When digital first made it’s appearance it was considered as a valuable addition to the way business was conducted until then. Nowadays digital transformations are considered to be one of the main priorities for companies that want to adapt and thrive in this new reality and the truth is that digital is no more considered a valuable addition but a business essential. Digital is not reshaping business anymore nor does it regulate the economy anymore simply because digital is what used to be business as usual and digital is the new economy.
This new digital economy has to offer many opportunities to companies that aim to disrupt industries mastering digital technologies while it also hides lots of threats for companies that believe they will remain untouched and refuse to adjust. According to the Harvard Business Review companies that are adapting to the new digital era are considered to be 26% more profitable than the peers in their industry. So what are the things that a company should focus on in order to thrive in the new digital economy?and how can a company work towards success in this new challenge that emerges? Here are a few tips that might help you rethink & reshape your business.
One of the most important things a company should focus on in order to succeed in the new digital economy is meeting their customers expectations. Customers have been exposed to technology for long enough which has created them a feeling that nothing is impossible. Think ahead and try to introduce and implement new innovative ideas and services that meet your customers expectations and even exceed them.
A typical example of this situation is seen in the automotive industry, where a few years ago if your car would break down you should pull aside and call for assistance while now car companies have introduced technologies that are data driven and can inform drivers for possible malfunctions in their car engine and automatically call road assistance for them. Therefore take advantage of technology and invest in building an amazing customer experience that creates value for your company while it is also affordable.
Customers are smarter than ever and due to the fact that there are many new companies that show up everyday increasing competition they have many alternatives, so you have to find a way to differentiate from your competitors and promote the extra value your company has to offer. A great way to do this is by introducing product or service enhancements. Master new technologies and invest in the right people in order to develop both your existing and new products and services.
A great example of product enhancements are those of Apple and Amazon that saw an opportunity in the streaming industry and introduced their online streaming services to their clients. Following the road that Netflix opened these two companies decided to enhance their products and introduce new innovative services for their clientele to consume. Keep your ears and eyes open for opportunities and ideas that can help your products and services evolve.
The new digital economy could also be considered a sharing economy. We can observe that many companies over the past few years team up with either famous designers or even other companies and offer their customers products or services that are the result of a unique collaboration. In the digital economy there is room for everyone and the opportunities are limitless, that is what big companies like Adidas and Nike see and try to create collaborative innovations.
Examples of these kind of innovations are the collaboration between Adidas and famous raper Kanye West creating a unique series of sneakers called Yeezys and the collaboration of Nike with other famous designer brands like Off-white once again creating unique series of footwear and clothing. Don’t fear collaborations being exposed to a different audience can have mutual positive outcomes for both sides and could lead you one step closer to success.
Finally the most important tip for a company to succeed in the digital economy would be investing in organisational leadership. It is about time companies adapt to the new reality not only in a technological way but in a mental way as well. The new trend in business that is proven to have great results is organisational structure that promotes leaders that make their decisions based on data in contrast to the oldschool ways were companies would rely on simply the judgement of some executives that in many cases were proven harmful. Focus on your human resources and invest in training them and developing them to become familiar with data driven solutions because after all this is the future.