The ascendancy and decline of satnav offers a cautionary tale for all companies dealing directly with consumers

In the ever-changing landscape of business development, technology has undoubtedly been a driving force behind the significant transformations we've witnessed in recent years.

The Office for National Statistics (ONS) has removed the standalone satellite navigation system (satnav) from the 'basket of goods' used to gauge UK inflation, signalling the decline of this once-ubiquitous device. As consumers turn to navigation services on their mobile phones or in-built navigation facilities in their cars, satnavs are becoming obsolete and are joining pagers, VHS tapes, and the fax machine on the technology scrapheap.

The retail sector has not been immune to these changes. The runaway success of streaming services like Netflix sounded the death knell for Blockbuster, a former video giant, which could not keep up with the shift to online services. Favourites such as Company have gone purely online, whilst titles such as Loaded and More! have folded completely. The publishing industry has also seen notable casualties due to the shift towards digital platforms.

However, this shift towards digital services has also brought about opportunities. Every generation will become technically savvy in the years to come, making technology a powerful resource for customer-facing businesses. Figures from Ofcom suggest that 88% of 16-24 year olds own a smartphone, with Millennials spending over three and a half hours a day on their devices. Smartphone ownership in the 65-plus age category is only 14%, but this is expected to increase as technology becomes more accessible and affordable.

The requirement for a seamless, omnichannel customer journey, with efficient processes every step of the way, is greater than ever. Brands need to use new methods to interact with customers, as traditional marketing methods are becoming less effective. Keeping a finger on the changes consumers have come to expect is paramount for businesses.

Successful businesses recognize and take ownership of the customer journey. Each customer embarks on a journey every time they engage with a business, and it's essential to ensure that this journey is smooth and satisfying. Companies like GMV are actively involved in the satellite navigation industry, contributing to systems like Galileo and EGNOS, which enhance GPS signal accuracy and reliability in Europe. These companies have adapted to technological advancements by continuously developing and improving navigation systems to meet evolving demands in aviation, maritime, and terrestrial navigation.

The evolution of technology has created a 'have it now' culture, causing shorter attention spans among consumers. Businesses must adapt to this culture by providing quick, efficient, and user-friendly services. The internet has fuelled a significant transformation for business development, and it's clear that those businesses that can adapt to these changes will thrive in the digital age.