Economic models are much less durable today and there is a need for creating new business models on the ongoing basis to beat competition within and outside industry caused by big players and start-ups. Rules of economic value creation for clients can change overnight and that is where each company needs to critically revaluate their assumptions and value creation models. In order to survive and thrive, every business need to take digital to their advantage to become a digital enterprise. So the question come to mind is, what organizations need to do survive and thrive in this fast changing world and become a true Digital Enterprise.
Here are the few consideration that we believe need to be considered for the organisations adapting to become a Digital Enterprise –
Think End2End customer journey – organisations need to change the way they think about selling. It should be focused around customer, their needs and how to improve their End2End journey. Looking at End2End customer journey would help understand customer’s pain/ delight points and any gaps in the value proposition compared to current offerings.
Understand the impact of Digital – understand the upside and negative impact of digital on the current business model. This would allow incumbent to understand whether the current business model is still viable in the world of digital, or there is a need to change the way the business compete in the marketplace.
Innovation and agility – Organizations needs to adopt innovation and agility into their practices and culture. This can be brought by putting together disciplined ‘test and learn’ approach. Innovation team working on ideation, conceptualizations, rapid prototype etc. should have representation from all functions including marketing, sales, customer service, operations, IT etc. to create a holistic digital value proposition in accelerated manner.
Platforms matter – Business in the digital era need to rethink structures and systems they have built for industrial and information age. To realise the full potential of digital, businesses needs flexible systems and structures that create value through connections, interactions and composition rather than ownership of individual resources. This creates open borders between organisations to join up seamlessly on demand and driven by value proposition creation for their clients.
Indeed, realising the digital wave and starting on digital journey is a good starting point towards becoming a Digital Enterprise.