For many businesses the rapid acceleration of technology can leave one feeling frustrated or left behind. They are forced to transform digitally to keep pace with competitors and disruptors of the 21st century. Fortunately, there are aids for businesses of any age to keep their competitive edge in an increasingly integrated business world. In his book The Digital Transformation Playbook Columbia business school member David Rogers outlines the factors to consider when upgrading your business to the digital age. He gives five factors to consider, customers, competitors, data, innovation, and your value proposition. Digital transformation gives your business the opportunity to think of each of these aspects in a new manner to maximize returns.
For legacy businesses, communication is largely a one way channel. Marketing takes the form of paid advertisements through TV commercials or ad copy. The internet offers a host of marketing opportunities though beyond website content. You can use social media channels to actively engage with your customer base as they build loyalty with your brand. You can use software such as Mailchimp to automate communications for monthly newsletters. These media allow you to optimize your marketing strategy to get the best feedback from your customers. Creating content will help make your website a hub of information, but engaging your customers with the technology they are most responsive to will build a loyal base.
Competitors to your business may look different in a landscape affected by digital transformation. Where before you competed with companies with a similar value proposition now startups are working everyday to disrupt your industry. The example Rogers gives in the book is of HBO and Netflix. Where before HBO competed with other premium channels like Showtime, it had to reorganize its value proposition to compete with upstart Netflix. In some cases, former competitors can become allies like when legacy companies Fox, ABC, and NBC formed Hulu to compete with Netflix. Rogers argues that solutions like these are the norm in increasingly integrated industries. Your business too may need to form partnerships with unlikely allies and compete with upstart competitors to remain attractive to consumers.
The proliferation of tools for tracking data means you can collect information on every component of your business. Just look at the expansion of IoT sensors on every part of industrial production. Within the manufacturing industry, IoT lets you equip engines, equipment, and manufacturing plant devices with sensors to collect data on time of production, temperature, identifying bottlenecks, and much more. What’s more is that sensors can directly communicate with each other making the business more integrated as a whole. The first step is to recognize the areas of your business where operations could be improved then using insights from data to make actionable changes that will cut costs.
Similar to the promise of data, innovation lets you remain competitive with other transforming businesses and startups through scalable ideas. The key to innovation is to constantly iterate your testing to find a more efficient methodology for your business plan. In this manner, many of your employees become amateur computer scientists, using insights from data to provide better value to your customers or saving the company from excess spending. One of the simplest ways to innovate is through A/B testing, which you can learn more about through our website. While easy to produce, the testing will optimize your webpage to increase the conversion rate of site visitors to consumers.
Your company’s value proposition has the potential to be completely altered through digital transformation. Consider an industry such as consulting. Where before legacy businesses would seek consulting to cover a weakness on their end (marketing, human resources, operations, etc…) the proliferation of web content threatened to inhibit these industries. To adapt, consultants needed to take the tools the web offered for their own benefit. Now consultants use data to monitor industry trends, customer networks, and brand strategy to offer their own value proposition to your business. The key to adapting your value proposition is seeing technology as an ally and not an inhibitor to your business.
In the wake of these changes, Sunflower Lab has evolved to become a strategic IT partner for legacy businesses ready to expand their platform and offer the most value to customers using the technologies of digital transformation.
Sunflower Lab is a custom apps and mobile software development company based in Columbus, Ohio. Voted as “Top Custom Software Development Company of 2017” by Clutch – A top B2B marketplace to find companies who are experts in their domains – Sunflower Lab offers many IT based premium quality services including mobile app development, web development, cloud development, custom software development, graphic design and strategic consulting. Visit the website now to know more about our quality development services and engagement process.
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