Have you ever thought about how new technologies have changed your daily habits? It is almost undeniable that the digital revolution is here to stay. It affects everyone and everything, including the evolution of companies, however traditional they may be.
The digital revolution is already a part of the new trends that are transforming nearly every business. For any firm, the process of innovation and change is fundamental, and no entrepreneur can avoid it.
If a corporation is unable to keep up with technological advancements, , its collapse and decline is almost inevitable. One of the most powerful disruptive trends is the digital revolution, which has already transformed business models of countless industries.
The impact of the Digital Revolution on industries
The Digital Revolution has created a fusion between technology and humans.It enables us to streamline work procedures while also analyzing and identifying consumer demands and improving the business/customer relationship.
Nowadays, the effectiveness of a company’s digital processes contributes to its success.Signifying that other aspects such as means of production and old customer communication models have become less relevant.
The necessity for businesses to adapt to the digital world is undeniably critical.All companies want to know what their customers do, what their needs are and how they act online. Digital marketing is already a new industry that captures everyone’s interest. We see this reflected in large consultancies as they acquire digital marketing companies as a means of adapting to this revolution.
The Digital Revolution in the tourism industry
This is mirrored in major consultancies’ acquisitions of digital marketing firms as a method of adjusting to this transformation. Tourism is one of the sectors most impacted by the Tech Revolution. Can you Imagine going to a travel agent to book and pay for a flight? Today, the leading agencies in the market have almost completely digitalised their operational processes. These companies already work with the following systems:
- Digital payment methods.
- Digital agents for the purchasing process.
- Data collection to create personalised offers.
- Integration of apps to optimise their services.
- Virtual Reality to optimise pre-trip experiences.
Lack of familiarity with these concepts has triggered the downfall of some companies. A recent example is British travel agents, Thomas Cook, which despite being a leader in its sector, has been forced to cease operations. This happened as a result of the complete disregard in implementing the changes that its sector has clearly demanded into its business model.
Why is it important to adapt to the Digital Revolution in the business world?
At the moment, it is mainly the new up and coming entrepreneurs who are able to create flexible companies that allow them to implement new business patterns, making them the future of their sectors.
These new business models have completely changed the rules of the game and have put some entrepreneurs in a difficult situation.
Faced with this wave of digitalisation, they have no choice but to adapt their business to change. What they can decide on is how to go about this process. As a first step, it is important to properly analyse and understand the different trends that are affecting your company’s sector.
At ONEtoONE we have extensive knowledge of digitization in both the buy side and sell side activities. We have been involved in more than 1,000 mandates meaning we can provide the best advice possible on value ranges and other aspects of a potential corporate transaction. If you need advice or are interested in buying and selling companies, please contact us.