Half of the world’s population is online, with over 50% of them accessing the web primarily through mobile devices. This rise is consumer connectivity has made it crucial for businesses to think about their performance in the digital economy—an internet -based ecosystem worth trillions of dollars. Here is how you can ensure success in the digital economy.
The digital economy is a reflection of how the internet has transformed how we do business today. So, what does the digital economy entail? The economy comprises of tech infrastructure, new mediums for advertising, intuitive devices and platforms, wide audience networks and an unlimited stream of content possibilities. The digital economy has forever changed how brands establish themselves and market to consumers.
Preparing for Success in the Digital Economy
The digital economy is fast changing the way organizations operate. The digital realm is here to stay and businesses that don’t embrace it, risk becoming obsolete like many organizations in the past that refused to change. While embracing the digital economy and think about your performance in it is crucial, there is no single way to ensure success in it. Instead, you need to consider how you can best adapt your structure, workforce, leadership and marketing strategies to compete in the digital economy.
Today, most of us are living an increasingly digital lifestyle. We tap, swipe and click our way through life, and we make decisions in real time. No more waiting in lines, which means less patience for long delivery times, inconsistent information, and, above all, glitches in customer service.
By making the right decisions, anticipating problems, seizing hidden opportunities, and delighting customers, a brand can emerge as a significant competitor in the digital economy. However, this will only be possible if the brand is driven by insight, action, and flexibility to address every step of the customer journey.
The Types of Organizations in the Digital Economy
What organizations thrive in the digital economy? The ones that adopt flexible hierarchies in which responsibilities sit closer to where decisions have effect. For any business in the digital economy, flexible, dynamic, and culturally open structures built on mutual trusts should be the basis of their operations and their long-term aspirations. Focus on outcomes and not on the processes that realize those outcomes. Based on the operational model they follow, following are the four types of organizations in the digital economy:
The Tactical Model
Businesses that use this model to operate in the digital economy work within business units to achieve existing targets, but their investments are often in silos.
The Centralization Model
In this model, digital initiatives and skills are consolidated in a central unit, with digital applications being transferred between business units.
The Champion Model
In this model, a digital strategy is in place and is effectively communicated across the business, rather than to just a central team.
The Business as Usual Model
Businesses using this operational model fully embed digital culture and processes in their daily work routine.
Even if your organization isn’t digitally native, you must proactively consider what you can learn from the above models and try to understand how they you can apply new ideas in what is still a world dominated in traditional, hierarchical structures.
Ensuring success in the Digital Economy
One of the most important things to ensure success in the digital economy is establishing a recruitment strategy that is aligned to your organization’s digital strategy. This will enable you to hire people who know the ins and out of the digital world, which in turn will increase your chancesof success in the digital economy. Once you have the required talent, do the following to ensure your success in the digital economy:
Acknowledge the Need for Change
Are your processes slow and outdated? Do you lack the people and resources to succeed in the digital world? is there is a digital skills gap in your organization? If you answered yes, then it is time for a change. Acknowledging this is first step towards success in the digital economy.
Plan in Detail
With careful and detailed planning, you can identify and avoid many risks, barriers and potential pitfalls in the digital economy. Moreover, with planning, you will be able to identify the tools, tasks and techniques for the proposed changed and will ensure that it is managed by the right people at the right time. In short, planning will help you deliver the commitments you made.
Identify Key Players
This is important. By understanding the key players and identifying their needs, you will know who’ll be affected by the change, which will enable you to engage better with them. Since people react differently to change, addressing and dealing with fears early on can help mitigate the problems and concerns brought on by the change.
In the digital world, it is crucial to put people first. Put those customers first who are unaware of the digital innovations or who are simply dazed by the speed of the digital economy. These are the people who are likely to obstinate or be frightened. It is important that you manage their expectations realistically and are transparent in your communications with them.
Acknowledging issues is okay, in fact it is a good thing. Your customers will appreciate your honesty, and are more likely to accept the change if they are aware of the facts and outcomes. So, ensure that you have a good communication plan that minimizes resistance and communicates the benefits of the change.
One you’ve done the above, implement the change with commitment and drive. Support the decision making of your customers and continuously monitor progress. This will help to ensure your success in the digital economy. For further advice, contact us today!
by Bobby J Davidson
We love our company and we love what we do. Check out the ‘Why Percento‘ page to learn more: Love of Technology and Business! As the President of Percento Technologies International, I provide day-to-day leadership to the company’s senior management and I am personally involved in the strategy, business development and sales activities of the firm.
The company was founded in 1999 with the purpose of providing a one call source for organizations in need of Enterprise IT Consulting and Management. We also provide a line of products in the boutique Cloud Server space with a touch of high-end website strategy consulting and design services. We personalizes the IT Service experience with a team approach, working with clients from diverse sectors of industry, including energy services, financial, legal, entertainment, healthcare, hospitality, retail and general and/or corporate business.
Our Mission: “Creating innovative IT solutions for business leaders worldwide through cutting edge technologies.”