Technology has impacted the way people live in a number of ways, and while the jury is still out on whether it’s been better or worse for society, there’s no denying it has become indispensable in today’s business landscape.
All over the world, more and more companies are investing in data and technology to better understand the growing needs of its customers. In fact, even institutional businesses like banks, real estate, foreign exchange and insurance have taken a hit from not adapting fast enough to the rapid changes happening within their industries. Every day, more and more start-ups and tech companies are disrupting the status quo, proving the old Darwinian thought that goes: “It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most adaptable to change.”
Don’t believe us? Here are a few examples of companies that have drastically impacted different industries from across the board.
Some years ago, every household would at least have one TV set for the family to share, but ask anyone these days and you’ll discover that they’d rather invest in a stable internet connection than cable. This might seem easily predictable given that almost everyone today communicates and consumes content via social media. But John Antioco, former CEO of the video rental chain company, Blockbuster, didn’t see it that way. In 2000, Antioco was approached by Netflix founder Reed Hastings for a possible partnership. To the company’s demise, Antioco hastily dismissed the proposal. Today, Blockbuster has folded and filed for bankruptcy while Netflix continues to flourish all over the globe.
Malls used to be the best place for retail but those days are long gone. In the U.S. alone, over 60% of households are Amazon members and 80% of online sales growth comes from Amazon sales. Over the years, this number just keeps growing as more and more people and retailers switch to e-commerce. But the company’s success didn’t happen overnight. Amazon CEO Jeff Bezos started the idea back in 1994 and until today, continues to improve on the site’s performance by focusing on user experience and looking for more ways to innovate. These are only some of the reasons why Amazon continues to be the world’s largest and most reputable online retailer.
Affirm, Acorns, and Prosper
It would seem like institutions such as banks would have a few years before their industries were disrupted but that would be misleading. These days, the public looks for better ways to be served which is why companies like Acorns, Affirm and Prosper have become so popular. Acorns allows users to invest their spare change to a pre-selected investment portfolio; a service that used to be exclusive to banks. Prosper on the other hand, helps people get loans that’s well within their budget and minus the presence of an intimidating banker, while Affirm lets customers pay their debt in their own way through simple investment plans.
These are just some examples on how innovation has changed the way people live and impacted small and large industries. To make sure you behind, invest in data today and learn more about how you can improve your business by visiting www.syncrasy.io.