Everyone knows the way we do business is changing rapidly. If we could point to one single factor that drives the exponential rate of change we’re experiencing, it would be digital transformation.
With rapid change, there’s always resistance. But it’s more important than ever to overcome the urge to look the other way. Managing digital transformation is the smartest way to stay competitive. But how? Here are a few ideas:
1. Customer service. Customer service is key to customer retention. A non-digitized business that can’t look you or your past transaction history up is probably going to face the consequences of losing business.
2. Digital presence. You need to establish an online presence. If you’re a restaurant and don’t have your website updated, out of town folks or new customers aren’t going to know how to find you.
3. Integrating with emerging technology. A business that maximizes digital transformation and takes advantages of potential connections will enjoy a competitive edge. Uber and other services operating from a mobile device are a great example of how digital transformation has changed transportation.
4. Speed to market. Products not represented by digital retail services like Amazon or BestBuy.com, or even digital media like music or movies not hosted on streaming services, won’t hit digital-centric target markets as quickly. It might happen eventually, but if you’re releasing your new CD, it’s a good idea to get with the program and make it available for downloads before deciding to press vinyl or CDs.
5. Survival. Recognizing digital transformation isn’t just about the bottom line, it’s about sticking around and hopefully growing a healthy business. Don’t pass off the digital world as a passing trend. It’s here to stay and, in fact, is the new world.
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