In the world today, you can tell that it is becoming more digital. From GPS systems to social media, and even AI, it is clear that the planet that we are on is very different from just a couple decades ago.
If you are feeling a little bit uneasy about the speed at which things are moving, you just need to hold on tight. Things are only going to get faster and faster. At this pace, with disruptive technologies accelerating as well, these are changing the way that we live. You don’t have to be a digital native to really behave like one; there are people going through midlife crises, nurturing their social media profiles, and even using Fitbit as a way to get back into shape. Seniors are becoming more addicted to looking at newsprint whereas FaceTime is being used more than ever before. We are simply spending more time being connected with our digital devices.
Some of these technologies are leading to different business models, ones that are allowing us to monetise things in different ways. We can do cross promotions, and outcome based propositions, instead of simply offering specific products and services within traditional sectors. There are organisations that are now tailored with customers in mind, giving them the ability to get products and services on demand and also reap certain rewards. If you’d like to join with them, consider getting Business Grants In Hampshire to help your business transform.
It Really Is All or Nothing
There are a multitude of digital giants and startups that are poised to take advantage of this opportunity. They are very confident about what they will be able to do because of the knowledge that they have in the ambition that they all possess for reshaping entire industries. Successful incumbents, on the other hand, tend to be more cautious.
After speaking with over 400 leaders regarding this transformation, specifically for our National Digital Benchmark report, we are addressing this digital disruption that is occurring. More than half of these individuals are stating that they have over-invested in what they are very good at which is allowing them to refine and enhance their current way of thinking, as well as under-invest in what should be the most beneficial tomorrow.
These organisations are experimenting, seeking to improve the digital experience that customers have been make the entire process of transactions much more efficient, and they are doing this to reshape the value chain. 68% of the leaders were simply more comfortable that adopting these new digital technologies to improve their businesses, rather than disrupting what they currently have right now.
When you are able to adopt this so-called digital at an edge approach, you will soon see a large amount of money left on the table. If you can follow this path, you should be able to monetise all of this and create opportunities for yourself. You can transform what tomorrow will look like and you must go far beyond experimentation and focus upon reinventing your company, deliver solutions in these new ecosystems that are now housed in several different industries.
As leaders, our objective should always be to transform what will happen in the future, and our report was focused on three specific areas that can help with this digital transformation:
Simply Follow the Digital Blueprint
Both new and emerging digital giants are coming in with mindsets that are focused upon disrupting the existing market, or simply creating something completely new. As for the incumbents, these are the individuals that will subtly try to adapt, but they need to break free, specifically from the shackles of what they have done before and act boldly to seize opportunities that are coming.
In order to do this they will need to do joint ventures and have partnerships with those that are the most dominant in regard to competency. An example of this would be the car industry that has once worked with geo-fencing technology providers, and this can speed up the process of delivering new cars and make the entire process less risky and more accurate. There are sensors that are built into vehicles today that can detect the exact moment in which a vehicle transporter is going to be on the dealer’s premises, plus you can also use software that will instantly transfer that information to the manufacturers balance sheet, which makes everything so much easier.
While all of this is going on, incumbents must begin to think of new ways to disrupt their own organization, learning from a mindset that is based upon a digital future. If there are any disruptions, they will need to start with the point of view of the targeted customer, lower their efforts, and reduce friction, at every point all the while anticipating how they can respond to their own needs.