Don’t Build A Digital Strategy; Digitize Your Business Strategy
Digital fundamentally changes your relationship with your customers. You can’t address this change with a bolt-on digital strategy that adds an app here or a site there. To remain competitive, you must re-engineer how your business creates value for your customers in the digital age.
Digital Has Changed Your Markets
Your customers aren’t who they used to be — they haven’t been for quite some time now. Digital touchpoints permeate every aspect of your customers’ lives — how they watch TV on Netflix, how they research new products on their smartphone, how they check their balance on PayPal, or how they review their stay on Airbnb. Business buyers expect automated service, tap communities for insights, and want services with apps attached; they’re even more digital than consumers are. Digital has transformed the market context for every business, and the pace of change is accelerating.
Digital Has Changed The Way That You Operate
Digital has transformed more than your channels and customers. It also disrupts you from within, changing the way that you do business. Digital not only accelerates the pace of change but also brings new opportunities for firms that can embrace the technology fast enough. It speeds time-to-market, reduces costs, and unlocks new revenue streams. There’s a reason why manufacturers ABB, Schneider Electric, and Siemens spent a combined €8 billion on acquiring software assets to help clients design, manage, and optimize complex industrial operations like power grids more effectively.
Use Digital To Help Customers Get To The Outcomes That They Desire
Re-envision your business not as a set of products and services but as part of the personal value ecosystems that your customers assemble according to their needs and desires. Learn to increase value by expanding your company’s role in your customers’ personal value ecosystems.
Digital Operational Excellence Increases Business Agility
Digital business isn’t just about customer experience — it’s also a way to drive operational agility. Digital operations can increase speed-to-market, make employees more productive, promote leaner processes, and maximize asset utilization.