Running a successful business is a difficult task. This is no secret and most young entrepreneurs are aware that running a business takes more than just talent.
Statistics also highlight how difficult it is to run a successful business, especially a start-up. According to Startup Genome, 90% of start-ups fail.
But one of the keys to successfully running a business is actually pretty simple. The key is: you need to adapt your business and business model to technology.
Many businesses fail because they ignore recent technological developments instead of incorporating them quickly within their business. You need to be aware of the new technologies out there and use them to your advantage.
This will help your business stay relevant, up to date and modern. In this article, we’ll discuss some of the industries that have successfully adapted to technology.
The following industries have also managed to evoke many lucrative benefits as well as leading to a more successful business plan for their company.
The industries that have successfully adapted to technology
- The gambling industry
One of the main industries in this list is the gambling industry. We will focus on this one because it is the perfect example of businesses incorporating new technology within their business model which lead to more profits and success.
The gambling industry is one of the largest industries in the world. There are many different types of businesses within this industry.
Some of the most well-known ones include casinos, gambling or betting venues, and online casinos.
The fact that the gambling industry has begun focusing and developing online casinos is proof that the sector is staying up to date with current and new technologies and consumer trends. As most individuals know, our current workstyles and lifestyles favour virtual venues like online casinos.
Many gamers no longer have the time to visit a physical, land-based casino. They prefer to stay at home and play or to have the option to play whenever and wherever they like, and they have the option to choose from numerous casino providers operating online.
The development of online casinos is a brilliant idea considering these current trends. Not only is it a brilliant idea, but it has also proved to be a successful one.
The “Online Gambling & Betting” market was valued in 2021 at approximately 58.2 billion USD. The market is expected to grow which means that its value will continue to increase over the next few years.
With online casinos, players have access to more games than they ever did before. The graphics on online games are also improving which means that online gamers aren’t missing out on anything by playing online instead of in-person.
Online casinos have also developed faster and more secure ways for online players to pay. They can now deposit money into their account and play without worrying about inserting tokens before each game.
Many online casinos even reward their players after their deposits by giving them free spins, bonuses, and more. These strategies and promotions are helping boost the popularity and success of online casinos.
There are more and more online casinos on the market proving that many competitors are now looking to follow the same business model and strategy.
- The film industry
Another industry that has successfully integrated technology is the film industry. The emergence of streaming platforms and their growing popularity is proof that the film industry is steering towards a new direction, one that heavily relies on technology.
Some of the most famous streaming platforms that you’ve surely heard about include Netflix, Amazon Prime, and Disney+. There are many other streaming platforms on the market and the competition is fierce.
However, the most successful streaming platforms are those with great algorithms and little to no bugs. Clients are satisfied with the interface and report a good viewing experience.
The film industry’s incorporation of the virtual world to promote and showcase new work is a great example of how important it is for businesses to have an online presence. It’s also an example of how important it is for businesses to constantly update their virtual platforms depending on the latest technology.
If a streaming platform fails to keep up with technology and adapt its platform to it, consumers will soon lose interest and turn to a more sophisticated streaming platform. Those who refuse to adapt to technology altogether are, unfortunately, to appear outdated and to fail.
Again, the film industry is proving this last point by revealing how film productions and films who refuse to be included on streaming platforms are less likely to be accessible to the public and therefore less likely to be seen and to generate more revenue.
- The automobile industry
Automobile companies who are adapting to technology are also more successful than those who refuse to adapt. One quick example is the Tesla company.
Tesla is one of the companies that has most successfully adapted to, and incorporated, new technological developments. The company is very successful and is continuing to grow year after year.
This year, the company noted a 59.8% increase in its annual revenue compared to last year’s. Its yearly revenue is currently 74.8 billion USD.
Final thoughts
In this article, we discussed how important it is for entrepreneurs and business owners to adapt to technology in order to run a successful business. Great businesses are always up to date on the latest technological developments and manage to successfully include them within their business model and products.
Adapting to technology will help you and your business stay relevant and modern. Via technology, you can offer the best service and experience to your clients.
That’s why it’s so important for you to read and learn regularly about new technological devices, tools and discoveries.
