We are hyper-speeding through the mature, profitable stages of tech-based economies and shifting into our newly anointed “smart economy.” Smart however may be an overstatement. For all brands within our new digital economy it is virtual and ubiquitous speed that creates smart opportunity and smart advantage. And for all brands, the disciplined question and company focus should be “how competitively smart is our speed?”
I believe America should have a global coming out party to signal our refulgent leadership in this new smart economy. We need to declare our formidable strengths, determination and deliverables proven through fast technologies, software, silicon, content, networks and apps developing dynamically around our home, business and mobile lives. With balanced caution, smart-tech dynamics also spur rabid and rapid market disruption.
Want proof of the power of smart digital disruption? According to ShopperTrak, brick-and-mortar retailers had only half the holiday physical store traffic in 2013 that they did in 2011. The research company reported declines of roughly 28 percent for 2011, 16 percent for 2012 and 15 percent for 2013 while online holiday sales rose by more than double the results of brick-and-mortar sales. Smart technologies deliver company advantage in the language of market speed. Unfortunately as seen in sluggish companies, the congress of competitive smart and speed tears down old legacy opportunities at the speed of disaster.
Savvy, well-educated business leaders are protracting new pylons of business opportunity created through smarter, faster technologies. Clearly our new smart economy charges company leaders to focus, auger and muscle-up smarter disciplines for company transformation to advantage market growth. This smart digital transformation is a journey, not a destination. We are in the early days of smarter, highly embedded technologies which will educate, fuel and blossom faster business-to-consumer interactions and commerce. We are accelerating smart, profitable productivity while lessening the need for direct human intervention towards creating brand and consumer value. Digital speed, in essence, may be smarter and more profitable than human capital.
Successors in our new smart digital economy are those able to shape, operate and execute under heightened fiduciary assumptions: those leaders willing to deploy assets
and investment exploration to smart technology approaches within their business model. Fast winners will deploy and re-capitalize their goods and services in parallel to smart technology advancements. For example, embedded node sensors will become a greater part of our daily lives within our clothing, devices, packaging, monitoring systems, eyewear, toys, health-wear, car tires, furniture, and even, our flooring.
These embedded smart signals will offer manufacturers and retailers pre- and post-supply chain, demographic, geo-demographic and psychographic information
relevant to consumption, pricing and preference. It also will allow for a smart, fast and closer one-toone SCRM (Social Customer Relationship Management) with consumers to create profitable advertising, marketing, branding and selling opportunities, second by second.
Our new paradigm of smart devices, software and digital embedded nodes causes business leaders to quickly harbinger changing market dynamics, delivering go-forward
digital-focused strategies to ensure company speed, market growth and profitable opportunities. The time for such leadership is right now. Smart technologies have already set the early stage for winners and losers across every market category. How smart is your company’s future? As smart as your leadership’s ability to obsolete sluggish market engagements while simultaneously re-threading and re-torqueing capital, assets and investments for smarter hyper-digital speeds.
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Peter Weedfald is the author of Green Reign Leadership.