Emerging Trends in Entrepreneurship

Digitization and Automation

Digitisation and automation may appear to be a standard corporate language, but they are not. In truth, they both are necessary for establishing a competitive edge. Individuals are quick to accept and exploit technology in our tech-focused environment and they expect businesses to stay up with changing consumer behavior.

However, according to Forrester, 77 percent of businesses still rely on paper procedures to some extent, while 63 percent rely on Excel-type tools. As a result, businesses are finding it difficult to match customer demands for speed and simplified experiences. Organizations must increase their digitization and automation initiatives to keep up with the rate of change to remain competitive. In principle, the phrases “digitization” and “automation” are similar, however, they are not the same in practice.

The process of transferring a hard copy to a digital version is known as digitization. Digitizing patient records to produce electronic medical records, for example, involves converting paper copies of patient information into a digital format that can be processed by a computer. As information must be available to any automation system before it can be automated, digitization is the first step toward automation.

A non-digital business process is converted into a digital version by digitizing it. To begin with, it entails moving away from paper storage and toward cloud-based data warehouses, as well as eliminating physical locations in favor of a stronger online presence.

For example, Consider the banking industry. Customers had to physically go to a bank, wait in line, and engage with a teller to accomplish something as easy as depositing a paper check just a few years ago. Because customers may now self-serve on their bank’s website or app, digitizing these transactions has made banks significantly more efficient and customer-centric.

Digitisation may make corporate processes more precise in addition to making them quicker. Pharmaceutical firms are an excellent example. Digitizing research and development processes has reduced human error and enhanced the possibility of achieving regulatory standards, in addition to reducing time to market. Furthermore, life science companies have been better prepared for future automation by digitizing drug development processes.

Automation, on the other hand, enhances currently available processes. It uses equipment or software to do activities without the need for human interaction, relying on a set of rules developed by corporate subject matter experts. Automation helps firms stay competitive in the marketplace by automating processes such as automatically emailing clients reminders and customized discount codes, for example. This frees up personnel to focus on value-added activities.

Automating a business process is systematically carrying out repetitive duties utilizing technology. A procedure is termed automated if it was formerly handled manually but is now carried out without the need for human interaction. Automation, when done correctly, may free up staff to focus on more important business or creative endeavors.

The generation of regular reports is a common example of a business process that may be automated. Leaders need to be informed, therefore, reports are vital. However, middle management might struggle to combine the information they get and offer a thoughtful picture to leadership. Leadership can take more meaningful action with better and more regular inputs of business-critical data.

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Business Collaboration and Networking

In business, entrepreneurship, academia, innovation, social life, networking, and cooperation are essential. A network is a group of computers that are joined together to share or exchange files, data, or other critical resources in the computing industry. This allows authorized users to access information saved on a different machine. Contact or connection that exists between individuals within and outside an organization, community, or nation to attain a certain goal is referred to as networking for humans.

Collaboration, on the other hand, occurs when people work together to complete a task or project. People can share ideas and communicate views when they network. Some people believe that networking and collaboration occur only when financial assistance is required or Collaboration, on the other hand when two parties need to do business, but this is not the case. We need to network with individuals for a variety of reasons.

It occurs when people work together to complete a task or project. People can share ideas and communicate views when they network. Some people believe that networking and collaboration occur only when financial assistance is required or The primary purpose of networking and collaboration is to further one’s career and professional goals.

This point is subdivided into the following sub-points:

• Opening up opportunities: People who network find it simpler to get jobs since they can expose themselves to employers or workers. When employment chances are sparse, it is difficult to find work if you are not well-connected. The process (of getting a job) is made simpler through networking.
  
  Furthermore, you will be able to demonstrate your abilities to individuals you network with, which will be beneficial to you if an opportunity arises inside their organizations. When it comes to scholarships, academic opportunities, and internships, this is also true for students.
  
  
  
• Facilitates international or local trade/businesses: Customers or markets, partners, intermediaries, and connections are all necessary for your business to prosper. People who can identify markets or buyers for your items are referred to as connections in this context (goods and services). That implies you will need to network with individuals both locally and abroad even more.
  
  Because you cannot control pricing or the way markets run in other countries, international contacts are crucial for your business(es). They provide advice on such critical market concerns.
  
  
  
• Expanding knowledge: The more people you interact with, the more information you acquire. When you network with people, you share ideas and gain information while also expanding your horizons. Because how nations or individuals advance in technology or develop varies, networking is the best approach to learn from them.
  
  You may discover things such as what policies they use to advance in the areas where you or your country is lacking. Furthermore, you get knowledge of other people’s cultures, which is useful in maintaining a good relationship.
  
  
  
• Easing work: Many hands make light labor. To make the job easier, we need friends or suggestions from others. As a student, you may require assistance with research by having others edit your idea note, proposal, or report. In data gathering as well as many other areas of learning, friends are essential.
  
  In other words, we live in a structured society in which each individual’s existence is intertwined with the lives of others. This is why, when seeking money, organizations use consultants to assist them in writing proposals.

