You’ve probably heard the term and wondered whether it could happen to your company. Maybe it already has. We’re referring to “digital disruption” — when new technologies and business models affect the value proposition of existing goods and services.
Perhaps the most notorious recent example of this is the rise of ride-sharing companies such as Uber and Lyft, which have turned the taxi industry on its ear. But it’s hardly a fait accompli that a business will fall flat on its face because of digital disruption. You may be able to dance right through it with the right digital transformation strategy. Here are five steps to consider:
1. Focus on customers. Businesses often view the world through the filters of marketing, sales and maximized revenues. Instead of thinking about business success, target the customer experience.
2. Make analytics your friend. Develop a strategy to access, analyze and use that data. Tap the brains of analysts who can think outside the box of departmental silos in order to combine all types of data, including point of sale, sensors and machines, logs and social streams. Then use that big data to innovate.
3. Unify operations. Best-practice organizations assess digital requirements from across the business and then set objectives. Most organizations have multiple teams and departments involved in digital transformation. It’s crucial to ensure that all of your business is aligned and operating toward the digital goals you’ve defined.
4. Think visually. Data visualization is the ability to see various data in a variety of formats such as charts, graphs or other representations. Infographics often play a role in visualization. If your company has a hard time understanding how data can be used to drive digital transformation, consult an advisor who can help you leverage this critical information.
5. Be nimble. By the time a project is completed, the market and customer requirements have often changed. To avoid this problem, develop digital agility that will let your business embrace operational changes as a matter of routine by using digital technologies. Digital agility is rooted in the concept of learn, launch, relearn and relaunch.
Digital disruption — and transformation, for that matter — are very much the new normal. We can help you crunch the numbers and target the trends that enable you to waltz around trouble and boogie your way to continued success.
We help you plan, forecast and analyze your financial data
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