A new generation of business leaders has realized that transparency is the future of business. From e-commerce to cloud computing, from voice search to virtual reality, businesses are being forced to adapt because consumers demand it. It’s not just about price transparency; it’s also about service transparency and product transparency. Businesses that don’t accept these changes will be left behind.
What is radical transparency?
Radical transparency is the concept that all parties in a business relationship have access to all relevant information, such as prices, costs, and terms. It’s the idea that consumers have a right to know what’s happening behind the scenes. For example, transparency can also be applied to how businesses are run, as well as information about their products and services. Radical transparency is a two-way street: businesses must also be transparent to customers. Only by being transparent can businesses build trust. Trust is the cornerstone of successful relationships and business. Customer loyalty comes from knowing the business cares about them and wants to provide the best possible experience. Without trust, customers won’t stay loyal. You can read more about radical transparency in a post on the authena.io.
Why is radical transparency important?
Radical transparency is the future of business. Consumers expect it. Businesses need it. Consumers aren’t stupid; they won’t blindly trust a business that doesn’t disclose information. If a business doesn’t disclose pricing information or show service levels on their website, will customers trust the business? Of course not. That’s why transparency is so important. The more transparent a business is, the more customers will trust the brand.
The road to radical transparency
Transparency isn’t a new idea. Businesses have always been transparent, even if they didn’t have a technical term for it. The difference today is that more and more customers demand transparency, while more and more businesses realize they must embrace it. Customers want transparency in almost every aspect of business: price, service levels, product information, and more. For businesses, this means that they need to adopt new technology and new processes to be transparent. As a consumer, you want to avoid scams and rip-offs. If a car dealer doesn’t have accurate prices on their website, that’s a red flag. Customers need to know that the dealer is charging the advertised price. That’s transparency: customers want price information. But what about the other services that a car dealer provides? Customers need to know about the quality of those services. This is where technology comes into play. Modern technology such as blockchain, artificial intelligence, and machine learning can help businesses automate decision-making processes and create transparency reports. This can drastically reduce the time needed to provide transparency.