Technology and Coca Cola
Advancement in technology has made it easier for businesses to reach their target audience and make their products readily available to their customers. Different organizations have established unique ways to incorporate different forms of technology into their organizational culture to assist employees to perform their tasks better and also increase the quality and speed of production. The Coca-Cola Company for instance relies on the Internet of Things and other developments made through technology to expand its market share, improve the decision-making process, and offer better quality products and services.
Internet of things
The Internet of Things refers to the different physical products that exist in society and across the globe that are connected via the internet and assist in collecting data and sharing information. Advancements in the manufacture of affordable and efficient computer chips combined with the efficiency of wireless networks enable different organizations to connect devices as small as Bluetooth headsets to something as large as an airplane (Coca Cola, 2018). The patterns created to enhance the wireless network functioning capability as well as providing more avenues for businesses to collect data and relevant information regarding their customers. The information can be used to assess the business's environment and anticipate areas that may create opportunities as well as prepare for future threats.
The company also speeds up decision making and customer satisfaction through devices and services made available through the Internet of Things. The company has created a system where customers can inform the organizations when their vending machines are empty and need to be refilled (Coca Cola, 2018). The information not only ensures that the machines are readily stocked, but also provides information needed to assess customer preferences and also identify the products that are doing well in the market. Coca Cola can use the information collected when refilling to determine which of its products are consumed faster and thus help in deciding which commodities to stock when refilling (IoB, 2016). It also gives the company valuable insight when deciding which products to promote or innovate to have the desired outcomes.
Blockchain
The term Blockchain is used about the process where an organization continuously updates its digital records concerning processes and practices engaged within the organization and its market. The blockchain consists of important information regarding transactions that take place, the time and place the transactions took place as well as any other information that can be used to improve decision making and enhance the quality of products and services offered (Atkinson, 2018). The information is encrypted into what is referred to as a block and linked to other blocks to form the chain that helps speed up decision making and processes engaged in within an organization. At Coca Cola, the blockchains offer transparency and continuous reconciliation as well as ensuring that employees in different departments within the organization have access to the same information and operate under common goals and objectives. Blockchains make it difficult for hackers to access any sensitive information because the blocks in the chain do not have any form of a centralized system to initiate the hack from (Elias, 2020). The use of blockchains therefore helps the company speed up processes and decision making as information does not have to go through third-party verifications whenever a transaction is required.
The coca-cola company also uses blockchain together with smart contracts and the Internet of Things in its supply logistics which aids in tracking shipments and withholding payments until a delivery is made (Coca Cola, 2018). The company is therefore in better control of its products even when under the care of retailers and distributors. The information is used to track deliveries and ensure that they reach the target audience in ample time. The blockchains create a system where Coca Cola can follow its products in the different stages before reaching the target audience while distributors get help building strong relationships with consumers and retailers.
Customer Relationship Management
Customer Relationship Management refers to the different strategies that organizations use to manage how they interact with their customers as well as potential clients (Rouse, 2016). When implemented properly, customer relationship management assists businesses to streamline their processes and establish better and stronger relationships with their customers which in turn improves the quality of services offered and helps the organization to generate more profits from the increase in sales that occurs as a result.
For Coca-Cola, customer relationships management is used to collect and store customer information such as emails, contact information, and common purchases made. It also helps to track the company’s recent activity such as designs for new products, adoption of new technology, and other processes that can be influenced to improve the quality of products and services offered (Burgess, 2018). The customer relationship management systems then organize the information collected and organized in form of data that can be easily analyzed to determine the impact the organization’s activities have had on the target audience and what is needed to create more efficient relationships in the future. Coca Cola has utilized customer relationships management to create a platform where customers can interact with the company and share helpful insight on what possible changes can be introduced to enhance the quality of services offered.
Customer relationship management also makes it easier for employees at Coca Cola to track conversations that occur on different platforms within the organization. The company has created different platforms such as Twitter, Facebook, Instagram, and other social media sites where consumers can interact with one another and with the organization (Ranger, 2020). The sites are used to give testimonials, inform the target audience about new or innovative products in the market and also collect information about products and services that could be introduced or improved to the quality of products and services offered. With customer relationship management, the company can track issues shared on different platforms and follow up accordingly (Coca Cola, 2020). The feedback collected from the different platforms helps to track conversations and ensure that the customer is assisted regardless of what platform issues originate from.
Augmented Reality
Coca Cola has also employed the use of augmented reality in its bottling plants to improve the quality of production. The company uses headsets or glasses that are used to overlay computer graphics on top of what employees see while working in a real-life environment. The technology incorporated in the headsets enables technicians to view information about they work on while still getting help and tips on how to run diagnostics and fix problems efficiently (Marr, 2016). The technicians, therefore, get access to crucial information about how to go about running maintained in record time and thus make decisions faster and further reduce the risk of making mistakes attributed to human error.
The technology used in augmented also makes it easier for technicians to maintain and conduct repairs on machines that are too far away or in remote locations with ease. Since technology is connected through the internet of things, technicians can perform diagnostics on company equipment like vending machines in remote places without having to physically visit the locations (Coca Cola, 2018). Technicians can also share ideas and work on complicated issues together through the internet and this enhances the speed and efficiency engaged in when making repairs and enhancing the quality of service. The service is especially efficient when managing vending machines on planes and cruise ships during travel instead of waiting for the vessels to finish their journey before the maintenance team is dispatched to make the repairs as changes can be identified using the augmented reality technology and necessary corrections implemented fast and with great convenience.
