What do Ambassador cars, Eastman Kodak, Compaq, General Motors, and Concorde have in common? They were all leading companies of their time but now they have ceased to exist.
Ambassador cars had a monopoly in India. It was a status symbol for people using the official car but unfortunately, they could not capitalize on that market. The company could not keep pace with the advancement in technology, they were not innovative, they were not as ambitious as their competitors. So slowly they faced extinction.
The list of fallen giants is very long. Out of the list of Fortune 500 companies of 1955 now they are hardly less than 50 companies still present in the list of Fortune 500.
This will compel us to ponder, once considered the giants in their fields, how they have just disappeared. The answer to all this is simple – not adapting to technology evolution and embracing the technology for business. Staying up-to-date with the latest technologies is a cornerstone of any successful company. Technology enables companies to streamline their sales and be prepared for any exigencies.
The Cardinal Rule
All the technical developments in the field of IT and artificial intelligence might not hold good for your company. The cardinal rule is to be tech-ready and to embrace the technology which will help in the growth of the company. Some companies probably might have the tech team to keep you up-to-date; some follow the industry journals and publications to know what is happening in their field. This way a company can know what is relevant to the business. Track the major trends so you don’t fall behind.
Adapt The Technology for Growth
New technologies Apps and software are user-friendly. Many companies are using digital solutions to increase the sales and the bottom-line of the company. Keep pace with competitors and check which latest tools they are using so that you may not be left behind.
The most important department which has to keep the phase of changing times and technology, and keep track of the latest trends of the competitors is Sales Department. Little carelessness and slothfulness can be major setbacks for the company. Sales are considered the lifeline of any industry.
The sales team has to be equipped with the latest technology and tools for sales. Some of the tools like CRM, Sales Productivity Automated System with Artificial Intelligent Personal Assistant. helps simplify your business processes and optimize efficiency.
Toolyt, as leaders in Sales Productivity Automation System and CRM, have been helping the companies with CRM management. Toolyt has integrated with other digital solution systems like Floatbot and Mobillor to give the customer absolute sales solutions. The flawless automated bot solutions for increasing sales and customer satisfaction.