Having a grip on technologies is more than just good business, it gets really difficult to stay relevant and profitable. Companies that are losing to this area are losing ground to newer entrants and business models that are poised to disrupt markets with innovative products and services. The most obvious industries disrupted by digital are music, retailing, media and travel, but similar things are happening in more conventional industries which include banking, energy, agriculture, health care, manufacturing and industrial goods. For any industry or organization, speed is of great essence. Accelerating digital transformation must be of key importance for any company hoping to compete in the future.
Here are 5 critical areas to know in order to digitally transform your organization: Prototype your Strategy Disrupt your Business Digitalize your Core Business Create Value from Data Position your Business in the Broader Ecosystem Prototype your Strategy: The major digital companies test and refine products and strategies in close cooperation with their clients and at a dizzying pace. The conventional 3-5-year strategy and planning process is no longer effective. The agile innovation methods have been successfully pioneered at companies such as Google, Amazon, Facebook, and Twitter. EXL is also one such organization. If you are looking for digital transformation jobs, you should look for EXL jobs in Noida and EXL Jobs in Gurgaon Disrupt your Business: Digital start-ups have the leverage of being able to reinvent businesses and industries by addressing customer needs in completely new ways. For e.g. what Airbnb is doing in travel and what Uber is doing in transportation. In order to compete, occupants need to create their own “digital attacker” businesses that can enable them to be unruly in their own approach. Occupants can build strategic advantage by leveraging their existing strengths that are brand recognition, existing customer relationships, and niche products and services. The key is to be fast at it. Digital speed is five times faster than conventional business, and that speed is compulsory to becoming a leader or a fast follower. 3. Digitalize your Core Business: This does not only include rolling out new IT projects; it also includes fundamentally transforming the business to make it leaner, more agile, and cost effective. Think about where digital efforts can produce the big changes in performance and value for your clients, not only in marketing but also in operations and the back office. Companies that succeed tend to tackle many efforts in parallel, using standardized processes and agile techniques to accelerate execution and provide more flexibility to iterate on strategy. 4. Create Value from Data: Leaders should know how to make use of internal and external data especially big data. Companies that are using big data effectively generally tend to produce higher revenues and come up with more innovative project ideas and capabilities. In the process, they create a completely new revenue streams, business units, and stand-alone businesses. Join EXL jobs in Noida and EXL jobs in Gurgaon to have such a business experience. 5. Position your Business in The Broader Ecosystem: Ecosystems are very essential in the digital economy. They are becoming important in creating new relationships and capabilities, leveraging new technologies, and accelerating innovation. By collaborating across the ecosystem of partners and institutions, companies can create new opportunities to address customer needs in the B2B and B2C spaces. Technical platforms that enable devices, applications, data, products, and services to work together in unique ways become a core part of the overall business strategy.
Executives that embrace these five imperatives commit to fundamentally transforming their businesses, including undertaking some risk in strategy and execution. But to do otherwise risks a fate worse than disruption: extinction. You should look at EXL Careers in order to make a career in digital transformation.