Why this Article?
The ‘Technolization’ of normal human life has brought about a sea change in patterns of thinking, living, time allotment, sleeping, family management and many more aspects of human life. Through this article, I have tried to analyze and bring forward few important aspects of human lives around us. The topic is vast but I thought of at least giving it a headstart to discuss the basics and their impact on business and industries.
We are in an era where the time has arrived when business is affected by the day-to-day psychology of human beings. Current business environment is becoming more and more prone to changes in thinking pattern of society and people at large. The thinking and interaction patterns of human beings are influenced by the changing technology and the internet world (digital world). Let’s analyze some aspects of business and how they are impacted and what we can do here.
Customer Satisfaction and Expectations: The change in customer perception and requirements for goods and services plays a big role in success or failure of an organization. Changing role of technology in the lives of customers, society and market at large plays key role nowadays in their demand about a particular kind of product or service. I mean, goods or services of old times become irrelevant and obsolete, while at the same time people start realizing that some new kind of product(s) or service(s) are needed.
For example, Newspaper Distribution (Physical) is witnessing a steep decline year on year. Refer to the article at this link: http://www.theguardian.com/media/2010/jun/17/newspaper-circulation-oecd-report .
The sole reason behind this is that more and more people prefer to rely on their smart phones and laptops for their news needs. They can select the type of news they want to see in their RSS feeds.
Role of Entrepreneurs in Fulfilling Customer Expectations: Perception of the sellers of goods and services should also change accordingly. This is where entrepreneurs come into picture. They observe the society with a ‘need’, they keep contacts alive, they see the behavioral changes of people around them. They are people who are pioneers of change. They think about what can be done to fulfill these needs or requirements (in fact, the need that arose because of advancements in technology and internet usage).
Role of your employees in changing world: Not necessarily entrepreneurs, but anyone from your workforce can come up with these kinds of thoughts about your existing line of services or products. How you can bring about change and what your organization can do in order to grow. Which product is facing decline in turnover and what may be the reasons behind such fall? Whether the product is outdated for the current generation? Whether they are not needed anymore? And so on…
Day by day, managers and leaders of the business are becoming busier and busier, hence the role of your employees in generating ideas and innovations cannot be undermined. And a good leader learns from everyone (given that his/her ego does not become a hurdle in his/her learning process). Please note that ignoring ideas means ignoring opportunities and ignoring growth of the business you lead. Some years from now, it should not happen that you regret not accepting ideas that you could have adopted way back but now you can’t because it’s too late.
Let’s take example of Car Manufacturing Corporations like Maruti, Hyundai, Toyota, Nissan, Tata, Mahindra etc. They need to analyze as to what would be the impact of introduction of electric cars? What if Japan comes up with such technological breakthrough and will start making electric cars from 2015 onwards? The world is a global village and the demand of their cars will definitely catch pace all over the world as far as they are cost effective. Now, some smart brains from your workforce comes up with an idea that we should explore making electric cars with the help of Germany Car manufacturers or technology providers. Now, unless you have created an environment where your employees can speak freely to the leaders, this idea would not be passed on to top management and ultimately all will suffer.
I see these kinds of problems more as cultural and behavioral problems. Unless they get over these petty issues and our personal egos, Indian corporates are not going to see a strong growth phase. (Am talking about passive, non-dynamic, old thinking organizations where dictatorial leaders are leading the business)
There is fundamental need to change culture of Indian organizations so that –
How much you capitalize out of these ideas is upto you (as a leader). You need to evaluate the following while introducing open culture of interaction, respect and togetherness –
What I understand is that there is a ‘HUMAN’ side to everything in business and profession also. If we start to observe the things in humanistic attitude and humanistic view, you will be able to see everything from that angle and bring change in your organization. Ultimately what we are concerned about is growth of the business and profession. If analysis of human side of business makes you grow, do that.
In current times, human beings are becoming lesser and lesser connected to their inner self and hence their personal happiness is also undergoing a decline phase. That’s the reason they are not satisfied with their life and seek happiness from here and there. If you compare past and present, what do you observe? In past, there were lesser theatres, lesser pubs, lesser recreation centers, lesser number of health clubs, lesser number of picnic spots and tours and travel agencies. Increase in these type of activities itself indicates that people are seeking happiness from outside and not within.
To conclude there are five takeaways lessons from the above article
(Insights by CA Rajesh Pabari, for feedback please reach me at firstname.lastname@example.org or +919022780919)