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
so you can get on top of your finances today to grow your
small business big tomorrow.
Should you buy a business vehicle before year end?
Find the Right Path Forward With KPIs
Ensuring a Peaceful Succession With a Buy-Sell Agreement
Intelligent Insights: A CFO's Strategic Methods for Cost Controls
4 Surefire Ways to Sustain Business Growth
5 Factors that are Bad for your Business Financial Health
Top 8 Financial Tools for Small Business Owners
Small Business Owners' Top Tax Mistakes and How to Avoid Them
Top 5 Bookkeeping Systems for Small Business 2017
What Are Your Financial Statements Telling You About Your Business?
Small Business StartUp New Research Credit Claims, Explained
Financial Tools: Useful List for Growing Businesses
Capital Budgeting Techniques Maximizing Future Profits
Key Profit Drivers You Should Not Ignore
Small Business Tech Trends: Power of Cloud and Mobile Bookkeeping
Growth Game Plan: 30+ Ways to Improve Profitability
Medical Practice Growth Strategies: Improving Profit Margin for Doctor's Clinic
Is Your Business Growing? Profit and Loss Explained for Small Businesses
How Profitable are your Customers?
Dont Let Founders Syndrome Impede Your Succession Plan
Bridging the divide with a mezzanine loan
Critical connection: How costs impact pricing
4 Ways To Get (and Keep) Your Business Data in Order
Valuation often affects succession plans in hard-to-see ways
How to Maximize Deductions for Business Real Estate
Fortifying Your Business With Enterprise Risk Management
4 Tips on Making your Marketing Emails a Blast
Fun fact: Phone service was taxed early and has been taxed often ever since.
Could an FSA Offer the Benefits Flexibility You Need?
Get Smart: How AI Can Help Your Business
7 Steps to Choosing a Successor for your Family Business
Year-End Bookkeeping Reminders You Dont Want to Miss for your Non-Profit Organization
Can't Keep Up with the Deadlines? 6 Tips for Attorneys to Achieve a Stress-Free Year-End Tax Preparation
6 Key Points that Construction Companies Must Have to Prepare for the Year-End Financial Closing and Tax Filing
Find Time for Strategic Planning
Making the Right Choice About Your Office Space
8 Things You Should Consider for Compliance When You Hire Independent Contractors
Light A Beacon to Your Business with A Mission Statement
Turning Employee Ideas Into Profitable Results
Use Bench Marking to Swim With the Big Fish
5 Questions to Ask Yourself About Social Media
3 Ways to Supercharge Your Supervisors
Blockchain May Soon Drive Business Worldwide
Taking It to The Streets: 7 Marketing Strategies to Consider