistics, communication with my “work family” has always been a top priority.  In our office, I “walk the corners” daily and check-in with all of my team to keep up with any challenges they may be facing, both on or off the job.  I try to remind myself to speak […]

Culture Shifts during COVID-19 and Beyond

By Camille Cantrell | August 27, 2020

By: Camille Cantrell, Marketing Manager  Beyond Remote Work: COVID-19 Culture Challenges Since the COVID-19 pandemic took hold in early 2020, much of our focus has necessarily been on logistics: the nuts and bolts of reorganizing the workplace. As companies scrambled to continue operations as safely as possible, health guidelines have changed the physical layout of […]

Miked Up Volume 2, Part 1 – Organizational Diversity

By Darren Miller | July 23, 2020

Miked Up is a series of videos where we speak candidly with the brightest minds and most experienced executives in the Georgia business community. Our goal of these conversations is to provide business owners with not only great information from highly respected leaders, but to also bring a local perspective from those in our community […]

GEORGIA AND NATIONAL LABOR MARKET TRENDS: A LOOK AT SIX KEY INDUSTRIES

By Camille Cantrell | July 23, 2020

Dean Ditmar, Operating Partner | July 23, 2020 Overall, the June Jobs Report from the U.S. Bureau of Labor Statistics reflected the expected chaos across the employment market, along with clear evidence of continued improvement related to the reopening of many sectors of the economy. Payrolls were up by 4.8 million, with many job gains […]

Harnessing the Power of Technology

By Camille Cantrell | June 16, 2020

Darren Miller | Georgia Oak Partners | June 16, 2020 If Covid-19 has done anything positive for businesses, it has forced them to rethink business as usual strategies and realize the benefits of fast-tracking digital transformation. Out of sheer necessity, technological advancements we’ve been considering for nearly a decade were kicked into high gear in […]

Virtual Communication in Uncertain Times

By Camille Cantrell | June 16, 2020

Camille Cantrell | Georgia Oak Partners | June 16, 2020 The Brave New(ish) World of Virtual Communication As the COVID-19 pandemic hit around the world this spring, many leaders were forced into a sudden, intense relationship with virtual technology to keep their teams together. Many office workers will continue to work remotely until the COVID-19 […]

Miked Up: Volume One

By Darren Miller | May 27, 2020

Miked Up is a series of videos where we speak candidly with the brightest minds and most experienced executives in the Georgia business community. Our goal of these conversations is to provide business owners with not only great information from highly respected leaders, but to also bring a local perspective from those in our community […]

We’re All in This Together

By Sarah Rettker | May 8, 2020

GEORGIA BUSINESSES REDEFINE “COMMUNITY” IN THE WAKE OF COVID-19 Darren Miller | Georgia Oak Partners | April 23, 2020 As our state, nation and our world unite to mitigate the spread of coronavirus (COVID-19), the words “we’re all in this together” have taken on powerful new meaning. Never before have we felt so isolated, yet […]

How Could a Minority Equity Investment Help Your Business?

By Sarah Rettker | May 7, 2020

Mike Lonergan of Georgia Oak Partners Discusses Why Minority Equity Makes Sense Right Now We have spoken with a number of business owners recently who have expressed an interest in Minority Equity. We think this makes all the sense in the world. Why? Many owners do not think now is the right environment to consider a sale, […]