The Changing Face Of Business In The 21st Century with Paul McCarthy Cork
It has been said that the only constant in life is change – the same philosophy could very well be applied to business, especially in the age of the Internet and the growing reliance on technology as a key business driver. There is one simple truth when it comes to doing business in this environment; companies must be nimble and embrace the opportunities presented by ever-evolving technology and society or fall prey to competitive pressures. There is also the matter of the changing nature of the workforce and loyalty.
Whereas not many generations ago the idea of ‘cradle to grave’ employment was one that companies embraced. The retention of skilled employees, while important, was a given. Today that is not the case. Employees are highly mobile – not only in terms of geography but also in terms of their aspirations – they will seize opportunities that may see them change jobs or even industries multiple times during their working life.
There was also the idea of the ‘nuclear family where gender roles were clearly defined – it was the job of the female partner to manage a home and provide an environment where children could flourish – while the male partner entered the workforce, this concept is now falling by the wayside due in part to increased economic pressures.
Paul McCarthy Explores Consumer Habits in Cork
Consumer buying habits have also changed. the increasing power and reach of the Internet mean that more people are doing their shopping online. The footprint and market share of companies that engage in eCommerce activity is growing exponentially. this poses a challenge in terms of customer relations, marketing, sales and logistics. Those businesses who are not focused on refining their business model to cope with this rapidly evolving space will find themselves at a distinct disadvantage – those that seize the opportunities presented will succeed. By way of example. Amazon announced just over two decades ago that it would move beyond the selling of books. It is now arguably the world’s most successful retailer of any number of consumer goods. It leads the way in logistics management, sales, and delivery systems. It was one of the first companies to realise that consumer habits were changing due to the growth on the Internet.
Marketing has also changed beyond recognition due to the increasing penetration of social media. Companies are exposed to both threats and opportunities caused by the consumer’s ability to communicate and share opinion and experiences almost instantaneously. those same consumers demand a closer relationship with companies that supply services and products. They demand feedback – and they demand it 24/7/365. This has made marketing more challenging – but also increased reach while decreasing sunken costs. Old models of developing customer loyalty and feeding the sales funnel have been bolstered by new approaches. Approaches that are both measurable and tremendously powerful.
So business is faced with a variety of challenges – both technological and societal. Those who embrace change will flourish. Those who ignore the opportunities and pitfalls of a new business paradigm will fall by the wayside.