In today’s world of digitization, businesses are moving so fast that it becomes about choices. It’s not just about what to focus on but also about reinventing your business to thrive amongst the fast moving innovation. Operational approaches must change as well as how to connect with customers, suppliers, employees and anyone else involved.
Technology is changing how we work and every day there is a new invention that ushers in newer, more progressive business models, customer experiences and even a new breed of entrepreneurs. This world is here and we must all learn how to navigate within in it in order to survive and be profitable. For the millennial generation and younger generations, they have already become digital experts. It is time for the rest of today’s business professionals (if you haven’t already) to learn what’s head in order to navigate the next five years of business.
Here’s what is already happening and will continue to become more perfected as we progress through this maze of innovation. It is all about partnerships. We can’t do it alone. If your organization is good at creating fashionable clothing, let’s say, but seeks to integrate wearable technology, then the question becomes whether or not it’s a good idea to invest in these digital technologies, or find a company that can do it for you.
Hiring the right professionals also comes into play. Do new employees bring the intel and experience to curate, create and communicate about new technologies? In addition to creation, can they sell their ideas to other employees and potential clients?
Another consideration is identifying and ensuring that your product and service incorporates authenticity. Many of today’s customers seek transparency and many of them are interested in how products are made; they are conscious of the environment and seek clarity and proof about the sustainability of your business. And these potential customers are also giving their opinions out loud on social media – a powerful tool today for both customers and businesses. And this social mechanism allows for a greater global lens – so everyone is watching, learning and deciphering opinions about your business. It is important to engage and give your customers the opportunity to do so as well. It is an opportunity to reach out and connect to this disruptive force that can make or break your business if you are not paying attention to the ‘how’ when communicating.
Most importantly, today’s digital progress is about driving new growth in the world’s economies. To do that, businesses must think about how many people they can serve up a better experience to, or how many will enjoy a new technology that has the capacity to change the course of doing business.
As the world enters the next phase of digitization, the challenge is no longer just about the competition. It is also about gaining stronger and more reliable digital capabilities to keep up with the digital brilliance that will continue to evolve. There are still many businesses that struggle with trying to stay current with the relentless pace of innovation. If your business can keep a handle on it, then you are ahead of the game and maybe even a part of the digital frontier. And if you can manage to push the digital boundaries even further, then your business is in a great position to capture disproportionate gains in your industry and perhaps even lead to technologies not even yet imagined!