The different platforms that Coca-Cola uses to interact with its customers assist in collecting data related to customer tastes and preferences as well as an identity in which products are doing well in the market. The company’s data-driven strategy relies on extensive research that extends to fields such as artificial intelligence in an attempt to capture as much information about customer tastes and preferences as possible to improve the quality of production (IoB, 2016). In 2017 for example, the company launched a new cherry-flavored drink that was influenced by information collected from a fountain introduced by the company with the added feature of allowing the consumer to mix ingredients and come up with a unique drink (Coca Cola, 2020). Coca Cola relied on the internet of things to equip the fountain with the ability to keep records of what ingredients were used and in what order as a way to identify a potential opportunity in the market. The data greatly aided in decision making as the company already had an idea of what ingredients to use as well as the type of product that was needed in the market.
Instead of conducting market research and engaging in different activities to assess the market trends and come up with a new product. The decision was narrowed down to how to mix the ingredients favored by customers to launch a new drink. The company also relies on information collected from vending machines used in different parts of the world. The data is collected and transmitted through the internet of things (Ranger, 2020). It also enables consumers to set preferences that enable the vending machines to collect data on which products do well by keeping records of the frequency in which different commodities are restocked. The data collected from the vending machines helps to speed up the decision-making process as the organization already has access to actionable data on how to go about restocking the machines when to schedule maintenance and also what products to market more. The information from the machines reduces the time used up in the field interviewing consumers and assess the market for future trends (Coca Cola, 2018). Coca Cola can conveniently access the information and make informed decisions that enhance the quality of service offered as well as ensuring that the products introduced are relevant and able to satisfy the existing demand.
Coca Cola also utilizes social media data to collect information about consumer demographics, tastes, and preferences as well as the most ideal approaches that the company can use to attract and retain customers. The company’s online presence has created a digital platform where consumers share testimonials, ideas on new products, and services that the company could introduce as well as what changes could be introduced (Burgess, 2018). The data collected helps the company to decide what products to introduce in specific markets as well as what approaches to engage in depending on the demographics of the target audience. Social media helps the company to interact with consumers even in remote places and this greatly helps to identify potential markets that the company could venture into. The decision to expand into new territories is made easier when the company has access to information readily available as it assists in determining what approaches to take during market entry (Coca Cola, 2018). The information further helps in deciding the best method to use when launching advertisements and also how to go about giving incentives and special offers designed to encourage people to choose Coca Cola products and services over others in the market.
3.
Businesses that rely on big data in their operations are tasked with the responsibility of ensuring that the information collected remains private, secure, and used ethically. Since data collection also involves profiling and analytics, organizations end up collecting sensitive information about the consumers either intentionally or through cookies that track a client’s activity while online (Coca Cola, 2020). Coca-cola has the responsibility to maintain transparency and engage the public and other stakeholders in some processes as a way to demonstrate the activities involved before a product or service is made available to the consumer. The challenge however lies in giving enough information to be transparent while still determining which information should be kept private to protect the consumer and also the company’s operations.
The company must further ensure that any sensitive information collected is kept private and secure. The switch to the internet of things has exposed different organizations to cyber-attacks and hacks designed to gain access to a company’s sensitive information (Bennet, 2018). For Coca Cola, the large market share and dominance in the market makes it a target for hackers because of the high number of customers it serves. The company has to invest in different firewalls and security measures to prevent hackers from accessing sensitive information regarding the company or its clients.
Coca Cola must also enhance its confidentiality policies to reduce the risk of consumers’ identity from being revealed through re-identification. Data collected through different platforms may collect varying information about a consumer such as the location where they make purchases or the preferred mode of payment (Boyd, 2010). Continuous use in different locations can create patterns that can be analyzed to reveal sensitive information such as the consumer’s residence or place of work, name, banking information, and any other sensitive information that could be accessed by hackers. Coca-Cola must therefore invest in data collection methods that do not include information that can be used to track the user through re-identification to enhance the security of data collected.
Ethical considerations also come into play when determining the safety and security of the information collected by the Coca Cola company through big data. The organization must ensure that the information collected does not result in discrimination or determinism when determining what approach to use in specific locations. Although there are strong stereotypes that dictate the way people in society function, the data collected by Coca-Cola should in no way be used to determine how the organization functions in a specific location (Bennett, 2018). Coca Cola should instead rely on its demographics and market analysis to come up with ideal approaches to use to break away from stereotypes that could create a negative image of the market in question.
Another ethical responsibility has to do with the company’s approach when launching new products in the market. Coca Cola’s huge market share and market dominance make it easy for the company to spread its influence in the market it operates in. although new products are introduced following the company’s ability to anticipate the consumer’s future tastes and preferences, Coca Cola is also in a position where it can introduce a product and garner enough support to convince consumers they need the product even when they may not (Bennet, 2018). Coca Cola can create echo chambers where advertising is used to ensure that consumers are provided with information that intentionally confirms their attitudes. Coca-Cola must however ensure that its processes are influenced by the needs and preferences originating from the consumer to ensure that the products and services are intended to satisfy needs in the market rather than only helping the company to meet its objectives.
References
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