Change continues to impact small and mid-size businesses every day.
Owners and executives are not aware of all of these changes because they are so busy handling the present events and possibly addressing past issues (working IN the business instead of working ON the business).
For example, machine learning, according to 52 percent of those surveyed, will impact business operations within the next two years, according to HFS Research in partnership with Infinia MI). Additionally, the firm says, 86 percent of these same executives believed machine learning is currently impacting their respective industries.
Machine learning is a subset or application of artificial intelligence (AI) where the program accesses data and uses that data to enhance the learning experience through statistical techniques without being specifically programmed. Imagine Amazon’s Alexa being the instructor and using the learner’s responses to improve the quality of learning while incorporating the latest technology skills.
With good talent being hard to find and technology changing the workforce, companies are looking for “just in time” learning that incorporates AI because of the belief current information technology is not as robust, flexible and cost effective as it needs to be in the changing workforce. This same survey revealed 52 percent of the respondents already recognized their employees have significant skill deficiencies.
Then there is all that change about social media marketing. However, a new survey from UK DMA suggests that people prefer email first (73 percent) and direct mail second (41 percent) when receiving direct marketing communications. Possibly the European’s GDPR along with recent privacy violations may explain these change in preferences.
Even with all the changes, many things still remain the same. A 2015 Harvard Business Review article suggests executing strategy was the No. 1 challenge for 400 global CEOs out of 84 challenges. Failed execution is costly and in today’s extremely competitive world, small businesses cannot afford to not meet their goals from sales to profitability to talent retention.
Leanne Hoagland-Smith is an author, speaker and executive coach. Her weekly column explores issues that impact the bottom line of firms with fewer than 100 employees. She can be reached at 219-508-2859.