Your business needs to digitally transform - here's why

  • TECHNOLOGY
  • BUSINESS
  • 4 MIN READ
Susan Margret Correya Senior Technical Writer
Digitally transform your business

Has your business embraced digital yet? If not, get ready to go digital or go home! 

The internet era has made digital adoption a necessity. It is no longer the great-to-have supplementary service that it used to be. Businesses are increasingly leveraging digital marketing, digital data, digital technology and all solutions digital to transform their solutions and customer experiences. 

One of the reasons for this is the rising number of connected mobile users. So is the increased use of IoT-enabled devices and other emerging technologies. These changes have made it necessary for businesses to step up their digital game if they want to stay relevant. Today, you can set the lighting in your room on your mobile, you can control the temperature in your room even before you’re home and this is just a fraction of the immense possibilities of digital. So, if you’re not there yet, it’s time to buckle up.

 

Businesses are transforming with digital

Improving your reach, making your life easier with technology, implementing digital solutions to your existing processes are just some of the possibilities of digital. 

Digital delivers immense possibilities. Discovering new frontiers, expanding the possibilities of your solution, and using innovation, technology and tools to scale your business to newer heights - all these and more. In fact, it goes way beyond all of this. Some see it as a new way of reaching out to customers, while others see it as a comprehensive solution that can help them address all dimensions of a customer requirement. 

So, among the most popular reasons why businesses go digital are: 

  • 1. A significant improvement in business’ efficiencies
  • 2. Better experiences for customers and improved engagement
  • 3. Smarter business decision making
  • 4. Innovation
  • 5. To transform the business

However, it is not enough to simply employ a digital approach. Much of how your digital transformation will turn out will depend on your strategy. Research by MITSloan says that mature digital businesses will focus on integrating digital strategically with all solutions like social, mobile, cloud and analytics. The research also says that businesses who are successful in their strategy will be those who build their skills to meet the strategy. 

How important is digital strategy?

Let’s take the example of Nokia. Nokia was the leading name in mobile communication back in the 1990s. But, when more user-centric and user-friendly options like iOS and Android hit the market in the 2000s, Nokia was forced to exit the competition. Despite trying several strategies like partnering with Microsoft and later with Finnish mobile phone company HMD Global, Nokia could still not make a comeback. 

So, why did Nokia fail? It can be summarized quite simply. They did not have the vision to see how the market was changing. They did not have a strong strategy-led digital solution that focused on being solutions to their customers’ needs and addressed rising business requirements. Nokia failed because they underestimated the need for building the skills to meet the growing requirement in the market. 

Businesses have a lot to learn from Nokia. 

  • 1. The importance of putting the focus on what customers want along with technology: Despite being in the smartphone game even before Apple and Samsung, Nokia fell short when it came to identifying where the customer need was going.
  • 2. The need to adapt to emerging technologies: Nokia had a strong R&D framework. But, their solutions like Symbian OS was not UX-centric like iOS, which clearly showed they did not adapt to new technologies at the pace in which their competitors’ solutions were. Soon, Nokia’s technology started to become outdated, which eventually led to its downfall.
  • 3. Analyzing the competition: Though Nokia was aware of its competition, they were not keen on learning what they were doing differently that made them more powerful. This lack of curiosity came to be Nokia’s Achilles’ Heel.   
  • 4. The need for inclusive leadership: Nokia’s leadership refused to change and learn new things. The organization was driven by a culture of fear, which inhibited customer-centric digital innovation, which eventually contributed to its downfall. 

Suceeding with the right strategy

One company is the shining example of success with the right digital strategy: Amazon!

Amazon was one of the first companies to reimagine retail in an online environment. Today, it is much bigger than all brick and mortar retail markets put together. So, how did that happen? They built the skills according to the growing requirement in the market. It’s that simple! 

Amazon started off as an online book store, but today is one among the big four technology companies that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.

Image source: G2 Crowd

Final thoughts

To conclude, if you want your business to stay relevant now and in the future, digital is the way forward. Today, if your business is not online, it’s similar to not existing. So, plan your digital strategy smartly, take risks and foster an organizational culture that’s grounded in inclusion.

Sources:

https://digitalmarketinginstitute.com
https://medium.com

Published: Jul 24,2019 04:10:02 PM IST
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