Digital innovation is transforming the way we live and work and also beginning to impact businesses in terms of cost, business models, and operational efficiency. Emerging technologies like AI, Blockchain, Big Data, and software-enabled platforms are driving a revolution in numerous industries. As a result, businesses are changing their point of view towards achieving goals and meeting customer demands.
The digital disruption is impacting a wide range of industries, and businesses need to be agile and flexible to stay relevant for long in this dynamic environment. They need to build products and services that are more digital-oriented and innovative to meet consumer needs and gain a competitive advantage over the competitors.
In simpler words, it has become highly important for businesses to be innovative and flexible to changes in order to survive in this age of digital disruption. Here are five tips to help you to do so.
1. Recognize and acknowledge changes
Let’s understand it with an iconic story. Once a pioneer in the photography world, Kodak failed to grasp the significance of a technological shift that threatened its business. The company failed against Fujifilm and witnessed a great downfall in the 1990s. It filed for bankruptcy in 2012.
Change is an inevitable part of business life. It allows a business to adapt to the dynamic environment and improve its market position. So, the first and the foremost thing for any business to sustain is to identify and acknowledge changes that market demands. If not, nobody could help your business to survive in the market. A progressive business should be innovation-driven and embrace the changes in the dynamic environment.
2. Focus on integrating
Integration is the key to growth for disruptive businesses. It allows them to combine their processes, technology, and people to work towards a common goal. A well-integrated system bridges the gap between multiple functions and saves time and money significantly. On the other hand, businesses that are not integrated often suffer from higher operational cost and excessive resource consumption.
3. Find innovative ways of working
In this world where technology is disrupting every single sector, innovation can be concluded as the most important key to success. Innovation is achieved by building a product or service that is original, cost-efficient, solving a problem and significantly affecting the society. It gives an edge to businesses in penetrating market faster leading to bigger opportunities.
Successful exploitation of technology and innovation could help bring new and improved products, enhanced efficiency and most importantly profitability.
4. Implementation is the key
Amongst the top barriers for businesses on the road to innovation are the challenges in implementing initiatives. Alarmingly, 90% of businesses fail to effectively implement their strategic plans, based on a study by Harvard Business School.
Understanding and drafting a successful business strategy might be tough but getting it rightly implemented is the real challenge. A strategically implemented plan could lay the groundwork for organizations to work on those areas that need attention. If not, it could have a reverse effect on your business growth.
5. Disrupt or be disrupted
The prime reason behind disruption is the rocket-paced advancement of technology which allows new business models to enter the market at an ever-increasing rate with rapidly declining cost. That said, your business might get disrupted by the market forces anytime if you fail to keep up with the system.
One key to surviving here is to embrace the disruption and evolve according to the changing demands. This requires accelerating the speed of identifying opportunities and agility to convert that opportunity into a viable solution.