Digital disruption is affecting businesses across all sectors for 5 years now, from both results and economic standpoint. With these steadfast digital transactions, transformative technologies like artificial intelligence, blockchain, and the Internet of Things or IoT have secured importance in investors’ eyes. Business models are more robust now, and tech innovators with wider and divergent thinking have started to embrace digital disruption.
So the basic question arises, how to be a part of this ongoing digital transformation? Here are a few strategic rules that you can follow to advance your way into the digital disruption-
Recognize the change by embracing new logic– Hundreds of tech innovators and CEOs have made the mistake of calling “digital transformation or disruption” as a photocopied tech, which has a limited lifeline. Wrong! There is always a reason why a new technology has been introduced. Digital disruption was and is widely accepted because it meets “customer expectations”. Digital disruption is a chance for your business to be completely reformed, redesigned, and redirected all towards meeting customer satisfaction at large. Customer consultations, new workforce policies, and improved logistics can help you get started with the reformation of your digital strategies.
“Data has become the new corporate asset class—and the best way for companies to generate and access it is to digitize everything they do. Digitizing customer interactions provides a wealth of information for marketing, sales, and product development while digitizing internal processes generates data that can be used to optimize operations and improve productivity.”– Niko Mohr and Holger Hürtgen-Mc Kinsey
Creating your customer’s future- Instead of focussing on customer retention, converge your focus on meeting their needs in a more fundamental manner. Understand their needs, with both imagination and insights. Like Steve Jobs said- “idea is to figure out what they’re (customers) going to want before they do.” Most companies rely on privileged access to their customers. Co-create more products with them, routinely consult with them, sample their reactions, and then adapt according to their needs. Companies like Philips, GE, Tesla, and Siemens have been able to multiply their revenue by focussing more on their customers and then strategizing innovative steps to further their business.
Define a new approach of adopting disruptive technologies- Digital technologies are like a catalyst for changing your operational tactics. Companies who are now ready to embrace digital disruption, rethink marketing, finances, and IT, altogether. This starts with something as basic as hiring. Don’t hire blockchain architects, and cloud experts, instead, assemble teams who have a combined skillset in consumer experience, business strategy, and advanced software & hardware applications. In short, look for people who are all-rounders i.e. have expertise in business, experience, and technology.
“We usually associate an industry’s transformation with the adoption of new technology. But although new technologies are often major factors, they have never transformed an industry on their own. What does achieve such a transformation is a business model that can link a new technology to an emerging market need.”– Harvard Business Review
Gain profit from overlooked assets- The most effective tactic of digital disruption is taking advantage of the underutilized digital assets. Why this way is feasible, because, digital disruption reduces friction and reveals more options. You can do the same for your own business, example-with cloud computing installation you can enhance the processing power of your own computers.
Need assistance in adopting these principles? Get connected with us. A peek into our 10 years of splendid past- We have been working with the Government of India on smart city projects, implementing artificial intelligence in applications used by them for the benefit of the economy like e-challan, and PMO app. Do write to us, or call us directly for a quick consultation since these are the times, where switching your business to digital, will benefit in full-front.