How businesses can face digital disruption?

How businesses can face digital disruption?

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Increasing digitization is having a dual effect on businesses today. On the one hand some businesses are aligning their processes with technology and reaping the benefits, while on the other hand some businesses struggle not able to cope with technology or the lack of know on the use of technology is holding their progress. Businesses unable to align with technology are faced with digital disruption.

Talking of Digital Disruption TechTarget describes, ‘Digital disruption as the change that occurs when new digital technologies and business models affect the value proposition of existing goods and services.The rapid increase in the use of mobile devices for personal use and work, a shift sometimes referred to as the consumerization of IT, has increased the potential for digital disruption across many industries. Factors that are fuelling or enabling digital disruption are many. Open source software communities, sharing of knowledge and technology across borders, increasing dependence and use of connected digital devices, the list goes on. Furthermore the capability of small businesses to use technology to stand up and spin up globally causing unrest among the old and established entities are all contributors to the digital disruption taking place. Instead of pressing on the panic button businesses can face the digital challenge and come out triumphant. Mentioned below are few ways businesses can face the digital disruption to digitally transform.

Leadership

Managing is doing things right, leadership is doing the right thing, Peter. F. Drucker. Leading the cultural change in the organisation to achieve the aim of digital transformation, leaders or leadership is the vital pivot that provides emphasis and direction. As decisions are made at the top level it becomes important for the top level management to be absolutely sure on the investments they wish to make in the technology or human and physical resources. The time the leadership wishes to allot for achieving their target and any other factor that influences the transition from a non digital organisation to transforming digitally. Dion Hinchcliffe an expert in digital transformation mentions on his blog, ‘ Digital change is a board level process that succeeds most effectively when the C-suite works together closely, pools resources, mutually reinforces each other, and drives change consistently through a well-defined (yet agile) process that also and this is key drives widespread empowerment on the ground across the organization.

Vision

When change is the only constant, it is important that the organisation changes with the times. Businesses wishing to transform digitally should have a vision on the route they wish to take towards the transformation. Digital transformation will require that there is a vision on how digital is going to transform the business, whether digital will be required to improve production efficiency or would it be required to strengthen distribution. Digital could be the way to improve customer relations or increase productivity among employees. Without a vision on the way a business wishes to transform using digital tools, its effort could backfire and fall down flat.

Make digital a company wide policy

Digitisation being followed by every executive and as part of the working model for all levels in the organisation. Executives are key to shouldering the responsibility and driving the vision put forth by the leadership. The whole organisation having the same goals pertaining to digital transformation will make the transition from the stage of disruption to the stage of transformation efficient and seamless.

Embrace new technologies

In a technology driven business environment. it is essential for businesses to keenly follow all technological developments taking place and utilise the ones that provide competitive advantage and agility. The rapid move to cloud based technologies is one such case to note. Cloud based technologies provides businesses with a never before available opportunity for collaboration, saving on costs, advantages of mobility that entails possibility of working with cloud based data and applications from anywhere in the internet connected world. In the instance of customer facing businesses cloud based customer identity management is a solution that not just solves the problem of securely, systematically and scalably manage customer identities, it also empowers the business with valuable insight about the customer that can boost a business’s marketing efforts helping it customise and personalise as per the needs and demands of their customers. A Harvard Business Review Analytic Services survey indicates 75 percent of businesses are aware that their company’s survival depends on leveraging information technology.

A mobile centric exposition is a must for modern day businesses

The International Data Corporation estimates an approximate 3.2 billion people worldwide will have access to the internet out of which 2 billion will access the internet through their mobile devices. With way more than half the population accessing internet through their mobile devices it becomes imperative for businesses to have a defined mobile strategy that aligns with the digital transformation efforts of the business. The projection for business transactions over mobile is stated to stand at $516 billion dollar by 2017 showing a preference on part of mobile users to transact using their mobile devices making it all the more clear that businesses need to provision for mobile commerce for their users convenience and their business to stay relevant.

Be data driven

For long we have heard businesses speak about the umpteen factors that drive their business. Some state their business values as the driving force, some suggest the company foresightedness, some suggest it is their open mindedness to experiment with the new. There can be any number of factors that might have propelled the business through the decades but in the present times all efforts are data driven. Any business wanting to compete today has to do so in terms of data. Data has become the make or break factor in the digitised world, not just because it provides a calculative view of efforts, processes but because it provides a figurative view of results and outcomes. Data analytics helps businesses plan better as in the case of P&G that created Decision Cockpit, an analytics portal that provides real-time sales data across brands, products and regions to more than 50,000 employees around the world. Employees can use the portal to quickly identify issues like declining market shares and take steps to address the problems.

As technology spreads far and wide introducing to man what he had never before fathomed, businesses have to do their best to stay in sync with every technological development. The competitive scape requires that businesses not just learn but try lead technological advancement.

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