Small Business, the Fourth Industrial Revolution, and a Map
We see in the headlines business and our global economy is faced with a digital transformation; we are at the beginning of the fourth industrial revolution.
“The speed of current breakthroughs has no historical precedent. When compared with previous industrial revolutions, the Fourth is evolving at an exponential rather than a linear pace…” – Klaus Schwab, Founder and Executive Chairman, World Economic Forum
The most difficult challenges for business not prepared for this transformation center on outdated modes of operating processes, and an unprepared workforce.
Those businesses; small or large; who have the foresight to look down the road ahead will be able to harness competitive advantages the transformation brings.
Ask anyone “what is digital transformation” and you will get different answers; the reality is that very few people agree on what the term “digital transformation” means.
Where we can agree is that the rapid pace of technology advancement is impacting business in ways few would have predicted; we need only look at the effects that digital commerce has on consumer transactions to appreciate the disruption.
“…Moreover, it is disrupting almost every industry in every country. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance.” – Klaus Schwab, Founder and Executive Chairman, World Economic Forum
Small business and non-profits are the most exposed to these disruptions; small business owners and small NPO MD are focused almost solely on the day to day necessities of running their businesses and reaching their constituents. Many times, they have neither the bandwidth nor expertise to really understand the impact; and honestly, we wouldn’t expect these managers to understand the effects.
Unprepared, that’s the word that comes to mind for many small businesses. Given 47.5% or 58.9 million people in the workforce are employed by the 30.2 million small businesses in the United states; being unprepared should be concerning to those small business owners.
Guidance and digital age Sherpas are needed to assist along the rocky trails and ensure that the backbone of the American economy continues to remain competitive on the global landscape.
Yet those small businesses are the very enterprises that need guidance the most, at the same time can afford it the least.
Over the next several articles, we will explore specifically, how we facilitate the digital transformation of small business and NPOs, and the commensurate economic impact on these businesses in real dollars. Leveling the playing field allowing small business to outpace their peers that are reticent to embrace the coming changes.
And everything begins with a vision… and a map.