Building a strong and adaptable business.
If your business survived the multitude of upper cuts, jabs and blows the pandemic had on businesses, congrats. But let’s not pop the bubbly yet. If anything, now is the time to build a stronger and more adaptable business and not settle back into old ways.
In the past few years, businesses have faced some intense trials, revealing that their multi-year strategies and roadmaps couldn’t keep up with the rapid pace of change.
This isn’t just about technology; it’s about navigating significant shifts in the economy.
From supply chains, sales and marketing, manufacturing, tourism, education, retail, and healthcare, every industry feels the impact of the swift changes driven by political, economic, social, and technological forces.
A recent study underlines the reality – leaders at some of the most recognized national and international brands expect more widespread disruptions and that it will drive the necessity for more agility, flexibility and creativity across the entire business. Its putting the spotlight on the currency of adaptation.
So, what does this mean for you? It means you need to cultivate a robust, adaptable, flexible and sustainable business.
This kind of business rests on three key pillars:
- A deep understanding of global trends
- A constant drive for reinvention and innovation
- A framework that weaves and bridges all these elements together
Creating such a strategy requires mapping out an operating model that beautifully aligns corporate strategy with technology, data and people.
In other words, it’s your digital strategy playbook.
It commences with digital transformation, wherein people and data takes center stage.
People, they are the experts, the craftsmen, the artists and thinkers and the doers. Finding, recognizing and rewarding the right DNA of people to think differently, willing to try and fail and trail blaze unchartered waters is a necessity. It starts from top-down to create the environment and culture to foster, grow and harvest this talent.
Now data is the new currency, then the algorithms is the path how to monetize the data. Data and algo’s hold the keys to many areas of your business.
It will evaluate your company’s strengths, weaknesses, and potential market impacts.
It will be commercialized to deliver exceptional omni-channel experiences to your customers that will delight and grow brand loyalists and overall LTV. This cannot be understated as in today’s macro-economic world, it’s very easy for almost anyone to start a business tomorrow and become competing against your product with an equivalent quality product, but under cut on price.
How do you then win when your product or service becomes commoditized? Customer experience and building those relationships with your customers.
Think using models with algo’s to predict pricing elasticity, or preventative maintenance or warranty work, or workforce trends like freelancing or digitalizing labour for those repetitive labour tasks, or the shift towards hands-on experience and certifications versus traditional degrees, and the evolving skills crucial for securing a future career path.
And let’s not forget about your person paying your bills…your end consumers, especially in the business-2-business (B2B) landscape and the vast amount of data DNA you have on them. B2B is far too often overlooked, but yet they’re central.
Building resilience today involves utilizing data, technology, and systems with the right skilled people to drive business outcomes, fuel innovation, heighten productivity, and – yes – cut costs along the way. And it’s not just the certified skilled data-engineer, but the strategist and translators that see two steps ahead and can translate business priorities and goals to technical and innovative solutions.
Next: Ignite Enterprise Innovation for Growth
- Next: Part 2: Ignite enterprise innovation for growth
- Back: Intro to how to accelerate Digital transformation