Disruptions are almost commonplace in the business world currently, thanks to the ever-changing digital landscape. Just think of Uber, AirBnB and even Xero, the NZ accounting software that's transformed the arena it's competing in.
What does a digital transformation look like, and how can businesses use it to gain an advantage?
While the digital landscape has existed for some time now, it's a realm businesses are still exploring. Developing technology is constantly creating new domains to compete in, and the rapid rate of transformation is helping level the playing field.
Small businesses and startups that have their finger on the pulse can take advantage of developments to assert themselves in the emerging fields before larger companies have a chance to adjust. It's much easier for small companies to push through change, whereas larger businesses have to go through lengthy process consultations. This also allows smaller organisations to disrupt existing sectors by adapting how they approach them, such as with Uber and the taxi industry.
How customers interact with the digital landscape has helped form the new playing field as well. With potential consumers having the ability to easily compare options and switch between businesses, companies have to perform at a higher standard to attract and retain them.
The new playing field opens up opportunities for smaller businesses, but it's also fast-paced and cut throat.
Constantly adapt and evolve
You need to create in the digital landscape that your customers are living in. This means adapting and evolving as quickly as they do, as well as constantly considering what might come next. Doing so isn't a simple task, but creating a culture of lifelong learning and development within your workplace can assist you in keeping your business moving forward.
Company-wide embrace of digital transformation
You can't expect to disrupt the playing field if only half your team turns up to the game. A digital transformation is an ongoing process that offers benefits to virtually every aspect of your business. Sectioning it off into one corner prevents these advantages from manifesting. Additionally, by bringing the whole company on board with the process you allow better insights, discussions and innovation to occur. Having your employees involved means you can implement technology and strategies that actually work in practice rather than just in theory.
Partner with the right people
Businesses are no longer distinct and separate entities. Instead, partnerships and long-term relationships are becoming more common as companies work together to provide better all-round solutions for customers. Consider Xero, and the active partnerships it celebrates and promotes with a number of accounting firms. The collaboration benefits everyone involved, from the businesses using the software, the accountants who gain hands-on assistance from Xero, to the company itself as it receives active feedback that allows continuous development and innovation of products.
If you're looking for the right partnership to help your business take on the digital world, reach out to the team at FinXL. We're here to provide you with the ICT resources, services and solutions you need for your digital transformation.