4 Steps to Digitally Reinvent Your Business
“Every day, you reinvent yourself. You’re always in motion. But you decide every day: forward or backward.”
James Altucher, American hedge fund manager, entrepreneur, bestselling author, venture capitalist and podcaster.
This applies to us whether it’s in our personal life or in business. The reality is that it is easier said than done. Take for example what is happening in the digital business world. How do we move forward with digital business reinvention? Competition is increasing with most companies still trying to survive the double dip recession. Business models are rapidly changing and new entrants are leading the way. In this new digital era, we are bombarded with choices to make; decisions that need our attention. But it all seems so confusing and every company you speak to suggests a different approach that you should follow.
Why do most businesses fall short of their digital reinvention goals?
There are a myriad of reasons for this, but the most common are that the business either under invests in the capabilities needed or doesn’t drive the transformation program sufficiently across all digital channels. For example, a company may invest millions of dollars to discover great insights but if its deliver strategy is inadequate, those insights are completely wasted.
Digital business reinvention requires a proven, systematic approach
My advice is to keep it simple. We are told that for successful digital business reinvention, we need to pursue a new strategic focus, build new expertise and establish new ways of working. Digital reinvention should help organizations create unique, compelling experiences for customers, partners, employees and other stakeholders. But because of the complexity involved, most reinventions fall short of their original goals. In short, irrespective of who’s advising you, reinvention requires a proven, systematic approach.
Begin by casting a wide net to canvas the options and then create and manage a viable portfolio of options. Wherever you are on the path to digital reinvention, you may want to consider a few steps as you move forward:
Build a definitive reinvention blueprint which includes your digital vision and strategy. Understand the status quo of where your business is today. Focus on the customer experience and establish the maturity of your internal cross-functional collaboration and ability to operate at speed. Ensure that you incorporate external stakeholders – such as partners, customers and others – to encourage thinking that goes beyond “business as usual.”
Assess the path that a customer travels, end to end, across the functional silos of your business. Incorporate what needs to be retained in the business and consider any possible shared services and outsourced operations. For example, is your customer contacting you via social media to chat to their sales person? Via your website? Is the social media team able to alert the sale person immediately? If it’s a billing related enquiry via the web, how do you let the finance team know? Do all the customer touch points use the same/similar technologies? Can they provide holistic data vis-a-vis the customer? Ensure you are viewing the journey holistically from every touch point and that the solutions that you use are complementary.
Explore what options are available to you, and very importantly, which can be fast tracked. Establish a strong data foundation that you can trust. Pick an area to start your journey and deploy newly-available technologies to help you access your data, cleanse it and visualize trends that can’t be seen in spreadsheets. The opportunities must be viable commercially and be able to scale at pace. Having the most sophisticated solutions are always a good idea but not when these solutions could impact your time to market.
Build a data-driven culture that addresses organizational obstacles to analytics adoption. Educate stakeholders on how to use analytics to improve the business. Address a deficit of skills, management bandwidth and executive sponsorship through the analytical information.
The choice is yours. Move forward and follow these simple, easy to understand steps and chat to an experienced change agent to walk hand-in-hand with you on this exciting journey. If you enjoyed reading this article, and are interested in getting a more in-depth analysis of where your business needs help digitally, contact our digital marketing expert, Jacky Humphries.