In the last two decades, the economy has gone through huge, unprecedented changes. Whether or not we’re looking at a brand new economic model is debatable—but there’s no debating the impact that new technology has had on business, from mobile platforms to the automation of manual jobs.
For some companies, these consequential changes represent a looming threat. New technologies and a changing economy have the power to engender massive, permanent changes that fundamentally affect business decisions.
But these changes don’t have to be a bad thing. In fact, for those who learn to harness them effectively, they can be a boon—and a competitive advantage. At MCG, we help business leaders optimize their logistics, streamline their supply chains, and automate processes. The end result? Lower costs, greater revenue, and freed-up resources that can help your company achieve its greatest dreams.
The New Economy
Although the term has been thrown around for decades, most business leaders aren’t sure exactly what “the new economy” is. Questions abound: Is the new economy really any different than the “old” economy? Is my business a part of it—and if not, should it be?
Simply put, the new economy simply describes a shift away from manufacturing-based business and toward service providers. Of course, the reality isn’t quite as simple as that explanation suggests. Though we’ve certainly witnessed a decline in American manufacturing, the economy has responded in a variety of complex ways.
Perhaps the most important trend has been the ever increasing role of automation, technology, and the Internet within the workplace. It’s a trend that touches everyone: new technology and automated processes help businesses become more efficient, while also affecting customer demands. These days, customers feel entitled to new expectations—like lightning-fast shipping, detailed tracking, and very low prices—that might have seemed impossible just a decade or two ago.
In this environment, a new, Internet-supported “sharing economy” has also emerged—and as we’ve written about before, every business is now looking to “Uberize” its model in order to remain competitive.
In your own business, you may be wondering whether or not these eye-blink changes can hurt your bottom line—but that’s actually the wrong approach to take. As we’ll show you, you should instead be seeking novel ways to turn these changes into opportunities to forge a competitive advantage and earn even better revenue.
Does It Affect Me?
You might think our definition of the new economy doesn’t include your business, especially if you’re not participating in the service or sharing economies directly. Many business leaders feel this way—but once again, this is a case of asking the wrong question.
The more important question is whether or not these changes are directly affecting the way you do business. The answer is a resounding yes. Whether or not you’ve embraced automated processes and innovative ideas in your own company, your competitors have—and if you’re unable to adapt, you can expect problems for your bottom line down the road.
Automation Creates Winners and Losers
Much has been made of the role automation has played in revolutionizing the American job market—often detrimentally, it seems, at least for those who fear machines will take over their livelihoods. But when we say that automation creates winners and losers, we’re actually talking about something entirely different.
The reality is, some businesses will learn to harness technological advances, including the potential for greater automation and optimization of key processes, while others won’t. Those who dive in headfirst will have the early advantage, but they’ll also remain winners over the long term, as technological laggards end up treading water and falling even further behind the innovators.
Depending on your business strategy, you might not use the term spend management—but there’s no doubt that it plays an integral role in your day to day decisions. From procurement to the supply chain, spend management is an umbrella concept that includes all of the decisions your business makes to remain competitive.
If you need those decisions to drive revenue—not just today, but for years into the future—MCG is the partner you can trust. From logistics optimization to supply chain management, we help you cut costs without sacrificing results.
Worried about carrier rate increases? We can help you there, too, with improved transparency and sophisticated technology that catches billing errors. We can even help you fully automate your logistics processes—freeing up labor, reducing costs, and increasing revenue.
Technology is evolving, and the economy is changing with it. But there’s no reason to fear change—let it be your strategic ally with advanced logistics from MCG.