Small business must always keep an eye on the future to understand how products and services will need to evolve and meet customers’ changing expectations. But looking too far ahead can be a real trap. Why? Sometimes the hype can be decades ahead of the reality.
This is a great time to be alive and in business, with exciting technologies to make us better, more efficient and create new business opportunities. But focusing too much on possible futures could see you take your eye off the ball.
My industry, delivery transport, has heard stunning predictions on how the self-driving vehicle revolution is imminent. For several years we have heard self-driving vehicles will usher in a brave new delivery world of greater efficiency and safety any day now. Does that mean we should invest huge sums in self-driving vehicles?
Dig a little deeper and mainstream use of self-driving vehicles appears a long way off. Sure, you can have self-driving trucks in industries like mining, where vehicles trace a familiar and predictable route each day. But self-driving vehicles in our major urban centres have an astonishing number of hurdles to clear before they start delivering your goods.
Insurance Australia Group (IAG), which sources 40 per cent of its annual $8 billion income from motor insurance, recently conducted research into the future of motor insurance and concluded self-driving vehicles are further away than commonly believed. IAG says driverless cars will only account for 20 per cent of vehicles by 2035.
This is partly because a fully autonomous vehicle is said to require more software code than a passenger plane. But the biggest barrier is regulations: IAG says 700 laws and regulations must be changed to smooth the way for driverless vehicles.
It’s a good reminder that, rather than hoping for improvements through a hyped future, there are many ways business processes can be improved using today’s technology. Using delivery transport as an example again, we know many in our industry still do not use basic delivery tracking technology, which has been available for years.
Most importantly, many don’t take the opportunity to improve their systems. In logistics, strong systems drive efficiency and ensure you get the most from the tech available. There’s a wonderful opportunity for small business to focus on the now and improve right across operations, whether its with inventory, supplier relationships, customer service, marketing and communications, innovation or product delivery.
Sure, keep one eye on the future every now and then. But forget waiting for some shiny solution from the future which will solve all your problems – focus on how you can improve efficiency now.
Walter Scremin, General Manager, Ontime Delivery Solutions
