Few people know enough about how Kodak lost its way. How could a titan fail so miserably? Why couldn’t anyone save it? Wasn’t anyone who mattered paying attention?
Kodak struggled to find its groove, and, in the process, many suffered. The company went from employing 67 000 to a staff of only 6 100 globally. While the story of its demise may seem sudden when viewed through certain lenses – as if there were outside forces which unleashed some sort of plague upon the business – it wasn’t. It happened over 30 years, and some might argue that Kodak hasn’t found the floor yet. The people who mattered lost track of what really matters. They failed to see how continued success is only guaranteed by one’s the ability to peer into the future with what you know (and know very well) about your business, customers and employees and chart a path which includes finding the right technology and human capital to reach your goal.
Today, being a titan isn’t a guarantee of any measure of success. Shifts occur on a tectonic scale, and your business could find itself, well, out of business – if you don’t pay attention to what matters.
The great convergence
Three elements that influence business on a grand scale today are: technology and the rate at which it is changing the way we live; customers and how they respond to new technologies, and how their needs are met by them; and employees and how they provide the much-needed link between bottom line success and the brand your customers experience.
Tech as an enabler
In Kodak’s case, they couldn’t find a way to transition from film. Digital presented far less revenue opportunity than film (think 70 cents on the dollar vs a nickle). But it wasn’t just the inability to transition. The market evolved, and they couldn’t. When the digital camera was introduced, Kodak’s entire core R&D and manufacturing business was found obsolete.
Are there any areas of your business that are also becoming obsolete?
Adopting new technology doesn’t have to be a pain. Through careful analysis and planning, it is possible to find and integrate the right solutions to help your business become and remain future-proof. The only requirement is that technology be viewed as an enabler and not as a threat.
Customer centricity is fundamental
Customer centricity is evolving. It is being spurred on by technology and how easy it is to connect with, service and satisfy customers in less time and with less effort. Customers are evolving too. If you’re in the retail space, you know that most shoppers search for your products in-store and then purchase online. You also know that poor customer service or experiences during online shopping can cost you the sale. Creating a more appealing and rewarding customer experience isn’t just about how well your product is designed, it’s about how your staff deliver it as well.
Are you keeping a close enough eye on your customers? What truths about their habits, wants, needs and desires are no longer relevant, and how does that affect your product?
Employee satisfaction is a must
We’ve built a business on helping companies reward their customers and employees, and we’re especially proud of how we do it. Human capital is often a very difficult resource to manage. People are emotional, they have needs and ambitions, and can only thrive in the right environments, which is why understanding them and creating a way to reward their effort is so important. Rewards, however, are delicate things as well. Give someone a material gift they don’t want, and you’ve disappointed them. Delay in rewarding performance, and you devalue the effort expended to achieve top performance. It’s for these reasons, and many more, that we developed a turn-key, and easy-to-use rewards solution.
You can securely reward a performance with cash (something anyone can spend on anything they want) directly to an employee’s mobile phone in seconds. This helps you reinforce the right behaviours that influence your bottom line.
No disappointment, no delay.
Conclusion
Technology, customer centricity and employee satisfaction are three vital elements in today’s business world. Striking the balance between adopting the right technology, creating the best customer experiences, and developing an environment where employees are rewarded to help replicate and enhance success is critical.
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