One of the most consistent patterns in business is the failure of leading companies to stay at the top of their industries when technologies or market change. Why is it that established companies invest aggressively-and-successfully-in the technologies necessary to retain their current customers but then fail to make the technological investments that customers of the future will demand? The fundamental reason is that leading companies succumb to one of the most popular, and valuable, management dogmas; they stay close to their customer. Customers wield extraordinary power in directing a company’s investments. But what happens when a new technology emerges that customers reject because it doesn’t address their needs as effectively as a company’s current approach?
In an ongoing study of technological change, the authors found that most established companies are consistently ahead of their industries in developing and commercializing new technologies as long as those technologies address the next-generation-performance needs of their customers. However, an industry’s leaders are rarely in the forefront of commercializing new technologies that don’t initially meet the functional demands of mainstream customers and appeal only to small or emerging markets.
Presently, recession is seriously brewing in the air; the nation is experiencing one of her greatest economic downturn, a general rise in the prices of goods and services (inflation). Businesses are experiencing extraordinary costs invasion, with subsequent tremendous decrease in audience patronage, and in turn declining revenue in profit, putting them under serious financial pressure and limitations, which though can be surmountable. Did you know that a super-fast internet is all you need?
Internet penetration, especially fiber optic broadband and device prolification has become massive in Nigeria. This penetration means a lot to different people: individuals, corporate and government. Africa as a whole has a penetration rate of 28.6% according to InternetWorldStats, 2015, and Nigeria rates highest at 92.7% among the Africa top 10 Internet countries. Following this is the device proliferation in Nigeria, where smartphone mobile shipment into the country has tremendously increased from less than 10 million in 2008, to above 100 million in 2016, as against feature phone (low-end phones with limited capabilities), which has drastically reduced since 2008 (at over 120 million). On this position, companies in Nigeria have the potential to become huge entities, by maximizing the use of internet in fulfilling their corporate dreams, which are instrumental in shaping the future of our economy.