Technology is transforming nearly every industry and causing disruption that can create unforeseen challenges to a company’s business model. Consider the emergence of online marketplaces, which, because they enable people to list and rent vacation homes for a processing fee, are threatening traditional hotels, how smart phones disrupted GPS manufacturers, and how digital-native retailers forced traditional brick-and-mortar companies to rethink their entire strategy.
Here are a few common questions many business owners are asking, and our answers to them:
Q: What can companies do to prevent this?
A: Companies that ignore technology, rather than embrace its benefits, could find themselves disrupted by their competition and risk becoming irrelevant. Forward-looking companies are investing in innovation to simplify daily tasks, expand product offerings and enter new industries, and they are already reaping the benefits. Technology is helping companies unlock previously inaccessible working capital through just-in-time delivery, reduce counterparty risk through open account structures and get faster access to everything from business information to credit.
Q: Why should companies invest in technology?
A: For our clients, the key drivers are an increased need for fraud prevention, growing market share, expanding sales from a physical to a virtual footprint, and upgrading aging technology.
Q: What kinds of technologies are companies utilizing?
A: Currently, technology investments are spread across four key areas:
Cece Nunn - Mar 16, 2018
Christina Haley O'Neal - Mar 16, 2018
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