When the internet made online shopping a phenomenon, companies like Amazon and Google quickly turned consumers’ digital data into their biggest competitive advantage. In the process, they became the world’s biggest data powerhouses. Much later, when electric car sales doubled worldwide, Volvo opted to be the first established car manufacturer to only sell electric vehicles. That strong push into the 21st century put the company that much closer to an anticipated IPO.
To make a technology work, it has to become part of your culture, and therefore you have to get your employees — as well as your customers — to buy into it. That means being strategic as you evaluate tech-enabled changes to your business model, from market research to production and operations to consumer engagement. With these three tips, you can use technology to successfully seize new opportunities.
1. Use it to break new ground — physically or virtually
2. Use it to make your online store stand out to customers
3. Use it to focus operations on consumers
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