The digital revolution has without a doubt brought a lot of benefits including great products and services which are changing the way we do things and disrupting business culture globally and also accompanying this change are challenges for businesses.
For example, in the transportation industry where should you need to commute and you don’t have a vehicle you will have to rely on others or just stand by to flag down a taxi. Now with UBER invention in the field of logistics, it has created convenience, business opportunities, and employment.
Other Industries have also experienced unprecedented growth, looking at the financial services, there have been several innovative solutions with lots of benefits such as mobile payment, online payment etc. where you can make payments using your device, again presenting convenience and ease of payment.
As a business owner, you have to follow the trend in your industry and be adaptive to change if you are in retail business you should take advantage of having an online presence and also the financial service mobile payment facility to align with your customer value proposition.
A case study of a company that didn’t adapt quick enough which happened recently in the UK is a giant Toy store, and my personal view is that this company has everything to be successful and make a profit because they sell products that are in demand.
So where and how did it go wrong?
It could be a lot of things, but based on what I experienced during Christmas, my view is their slow pace to adapt to technological change impacting on their logistics and difficulty in having their product readily available regardless of customers location. To buy presents for my niece means I have to travel several miles while competitors can have the item delivered next day.
While other product based company have evolved and changed their logistics and delivery strategy, this company remained in the old world and lost out on a sale. So the key message here is that customers need are changing, technology as an enabler is facilitating these changes and for any business, I mean any business to remain and be relevant change is imminent, and we all need to embrace it hence we suffer the same fate as other companies that didn’t.
5 points listed below will help your business to be digital ready if adopted;
- Review your corporate strategy – mission and visions, break your organisation silos and have a more integrated/centralised structure with a customer-centric proposition.
- Upskill your team – people and organisations must prepare now and plan strategically for a skill set that will meet the digital world and continue to evolve.
- Remodel your business process, to be adaptive to change – remove legacy business processes.
- Have a digital culture – have a digital culture in place to embed the process into BAUand also to support any future innovation.
- Uptake of system solutions that offer agility, quick access to data and simple user interfaces.