Successful organizations find ways to apply advances in technology in innovative

Question

Successful organizations find ways to apply advances in technology in innovative ways. Consider the new capabilities that technology offers and how those capabilities are being used in the world of marketing. Write an essay explaining how marketers are using new technology to achieve their goals. Identify some important advances in technology. Explain what these technological advances do and why they are an improvement over what was previously available. Describe innovative and effective ways that marketers are using these advances to help their organizations. Provide examples to support your conclusions.

Explanation / Answer

One of the biggest disruptions in the technological space is the advent of blockchain Technology. The underlying technology to cryptocurrency has taken the world to an entirely different way of working with centralised ledgers. Blockchain has now become an important factor in ensuring data transparency and visibility to all stakeholders in a value chain. Marketeers are also finding interesting usage of blockchain Technology. In the world of marketing, providing complete transparency on the verbatim set by the consumers is very vital. For any research to succeed it is vital that all the data is correctly passed to the research team.

If we closely look at the reaserch team and their way of working, it is essential that they can connect to the consumer and they can get the actual insights they are looking for. Using a block chain technology one can easily do the same. Block chains are centralized ledgers which are encrypted and authenticated at every node. It is very difficult to create replica of an existing block chain or add fraudulent data on the same. For this very reason, block chain has found many uses in the financial sector. When looking at the example of market research, the outputs provided by the consumers will be directly shown across to all the stakeholders. This will be first time that the leadership team can clearly say that data is completely authentic with proof of the same.

Another way block chain can be used by marketers is to track the supply chain and make plans accordingly. Right from order punching stage to the delivery stage all the data will be shown to the teams involved. The marketers who are the face of the company to the mass audience can also see and deliver the promises accordingly. In collaboration with Internet Of things (IoT) block chain can change the way products work across platforms and improve the product characteristics significantly. Few of the major advances in the field of technology are Block chain, Artificial Intelligence, Deep learning, machine learning, RPA, IoT etc. If we compare these technologies to the existing or traditional approaches , then the lack of clarity in process, lack of visibility and transparency of data, automated virtual workforce are some areas which offer immediate advantages in using the newer technologies.

One example of companies using block chain is Walmart who use their block chain enabled tracking system to ensure products reach the warehouse and the customers at the right time.

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