Spending too much time in one place can be bad for your corporate’s health. Business leaders and senior executives are approaching customers with technology, information, and personalized service. Empowering them like never before. Improving their relationships with customers, internal processes, and value propositions by using digital advances such as innovation, analytics, mobility, and smart embedded devices.
Individual-centered economy is already here. We live in times when things change at the speed of light, the fear of being obsolete is genuine. Real transformation changes the course of lives and businesses. iTunes, Google Maps, WhatsApp, and Uber are true digital innovations that have changed how we conduct business and altered how we live our lives.
Senior decision makers and heads of businesses feel quite overwhelmed with the concept of digital transformation evolving their business in a relevant way. Here are some quick tips that can help you de-risk the process:
Focus is about saying ‘NO’
Focussing is about saying ‘no’, focussing is not about saying yes to everything that comes along the way. It’s all about narrowing down on multiple things and picking only those which are really going to strengthen our value proposition.
Food for thought : “People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.” – Steve Jobs
Take a step back
While there are days when as a business owner or a senior executive you are overwhelmed and perplexed with myriad options that could claim to help you operate better, it’s important to take a step back, go back to your team, go back to your business model and look at what are you’re really good at.
Food for thought: Where are you and your team focused right now? Based on that, take an informed decision which is more of an action rather than reaction to what’s happening around.
Lean out to get started
Start formulating strategies well in advance – lean out into future, that is, what does it mean to live in a world say …5 …10 …20 years from now when software has transformed your industry?
We, at MediaAgility, had a recent engagement with a large automobile manufacturer in Asia where the Chief Strategy Officer was tasked with the job of thinking through a world beyond car ownership, where transport is a service rather than something that people own, and what would surface transportation look like?
We worked with them to create a strategy and implemented it as a marketplace for moving cargo pretty much like Uber helps moving people around. The question was – Can a market place be created to address the problem of moving cargo in shorter distances of 10-20 miles? It was an experiment, we built it from the ground up within less than 3 months, it is now up and running, and tons of data is being generated that is helping them understand whether they should go down that path and how do they adopt it across the board.
Food for thought: It’s all about leaning out and looking at what can be done now. Why sit back and be in a reactive mode, when you know digital transformation will affect your business eventually?
Transformation starts from within
Digital transformation involves a change in your business approach, encouraging innovation and new business models, digitization of assets and better use of technology to enhance customers’, employees’ , stakeholders’ and partners’ journey of experience. It’s not just vision or mission, you should feel the transformation from within before being on this journey.
More importantly, only way in which you can be authoritative in transforming your customer’s business is to first look at how you are running your own business, for example, as a digital consulting company, we can’t be running on desktop software, or on obsolete set of tools; so we had to transform ourselves from within. We have so many different offices in different countries. We use Google Apps that helps us to collaborate using any device at any place. We run our entire business on cloud in an innovative and cost effective manner. To know more read, how we were able to run our business by spending less than $1 per employee per day.
Food for thought: Focus on bringing innovation and excellence in what you do. Start looking at the transformation from inside out.
Acquire the mindset of 10X thinking
Follow the mindset of 10X thinking, which is all about trying to design or develop things that are 10 times better, rather than focussing on an incremental 10% improvement. Efficient innovators and business leaders take delight in how fast they take a concept from words to sketch, to model, and to a successful offering. Tesla is one such classic example – Rather than operating out of fear and trying to put a traditional gasoline engine in the car (just in case you run out of battery), they took the bold step and chose to build an electric only car. All the while, they were aware that they didn’t have network of charging stations as there are for gas stations. They chose to be the one who could view future of clean energy of automobile.
The transformation will soon intensify even more resulting in transition from customer-centric economy to everyone-to-everyone economy.
Food for thought: Acquire 10X thinking to adopt technologies of tomorrow.
This article draws its inspiration from ‘Land of Digital Opportunities – Digital Transformation starts with NO’ Podcast. Land of Digital Opportunities is a podcast series for business leaders driven by innovation and productivity, and keen on growing an idea, team, or a company!