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The eight types of technology that can transform your business

 6 March 2022     Donald Cooper 

As we look to technology to give us the customer experiences and operating efficiency we need, it will be useful not to lump technology into one big confusing mess, but rather to examine how technology can help us in each specific area and function of our business. Commit 90 minutes of your time to sit down with some of the best minds in your business or department, plus a few technology experts and, using the checklist below, explore the possibilities.

Every business should have at least two trusted technology heroes to keep them ahead of the pack. One for operational and systems technology and one for proactive marketing, web site and social media technology. If you’re a manufacturer or a grower, you’ll probably want a third global expert on the technology of making whatever you produce.

Below is a checklist of eight separate areas of your business where technology can help you. Mark each one that has possibilities for you. Then, investigate, make commitments and take action. Note that some of these possibilities may not apply to your business but many of them will.

One. Technologies that help design and create new and better products or services more quickly.

Two. Technologies that help produce or operate more efficiently with higher and more consistent quality.

Three. The equipment, systems and process technologies that operate, control and manage every aspect of the business more effectively.

Four. Technologies that help improve the speed, quality, depth, breadth, individuality and consistency of the customer service, value and experiences we’ve committed to deliver.

Five. Technologies that help to efficiently communicate our business’s compelling value message to customers and prospects as a group and as individuals.

Six. Technologies that enable the business to listen to, understand, engage with and respond to our customers as a group and as individuals.

Seven. Technologies that helps the business operate in a more environmentally responsible, less wasteful and more sustainable way.

Eight. Technology able to research the industry’s best practices and emerging new business models. One of these technologies is easy – it’s called Google Analytics through which we can study competitive web sites and articles while discovering who in our industry – worldwide – is doing innovative new things and what disruptive new business models could become our business’s new worst enemy.

So, what are the most important new technologies you need to bring into your business in the next 12 months? Who will lead the project to investigate, make decisions and implement? What will the timeline look like?

Remember, for every decision you make, you must be clear about what will be done, by whom, by when, at what expense, with what committed outcomes, measured how and rewarded how? 

Now, here’s something else to think about:

My business quote of the week: Business is a lot like dating. If you’re not too mean or too ugly, you can probably get a first date with almost anyone. It’s the second date that tells you something. The first date is about marketing and first impressions. The second date is about value delivered, trust built and a relationship started.

In both our business and our personal lives, if we’re not getting any second dates, the universe is speaking to us.

How war in Ukraine could cause riots in Egypt. The world is, indeed, connected. Egypt is the world’s largest buyer of wheat, most of which they buy from Ukraine. That wheat is made into government subsidized bread that sells for $0.003 a loaf to 60 million poor Egyptians. This subsidy costs the Egyptian government billions of dollars a year.

If war breaks out in Ukraine and wheat is in short supply and increases drastically in price, the Egyptian government will have to increase the price of bread, which will cause riots and could result in a government overthrow. The world is indeed connected.

Oreo Cookies turn 110 this month. Created by Nabisco in 1912, Oreos have become the world’s largest selling cookie. The brand is now owned by Mondelez International, which is snack company spun off from Kraft Foods in 2012. 

That’s it for this week. Stay safe! Live brilliantly!

TempurPedic Canada
Stearns & Foster
This HGO article was written by:
Donald Cooper
Donald Cooper

Donald Cooper has been both a world-class manufacturer and an award-winning retailer. Now, as a business speaker and coach he helps business owners and managers throughout the world to rethink, refocus and re-energize their business to create compelling customer value, clarity of purpose and long-term profitability.

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Home Goods and its accompanying newsletter - HGO This Week - covers the furniture, bedding, appliances, consumer electronics, accessories, lamps and lighting and floor coverings product sectors of the big ticket home goods market in Canada. HGO is also a forum for the dissemination of market research and hard-hitting articles on best practices for Canadian retailers.

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