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Digital disruption and it’s hard to miss the storm it has kicked up in the current business landscape. Consider this, nearly four out of today’s top 10 incumbents in each industry are at the risk of going out of business if they don’t innovate themselves for the new digital age where business models, offerings, and value chains are getting digitized to the maximum extent possible.
Traditional business models are being redefined. Upstarts are reinventing new digital strategies, rewriting the rules of the game, and pushing the incumbents to the edge into a 'transform or get disrupted' situation. Simply put, how your organization is prepared to change and respond to the evolving market will determine the success — and even survival — of your business.
If your business is struggling in its journey to get transformed, here are 10 ways you can accelerate the process.
1. Understand What Digital Transformation Means to Your Business
Digital transformation is a change that drives a business into becoming digitized. But this change is not just about technology and its implementation. It’s about looking at the changes and how they can be implemented through the lens of your own business model.
Define what digital means for your business; analyze your own technical capabilities, the risks involved, and how digital transformation can bring about changes in your business and revenues. With the help of this understanding, you can develop a better strategy — a necessary first step to start the journey in the right direction.
2. Encourage an Environment of Change
The most difficult — and critical — part of enabling digital transformation is cultivating an environment of change in your organization. In fact, a recent survey found corporate culture to be the number one roadblock in the journey to becoming a digital organization.
What you need to understand right at the outset is, transformation can’t happen without nudging people out of their comfort zones and abandoning the “we’ve always done it this way” attitude. This can be unnerving but it’s the beginning of building an agile ecosystem that’s ready to accept disruption. The change, however, is something that’s not going to happen overnight. Small steps need to be taken to embed this change into your company’s culture, across all organizational levels.
To become truly digital, it's important to break silos and encourage collaboration between cross-functional teams in order to prepare a company culture that allows for successful transformation. Most importantly, your IT team shouldn't be working in isolation; it should work hand-in-hand with other departments.
3. Take Your Data Center to the Next Level
Storage technology, in data centers, is the most important IT component that can enable next-generation capabilities. Multinational data centers are integrating software-defined storage solutions (SDS) and all-flash arrays in their efforts to transformation digitally. Software-defined storage enables collection of storage elements in a pool of resource that can be centrally managed and controlled via automation, allowing IT managers to use storage more strategically.
4. Adopt a Solid Cloud Strategy
Today, businesses are increasingly adopting the ‘cloud first’ mentality in order to meet the evolving demands of their customers and markets. The ‘cloud first’, nevertheless, isn't just about selecting a cloud model. You need to figure out which cloud option — public, private, or hybrid — serves the unique needs of your organization. A great approach would be to adopt a dynamic cloud strategy that can benefit from a coordinated use of all cloud options. That said, the best cloud option is the one that works best for you.
5. Become Customer-Centric
This is the age of the customer. Today’s digital consumers are well-informed, they expect more, and they never think twice about shifting their loyalty. Looking at how the future is shaping up, it’s evident that only the most innovative companies that can use technology to predict future trends, develop personalized products, and create memorable experiences for their customers will emerge as winners in the years to come.
6. Become Data-driven
Forward-thinking businesses are deploying technologies like cloud computing, predictive analytics, machine learning, and big data to leverage innovation, customer engagement, and real-time decision-making. As a result, technology platforms are continuously evolving to support both disruption and transformation.
Enable your IT teams to learn and become adept at collecting meaningful data. Through continuous learning, they should be able to draw actionable insights from data, convert it to metrics, look for patterns, and use these findings to make key improvements in your business processes. But, don't limit your data-drivenness to sales and marketing. Data can be a valuable asset in defining your strategies related to employee recruitment, retention, customer service, and other business areas as well.
7. Develop an Effective Governance Model
A well-defined corporate governance model, in today's digital era, is extremely vital for business success. It should encompass the entire organizational level including the shareholders, the board of directors, and the management body. Corporate governance helps unlock the organizational value, which positions the brand perfectly in a highly competitive environment.
8. Define What Sets You Apart from Your Competitors
Competitive advantage and differentiation, in a digital world, can comprise of several factors. It can be a low-cost business model, the supply chain, a unique technology, or the brand itself. Frankly, the list is endless. It is essential for entrepreneurs to analyze the competitive advantages that are specifically applicable to their marketplace in order to ensure sustainable success.
9. Focus on Solutions, Not Products
Introducing new products is the part and parcel of any business, and it is something that attracts new competition as well. Businesses, in order to beat the competition, should focus more on providing solutions that address the key issues associated with the product. This helps in creating a bonding, an engagement with the customers that translates into long-term loyalty.
10. Track and Measure Progress Through Metrics and KPIs
KPIs and business metrics are extremely crucial, without which, it won’t be possible to track business performance and success. There are several industry-specific business metrics, for instance, marketing metrics, sales metrics, financial metrics, social media metrics, etc. to monitor business performance. KPIs, on the other hand, can help businesses set specific goals, build strategies, and evaluate progress through a historical record of performance and success.
Today, business horizons are rapidly expanding, and this is making it increasingly difficult for organizations to get everything done, all on their own. This is where managed service providers like F3 Technology Partners can support your business, helping you transform into an agile and responsive digital ecosystem.