Top Five Businesses that Changed the World through Technology
There have been a ton of interesting innovations and success stories with regard to digital transformation, driven by the need to diversify and safeguard susceptible operating models amid a time of unprecedented (and unanticipated) change. Many businesses have been compelled to adapt and digitalize their offerings in order to remain competitive and, in some cases, just to survive. Local eateries have expanded online, working with UberEats to send food to customers in quarantine, while fitness instructors have studios where they can stream sessions online.
But the transition to a digital age started long before face masks and hand sanitizer. Many of these solutions were previously on the strategic roadmaps of IT decision-makers. Here are some businesses that changed their world and the entire world through technology.
Netflix began as a home delivery service for DVD rentals before becoming an online streaming behemoth. Twenty million people were subscribers to Netflix's DVD-by-mail service during its height of popularity in 2010.
Netflix combined its DVD rental service with its streaming service in response to the rising popularity of internet streaming. Subscriptions first reacted negatively to this change in focus due to the price hike. However, a spike in subscriptions was sparked by the release of their critically acclaimed original material, including House of Cards and Orange is the New Black.
Since then, Netflix has seen significant increase in both subscriber and revenue metrics. With $6.1 billion in revenue and 75 million customers across 50 countries, its internet streaming business unit is thriving, and their DVD-by-mail operation is also doing well. The monthly DVD delivery service is still paid for by 5.3 million customers.
Netflix's innovation demonstrates that innovation doesn't always entail putting the old aside in favor of the new. They have been able to maintain a devoted client base while reaching out to new audiences by maintaining their DVD-by-mail business while expanding their online streaming operation.
The National Geographic magazine with the yellow border has gone a long way. The journal, which was established 128 years ago, was in danger of disappearing along with several of its colleagues in print publication due to digitization. From $289 million in 1999 to $211 million in 2009, their subscription revenue decreased.
Massive reorganization efforts were made by National Geographic in an effort to expand their media outlets. To enhance and unify their material, they made editorial modifications after signing a $100 million cable programming contract with Fox in 2012. Their website has been updated to provide easier access to the articles, photos, and videos produced by the editorial staff. Additionally, National Geographic made effective use of social media to connect with brand-conscious, new consumers.
As a result, the company's print and digital business areas each generated $569 million in sales in 2013. Currently, National Geographic's Instagram account has approximately 53 million followers, while their Facebook page has more than 40 million fans. The print magazine had 6.8 million subscribers as of 2014, and 41 million people visited their website.
By strategically combining several media platforms, National Geographic was able to successfully make the switch to digital and offer a smooth, omni-channel brand experience. No matter which National Geographic platform their readers picked, they received the same engaging material.
The second-largest tire maker in the world is Michelin. The business has a lengthy past. It was established almost 130 years ago. Since then, Michelin has maintained its core principles and best practices. Modern technology, however, does not let such a large company to remain inactive. The organization wants to develop and get better alongside its customers. The companies that cater to automobile customers' wants must evolve along with smarter, more sophisticated vehicles.
Michelin made the decision to develop a three-pronged digital growth strategy. Start by streamlining and accelerating business processes. Second, give them B2B customers and end consumers a customized experience. Third, create new business models and strategies by using technology.
The company's R&D division is always looking for new methods to innovate their operations. Researchers put AI's capabilities to work streamlining production and enhancing customer experience. The Micheline team is able to make choices more quickly and develop a powerful collective business intelligence that all departments can rely on thanks to AI-powered data circulation across various business domains. Additionally, the business uses collaborative robots to automate repetitive tasks, reduce workload, and save time.
High-end technology helps Michelin increase ROI, increase safety and comfort, and boost performance. The team can use fewer physical resources for testing thanks to AI-powered data storage, visualization, and the development of new models. The program allows them to test different service delivery models, build digital twins, and foresee problems that would be prohibitively expensive. As a result, the risks are diminished and decision-making becomes more accurate.
Walmart understands the market changes and how crucial technology is to company being a leading retail behemoth. It became clear to Walmart's team that it was necessary to change the way customers engage with the brand. The business moreover possessed the resources necessary to improve back-office functions and invest in digital transformation.
There were two issues with the problem of using technology in business. Walmart sought to update the services they offer to customers, on the one hand. On the other side, the group needs to make changes to the way it handles internal procedures like management and administration. Walmart made more than $11 billion in technology upgrades in 2018. They made the decision to collaborate with top tech companies as part of their plan for commercial growth. These were Microsoft (cloud computing) and Google (voice-enabled commerce).
Walmart also made the decision to increase its social media presence in response to the shifting consumer demands. The goal of omnichannel retailing was to fully meet the needs of the millennial market. The supply chain was modernized, and inventory management was one of the back-office advancements. Due to this, the business was able to reduce costs and service prices by balancing and optimizing them across numerous digital channels. A customer's data is accessible to the organization thanks to AI-powered data analytics built into their supply chain solutions.
One of the top clothing companies, Nike has always prioritized client comfort and innovation. Nike made the decision to abandon wholesale in 2017 and develop a plan for communicating with their customers directly. Nike utilized the potential of business technology to create applications that expand the company's services, similar to how Apple did. These apps give users access to a variety of training programs. They integrate into the Nike community. Customers now perceive the business as a brand that promotes a healthy lifestyle and creates the ideal athletic apparel and footwear, rather than just a store.
Nike's online sales were predicted to be 43 percent today. However, the business anticipates them to achieve 50 percent by the end of the year. The secret to Nike's recent success resides in its ability to recognize customer demands that go beyond simple purchasing behaviors. The business was able to use business technology to interact with their audience in a unique and direct way.