You may connect with a variety of accomplished people from various fields. You can, for example, network with farmers, medical practitioners, academics, economists, statisticians, entrepreneurs, students, and others to get expertise from a variety of fields.

As an individual, you may have a field of specialization in which you have studied or where your passion lies. It is important to collaborate with people who have achieved success in your field of specialization, but this does not imply that you should ignore those whose field (of specialization) falls outside of your zone. There is a common fallacy in the field of networking that relationships should only be created with individuals in higher positions.

This is completely false, because everyone, whether in a higher or lower position, may greatly assist you. Success is achieved by combining many resources, such as knowledge, labor, cash, and capital, to name a few. If you fully comprehend the idea of connection, you will realize that you still require the expertise and labor of others who do not have money

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Customer Service Focus

Customers have more expectations than ever before and they are scrutinising your firm more closely than ever before. They are comparing your brand’s experience to the easy, quick, and personalized experiences they have had with the best of the best. And it is these customer-focused companies that profit from increased loyalty and a competitive edge.

Customer focus has never been more crucial, with 89 percent of firms competing largely based on customer experience. However, there is still a disconnect between how many organizations believe they are customer-focused and how many customers agree. Although 80 percent of businesses claim they provide “great experiences,” just 8 percent of customers believe the same.

The good news is that improving customer focus is possible. It all starts with a thorough grasp of what customer focus entails and the development of a successful customer-focus strategy. However, customer attention is not only the job of customer service or any single unit to earn for the entire company. While customer service capabilities are important, customer-focused businesses demonstrate that the customer experience is important throughout the organization and at every stage of the customer journey.

This includes the following:

• Their marketing campaigns’ sincerity
  
• Their pricing models are transparent
  
• Their sales cycle is simple
  
• The real quality of their goods or services

Importance of Customer Focus

Furthermore, nearly half of customers indicate that after only one unpleasant encounter, they would move to a rival. If you have had more than one unfavorable encounter, that rate rises to 80%. Making the transition to a customer-focused organization is critical for ensuring that consumers leave the encounter with a positive impression of your company. This is because you must make them the driving force behind all you do.

However, becoming a customer-focused firm does not imply that you will become a perfect company that will never make a mistake. That way of thinking is neither realistic nor honest. Customer attention, on the other hand, is critical for developing more human customer interactions. This entails listening to consumers and using what you have learned to improve.

Tips for Implementing a Successful Customer Focus
Approach

Building an effective customer-focus strategy has two levels: an emotional level and an operational level. You can create true, honest, and transparent relationships with your consumers if you have a good customer-focused approach. It also assists you in putting in place the necessary tools and processes. Here are six suggestions for keeping relationship management and process development at the forefront of your mind.

Promote Collaboration

It is important to develop collaboration among team members and different teams to provide a consistent, superior experience and become a customer-focused firm.

Support and sales teams may work in the following ways:

• When a consumer expresses interest in learning more about a new product, an agent might mark it as a sale.
  
• A sales representative might refer a more technical inquiry to a specialist in that field.

And it pays off — according to Benchmark data, collaborative sales and support teams have:

• There are more leads
  
• Deals were made in greater numbers
  
• Deals were won in greater numbers

Collaboration, on the other hand, should not stifle your teams’ production, since this simply complicates things for the consumer. As a result, cooperating successfully on behalf of customers’ needs a connective layer that connects consumer data across departments.

This allows teams to communicate information without having to:

• Getting in the way of their task
  
• Providing customers with access to behind-the-scenes activity

Give Your Consumers a Sense of Being Heard

Every consumer has a backstory. Customers, on the other hand, do not want to tell their narrative every time they connect with your company. Customers will not recall your firm as customer-focused if they feel neglected because they have to repeat themselves.

Imagine having to reintroduce yourself to a co-worker every time you meet them in the office kitchen and remind them of what you spoke about the last time you spoke. Although it is neither personal nor customer-focused, businesses frequently engage with their consumers in this manner.

Companies will require the same connective layer of tissue to ensure delighted consumers feel heard.

This offers them the whole picture of the consumer, including:

• Their given name
  
• Information about your account
  
• When was the last time they contacted you?

This provides teams with the necessary context and conversation history to provide consumers with the individualized service they expect.

Go Where Your Consumers Are and Meet Them There

It may appear to be simpler to concentrate on a single communication channel and provide an excellent experience there. The statistics are clear: a simple customer experience is a wonderful customer experience. Customers don’t want to have to work hard to find your brand and they shouldn’t have to. That is why customer-centric businesses meet their clients where they are. Customers may contact you anytime and however, they want.

Examining your consumers’ demographics and thinking about the sorts of queries you get the most may be eye-opening. Industry best practices may advise you to provide a specific route. However, you may discover that a large portion of your clients prefer a mobile-first approach. Because that is where your clients are, you might want to include WhatsApp, SMS, or another mobile messaging channel.

360-degree perspective guarantees that the context follows the consumer. This allows your company to respond quickly and personally to customers no matter when or how they contact you.

