How technology is changing the way of doing business in Latin America

How technology is changing the way of doing business in Latin America

All this is reflected in the business strategy set by the CEOs of Latin American companies as well as in the rest of the world. Today the priorities of the top executives of large companies are to promote growth in the first place, and everything related to technology in second place.

In this business context, to be successful, Latin American organizations must be excellent in the use of new technologies, and in managing the change that they cause. Latin American companies must invest in new technologies as essential levers to tackle the challenges they face around the need for growth, improved productivity, and something to which we are giving much more importance lately: the ability to continue operating no matter what. happens.

The first What companies must achieve is knowing how to adapt their business models to make the most of the possibilities of new technologies. You have to know how to obtain the value of being able to serve many more customers with much lower marginal costs, the opportunity of being able to hyper-personalize the offers you make to your customers, or how to take advantage of the famous network effects to build loyalty customers.

The second is to forcefully and prioritize digital, designing the relationship with its customers understanding that the first and main point of contact with them is through, for example, their mobile applications, websites, or virtual assistants. In addition, for this to be possible, the rest of the company’s information technology infrastructure, organization and processes must be aligned in this regard. It is not worth having the best mobile application to serve the client if there comes a time when you have to physically go to an office to deliver a paper signed in your own handwriting.

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But the physical world does not disappear, but also transforms with the use of new technologies. the third point to take into account to be excellent in the use of new technologies is that the adoption of digital must be balanced with the change in the physical experience that we give to customers. People still want to drive a car model before purchasing it, or try on clothes before buying them, but how we make an appointment to go to the dealership, how we are received at the point of sale, or the adaptation of the information that we are given on the product, it must be supported by the intensive use of new technologies.

the fourth point it is that it is necessary to assimilate and integrate in the organization other changes that the new technologies are causing. Thus, for example, the treatment of computer security cannot be the same in a context in which we work from home without being directly connected to our company network.

And the fifth and last point it is daring to test technologies and business models. You have to keep one eye on the present and another on the future. You have to be open to detecting what is emerging, experimenting with it, and turning the use of a new technology into a competitive advantage before the rest.

The leaders of Latin American companies that really use new technologies as a competitive advantage do different things. They focus on the business vision, they think about how the use of a certain technology is going to transform the company, and above all how it is going to affect employees and customers.