The speed of business in the hyperconnected economy can lead to faster, smarter, and more agile business decisions. But along with these advantages, there are some other factors that businesses must take into consideration:
- Hyperconnectivity makes it easier for customers to buy products and services
- It’s also easier for anyone to learn about businesses and competitors
- It can make issues or problems much more visible and transparent to existing and potential customers
- It emphasizes the increasing importance of customer service
The shifting balance of power
Customer service is gaining greater significance because the balance of power is shifting to consumers. This can be good or bad for your business, depending on the current state of your customer experience.
Although digital customers create new opportunities for businesses, hyperconnectivity also makes it much easier for customers to praise or criticize companies quickly and on a large scale, often with long-term effects.
Anyone today or in the future who searches online for anything related to a particular company could have a wide variety of historical business information at their fingertips. That’s something to keep in mind the next time you have an escalating dispute with a customer.
Customer data: the lifeblood of business
Another thing to consider is that customer data is the lifeblood of business in the hyperconnected economy. Using data to the best advantage can help create better-connected enterprises that are more engaged with and responsive to their customers. But just as businesses are realizing the potential value of the data they collect, consumers are becoming increasingly protective of their personal information.
In a study by EMC Corp. of 15,000 people in 15 countries, 91% said they valued the Internet for easier access to information, but only 27% said they were willing to trade privacy for greater ease and convenience. There is also growing demand from consumers for the right to control what data organizations might have about them.
So when it comes to hyperconnectivity, you need to take the good with the bad and determine the best course of action for your company in the growing networked economy.
For an in-depth look at hyperconnectivity, data analytics, and the changing omni-channel customer experience, download the SAP eBook, Digital Disruption: How Digital Technology is Transforming Our World.
For more information on how the digital age is affecting business, download the SAP eBook, The Digital Economy: Reinventing the Business World.
Take a closer look at one industry in the midst of digital transformation. Download the SAP eBook, Connected Care: The Digital Pulse of Global Healthcare.