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embracing

Embraching Changes

Disruption caused by rapid changes in the market, competition, technology and customer expectations are forcing companies to rethink their business models, internal capabilities, and customer experience. This is especially true for larger and older organizations.

In the current technological era, specifically within the app economy, consumers have more control in that they are interacting with organizations in creative, new and various ways. Consumer user interface and experience is paramount and ultimately influencing purchasing decisions.

As a result, businesses are realizing the significance to how new digital technologies can transform their existing legacy businesses, driving business growth to truly innovate for consumers and keeping ahead of the competition. Transforming business models from their legacy core business to more of a digital business is what is known as digital transformation.

For larger companies, transforming their existing business models to become more digitized is a massive, yet underestimated endeavor, but boils down to three key factors:

  • 1. Innovative ideas
  • 2. Operational change
  • 3. Cultural shift

It is easy to understand and be aware of technological changes within the wider market, but implementing and embracing those changes? Not so easy, especially in the process of innovating new ideas that could be stifled by large organizational hierarchies.

When the time does come to embrace these changes, it is often too late.

Embraching

Change Blocks to a Successful Digital Transformation

1. Culture & Business Strategy

Culture in an organization is vital and fragile. If the overall organizational culture is resistant to change, whether it be failing to adapt to technological advances or towards change in consumer behavior — that existing business could be ripe for disruption by newer, more agile companies.

2. Staff & Consumer Engagement

Understanding staff and your customers is key. It is often said, but less often truly understood. Utilizing digital and newer technologies especially with the help of social media to encourage that engagement could be key and offer organizations more authentic feedback towards their business strategy.

3. Innovation

Innovation is a trendy word these days. A lot of organizations claim to embrace it, but only few truly are able to successfully innovate. Your business processes have to be agile and quick to incorporate a market need, to be right for true innovation. Moreover, genuinely embracing innovation as a core business practice is vital.

4. Technological Implementation

What good is digital transformation without the proper technology to truly implement it? This may cost an organization up front for the short-term, but keeping up with technological trends and incorporating that technology to meet consumer demands could pay off in the long-run.

5. Data & Analytics

Successfully navigating the digital transformation journey should always be measured by not only consumer feedback, but especially data and analytics. Data that measures engagement, capability, and consumer behavior towards a business line or a product are very valuable. It could help generate newer revenue streams, business units and stand alone businesses.

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