The world as we see it today is filled with a lot of digital aspects, and that has been one of the things that have impacted almost everything around us right from all of the industries as well, which has seen a massive transformation in the way they operate as well as the way they go by the business as well that has also made a lot of new opportunities arise but at the same time also made a lot of such traditional businesses go out of business and that has been one of the reasons why I am many companies have met themselves a lot better as they were the one who got the opportunity to embrace technology while some businesses which were not able to adapt to the change did see a lot of declines and many cases have seen an extension to a very big extent as well.
Technology is something that is continuously evolving, and the changes that we see in businesses are something that need a lot of adaptation. As per the situation, a decision needs to be in that particular favor because without that assistance, the change might be something that can backfire completely in the long run,n and that is something that has been seen in the please of a lot of businesses which happened to just stick to their ways which they were very successful from and later on went to be something that was one of the bad decisions that they took for the business.
Countless examples can highlight the fact that a successful opportunity was taken, and embracing Technology at the right moment did work wonders for a lot of companies. One of the most well-known examples of that is Netflix. Netflix is one of the biggest companies as it has seen one of the most transformations in the aspects of digital things it was founded in the year 1997, and it was a rental service that used to provide DVDs right to your home, but since a while, they were looking forward towards making themselves some of those companies whares going to be dominating in the market which was only possible back in the day because there was another company known as blockbuster which was dominating this market which was of selling DVDs at home.
What Netflix did was just embarrassing the digital transformation, and in the year 2007, it started to realize the potential of digital streaming, that is when it was a game changer for the company as well, which allowed people to watch whatever they wanted to watch, write at their home without anything that they had to go to the store to buy or rent a particular commercial film or any media.
Another interesting thing that Netflix made to switch to a subscription base model, which has been one of the things that people admired quite a lot as it was something that allowed them to view unlimited streaming aspects in just a single month for one single payment rather than traditional rental services which used to be a physical aspect and also needed to be confined to just a single stream. Today, the early decisions that it made towards technology and embracing it in the best possible manner help it dominate the entire streaming industry. Right now, it has over 200 million subscribers across the world,d, and its business model is something that is very Revolutionary and still inspires a lot of other streaming platforms.
As we can see, Netflix was something that became so successful because of its digital adaptation, but at the same time,e there were a lot of companies that were very much hesitant towards making this technology switch, and one of the names that we can remember is going to be of Kodak. Previously, it used to be a household name when it was anything about photography, and it was the leader of this market,t but it decided not to make its breakthrough in technology and just stuck to what worked for it.
The funniest thing about Kodak is that they were the inventors of the first digital camera, but they decided not to get much into it because it would be something that would destroy their already lucrative film business, and that was something which was based on that particular company and rather than investing their Technology as well as also the resources in the digital aspect they just stuck to it ssitsfilm-basedotography aspects.
They had a very dominant position in the market for a very long period, bu t when digital cameras were getting more and more developed and were getting much less expensive rather than what they used to be in the initial yea, years people started to move a bit away from film cameras and started to go towards Digital photograph,y, and it became the new standard, and one start happened code of found itself in a very struggling position to com compete the market as the all had a lot of varieties to offer to these customers.
In the end, Kotak also bought its digital cameras, but it was actually too late because other brandshad already established their dominance in the market,, and it was very hard for Codee to catch up. All of this highlights their outdated approach to just sticking to their things that worked for them rather than adapting to the changes that are noticed by the customer base and also in the market.
The downfall of Kodak is a very shear reminder of how businesses can crumble if they are very resistant towards change and also not trying to adapt to the changes that are made in the market.d that is how businesses can actually embrace innovation, and make their moves ahead which can catapult them towards newer heights.
All in all, businesses need to be very much ready to change whatever they need to change, and innovation is something that is only going to be the key to success because nothing stays the same forever,r and everything needs to be changed over some time and things can become absolute in very less period and making sure that the consumers are kept satisfied is something that is only going to happen with providing them new or thing that is just speaking to what is something that they used to like.
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Sayu