It is important for the owner of a firm or a large-scale manufacturing organization to keep a close eye on the evolutionary change in business trends. This is particularly important in the era of globalization, where completion is becoming an essential part of the business model. Adaptation of a few business trends can prove too fruitful for the organization, as they have been a source of curbing expenses and real-time portfolio management. Another aspect is the firms may not have budgeted such influx into their business operation. A certain percentage must be provisioned or buffered into the budget to absorb any capital expenditure.
Advancement of the technology in business software applications has made the lives of management easier when it comes to decision-making. Technology makes it easy to predict multiple tangents and scenarios on a real-time basis. Most of the application software has embedded artificial intelligence. Based on the chronological pattern of pre-consumer buying behavior, the software can predict the post scenario. Furthermore, many modules and soft business wares have inter-compatibility and can be easily interfaced with each other. Even if this might not be the case, the data from different modules can be extracted to a data mart, and then the core MIS engine can run diagnostics and various reports. The telecommunication industry uses Geolocation and Geofencing to provide their consumers with extraordinary services, such as their nearest POI (Point of Interest). These two features are already part of the business application that warrants GPS (Global Positioning System), such as navigation systems in automobiles.
Many organizations have adequately utilized the platform of android application and come up with their own mobile applications. These platforms help sustain their existing market shares and provide their consumers with a unique and enhanced experience. Many social media giants and search engine experts have come up with various algorithms that can track the movement of the consumers, which facilitate the organizations to beef up their existing market. In some organizations, the impact has been substantial, as such technology advancement has led to an unnecessary cut in cost and simultaneously increases the revenue. Similarities and habitual consumer visits while computing consumer-buying behavior have reduced repetition in customer service, rid unwarranted paperwork, and predictive scheduling.
Large-scale corporations allocated high expenses toward the advertisement, promotional material, and media buying in the traditional era. For niche product segments, such corporations stick to this preferred methodology due to their legacy and cultural heritage.
However, FMCG and retailers have effectively utilized social media to market their products and run time-bound promotional offers. Furthermore, with the help of social media, the customers have started developing community-based marketing campaigns that only create awareness and provide participation-related incentives. Due to community-based marketing, some organizations have segmented their target market into small communities. Since running banners and advertisements on social media websites are less costly, the outreach of these firms has amplified two-fold. The content, which once appeared to be serious and brand conscious, is no longer serious. The literature is casual and captures the attention of the audience of all age groups.
In addition to the abovementioned scenario, organizations are now involving third-party management consulting firms to conduct research and studies. It implies that organizations are now seeing how important social learning is. In this process, the organization views competitors as peers and as a source for identifying gaps.
In this era of globalization, the consumers buying behavior is complex and sophisticated. The end-consumer takes thorough research before they purchase any items, as they are exposed to an array of the product suite. They research the organization by thoroughly going through their websites and reading their online reviews. The top management of the organization needs to make the customer experience enriching for the target audience. Focus on personal and interactive experiences, as it will give an idea to the professional marketing executives.
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