We are undoubtedly living in a digital society. New tech – from GPS systems and social media to digital twins and artificial intelligence – make the world we live in unrecognisable from the world we were living 20 years ago.
If the speed of the changing tide is making you feel nauseous, then you should buckle up. The rate at which disruptive tech is popping up is alarming – and they’re having a significant impact on our way of living. These days, you don’t necessarily need to be a digital native in order to act like one. Mid-lifers are taking care of their social media profiles and monitoring their physical exercise regimes on their smartwatch. Older folk are opting for FaceTime over phone lines and tablets over newsprint. It’s a fact that many of us spend most of our time connected, with the ordinary US citizen spending most of their time on a screen compared to sleeping.
The same techs are what have given rise to updated business models, which has seen companies use digital to make and monetise new value forms. More importantly, this value is provided through updated cross-sector, outcome-based propositions, instead of conventional sector-based products and services. Companies able to deliver clients with bespoke, on-demand products are the ones that stand to gain.
All or nothing
Digital bigwigs and start-ups are more versatile in this field and are assured to have a cutting edge in the commercial world. What’s more, their ambition, know-how, and confidence are restructuring the whole industry. On the other hand, successful holders tend to be more cautious.
We had the chance of speaking to 425 leaders over a broad spectrum for our National Digital Benchmark report, Transforming for tomorrow: getting holders ready for digital upset. Over half of these industry leader (53%) admitted that they over-invested in what they’re currently proficient at – improving and refining the propositions they currently have – and make an under-investment in what they should be proficient at in the days to come.
These companies are looking to do experimentations, as they try to utilise digital to enhance the client experience and make things more efficient instead of reshaping their whole value chain. From these industry leaders, 68% are more susceptible incorporating digital technologies to improve their current business models instead of disrupting their existing ones.
In reality, incorporating a ‘digital edge’ strategy will only be leaving money on the table. If you choose to go with this pathway, you will be missing crucial opportunities to make and monetise. To indeed change for the coming days, you should go past the experimentation phase and do an entire reinvention of your own company, as well giving solutions to multiple ecosystems of the industry.
With industry leaders looking to convert for tomorrow, the report we did discover three sections of concentration to unlock the possibilities of digital change:
Follow the digital-first blueprint
Both newbies and digital giants, emerging industry entrants are all guided by digital mindsets, with their drive being how to upset their current market or a completely new market. Holders who usually want to adapt subtly will have to break free from the chains of yesteryears and behave boldly so take hold of future opportunities.
In order to achieve this, they should be looking for a partner or joint venture with predominant competencies For instance, the auto industry has partnered with geo-fencing tech service providers to hasten the procedure of giving new vehicles over to dealers, making it less risky and more accurate. The vehicle features sensors that sense the precise moment the transporter gets the car to the dealer’s premises, from where the software instantaneously transmutes the said asset from the balance sheet of the manufacturer to the dealer.
Meanwhile, holders must start envisioning how they can upset their own company, acquiring the tactics from digital-first company mindsets. Any distortion will be required to begin with the client perspective , reducing friction and effort at every point and use the information acquired to predict and respond to requirements.
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