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:
Passenger Rail Study Offers New Details About Proposed Wilmington To Raleigh Route
Emma Dill
-
Apr 22, 2024
|
|
Severe Weather Postpones Trump Rally In Wilmington
Emma Dill
-
Apr 20, 2024
|
|
Will NC Be CNBC's Three-time Top State For Business?
Audrey Elsberry
-
Apr 22, 2024
|
Michelle Penczak, who lives in Pender County, built her own solution with Squared Away, her company that now employs over 400 virtual assist...
With millions in committed funding from New Hanover County and the New Hanover Community Endowment, along with a land donation from the city...
Lydia Thomas, program manager for the Center for Innovation and Entrepreneurship at UNCW, shares her top info and tech picks....
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.