Focus on a strategy that will help your business adapt and thrive in the era of digital disruption.
Businesses that haven’t already embraced digital technology must do so now or risk being unable to compete effectively in the long-term. Digital disruption is everywhere. Whether you run a clothes shop or a large financial institution, technology has become a core part of doing business.
Digital disruptors are changing the landscape for traditional businesses. With the help of a managed services provider, small businesses can effectively combine new technology with existing infrastructure to bypass disruptors in the market.
We have identified five ways to help small businesses navigate digital disruption:
A “digital strategy” needs to be aligned with the overall business strategy for it to be successful. It can’t stand alone: instead, the digital strategy forms an inextricable part of the business strategy. This means that the entire management team needs to align and agree on the right digital approach.
Customer-centricity is the key to success. Digital disruptors make it their mission to not just develop a customer-centric strategy, but put in place measurable actions and outline clear responsibilities for engaging with customers. It’s vital for small businesses to know their customer, understand the needs and expectations of different types of customers, and use personalised communications to show they are valued. Building customer-centricity into the core of the organisations culture helps to ingrain this approach.
One thing all digital disruptors have in common is the ways in which they use their data. There is no shortage of data these days. Organisations need to remove data silos and create a single source of truth to make sound business decisions. Businesses that can collect, measure and leverage their data will come out on top.
As digital disruption becomes more pervasive, the role of IT in a business becomes even more important. Organisations should constantly review their technology needs, and identify ways to improve their business through smart partnerships and outsourcing. Working with managed services providers gives small businesses a competitive advantage, as they can combine their disruptive technologies with their own existing infrastructure.
To be disruptive, businesses need to cultivate a “fail early, fail fast” culture. In today’s rapidly evolving marketplace, the risk of doing nothing is far greater than the risks involved in failing, as long as it doesn’t take too much time and money. Businesses that recognise the potential of experimenting, learning and innovating will soon learn that this guarantees long-term success, even if there are some speedbumps along the way.
It is important to remember that disruptive change doesn’t have to be overwhelming. Business leaders can take small steps that work to help their company gain a competitive advantage.
Stephen Sims, CEO, Brennan IT