How Millennials and Gen Z Impact a Company’s Digital Transformation and Survival
As a Millennial, I have been part of the Digital Transformation for companies in several industries. Regardless of the industry, I noticed that the business processes the companies used were not very productive. From multiple excel files to word documents, the processes were endless, causing miscommunication between departments and duplicating the efforts to achieve a single outcome.
By implementing new software for marketing automation, social media management, digital asset management, email marketing, and accounting, these companies can now accomplish tasks more quickly or reduce multiple tasks into one. This increased productivity leads to positive results by creating an ecosystem that connects every department until the end user is satisfied. Millennials and Gen Zs are changing the way companies do business because of their lifestyles, expectations and buying power. According to a Pew Research Center analysis of U.S. Census Bureau data, Millennials have now surpassed Generation X to become the largest generation in the American workforce, which means that Millennials will not only change the way a company operates, but also impact its survival. Gen Zs are now entering the workforce, as digital natives who have grown up with technology and expect the high level of service and convenience that technology offers. Studies indicate that 77% of Gen Zs owned a smartphone in 2015 and currently spend more than three hours a day using computers for multiple purposes, including researching and purchasing products and services.
Unlike previous generations, Millennials were raised during the explosion of the internet and fast technological advances, while Gen Zs were born in the digital age when the internet had already become the main source of communication. Millennials and Gen Zs are constantly connected to what we know as the “virtual world”, and they communicate with each other and companies through the internet because it is quick and convenient. Most of their communication is done through chat bots, social media channels, personal assistants (i.e. Alexa, Google Home), etc. If they find it difficult to connect with a company, both generations will move to another brand that is virtually connected and provides the support they need through a virtual channel.
In the end, every company—regardless of industry—must evolve with new technology. This often means a change of mindset is required. Otherwise, Millennials, Gen Zs, and future generations will determine your future, as they will only do business with companies that make it seamless to transact their business. Therefore, as technology evolves, companies should evolve as well.