Use Feedback to Improve Your Performance

Another crucial aspect of establishing a customer-focused organization is to know how to manage consumer feedback. Rather than treating customer complaints as a game of dodgeball, customer-focused businesses:

• The customer’s voice should be amplified
  
• Make improvements based on their input

This might involve the following:

• Sending surveys to your customers
  
• Creating an online community where customers can discuss their product or service experiences and vote on new feature requests

It is critical to establish a feedback loop with your consumers. Your connection with them should be two-sided, just as any other healthy relationship.

Integrate Data and Empathy

Companies no longer have to guess what their consumers want or make decisions for them, thanks to the growing amount of data accessible. Instead, they may look at what’s going on in the market. A customer-centric approach to data does not imply that data should be exploited mindlessly. Instead, it entails mixing data and empathy. This translates to:

• Contextualizing data
  
  
• Compassionate data application
  
  
• Developing insights into who is using your product and what they are seeking for utilizing data to improve customer intimacy

Your product team, for example, may match a product update with customer support data to ensure that the change is relevant to individuals who would be affected. Alternatively, instead of sending an identical email to every consumer, a marketing team could:

• Adapt content to each consumer’s stage in the customer journey.
  
• Create content segments based on the emails a consumer has previously opened.

However, siloed data often stops businesses from putting it to good use and benefiting their customers. They are unable to do so because they lack the necessary context. To effectively manage and interpret your data, you will need to connect insights across systems and software, for starters.

Use AI to Anticipate and Respond to Client Demands

Customer-focused firms don’t just respond to their customers’ needs; they go above and beyond to exceed their expectations. Proactive experiences don’t have to be hard or expensive thanks to AI. Support staff, for example, may utilize machine learning to forecast customer happiness to prevent customer complaints. Alternatively, sales teams may use a chatbot to greet clients before they abandon their basket or demo request form owing to unanswered inquiries.

Examples of Customer Focus

Being a customer-focused firm does not happen overnight, even after developing a successful customer-focused strategy. To get it properly, you will need a lot of practice and constant tweaking. Four firms that have succeeded in being customer-focused have provided some suggestions of how to do so.

Zappos

Zappos integrates the organization with customer-centric ideals to demonstrate that customer experience matters across the board. During their first two weeks at the organization, for example, every employee answers customer support calls.

Seasons of the Year

With its white-glove customer care predicated on developing real, personal relationships with clients, the Four Seasons revolutionized luxury. Guests may make spa bookings, obtain restaurant suggestions, and access exclusive services by contacting the hotel via Twitter, Facebook Messenger, or SMS, much as they would a friend.

Postmates

To guarantee that customer input affects crucial product choices, Postmates’ CX team collaborates with their product team and analytics team. This leads to demonstrable results such as fewer customer cancellations as a result of product revisions.

Birchbox

Customers who are dissatisfied are unavoidable. What matters when it comes to becoming customer-focused is how you deal with them. Birchbox uses service recovery to identify customer complaints and subsequently improve the customer experience to heal the relationship.

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Research and Development (R&D) And Innovation

R&D refers to actions that businesses engage in to innovate and create new goods and services. It is frequently the initial stage of the development process. The objective is usually to bring innovative goods and services to market while also increasing the company’s profits.

In both public and private sectors, the word R&D is often associated with innovation. R&D helps a business to stay ahead of the pack. A corporation that does not have an R&D program may not be able to continue on its own and will have to rely on other methods of innovation, such as mergers and acquisitions (M&A) or collaborations. Companies can use R&D to develop new goods and enhance old ones.

R&D is distinct from the majority of a company’s operating activity. Typically, R&D is not carried out with the hope of instant profit. Instead, it is intended to add to a company’s long-term profitability. As discoveries and products are developed, R&D may result in patents, copyrights, and trademarks.

Companies that build up and staff whole R&D departments invest a significant amount of money in the process. Because there is no immediate payback and the Return on Investment (ROI) is unknown, they must estimate the risk-adjusted return on their R&D expenditures—which invariably entails capital risk. The amount of capital risk rises as more money is invested in R&D. Other businesses may opt to outsource their research and development for a variety of reasons, including size and cost.

R&D is carried out by businesses in all areas and industries. Corporations expand as a result of these enhancements and the creation of new products and services. Many firms spend a lot of money, resources, and time on R&D such as pharmaceuticals, semiconductors, and software/technology firms.

Innovation refers to the practical application of ideas that helps in developing new goods or services or an improvement in existing goods or services.

Innovation is defined by ISO TC 279 in the standard ISO 56000:2020 as “a new or altered entity realizing or dispersing value.” Others have their definitions, but they all share a focus on newness, improvement, and propagation of ideas or technology.

Innovators make innovative goods, processes, services, technologies, artworks, or business concepts which are then offered to available markets, governments, and society. Innovation is similar to, but not identical to, invention. Innovation entails the practical execution of an invention (i.e., new/enhanced capacity). Innovation helps in influencing a market or society and not all innovations need a new invention.