You built the business through the 90’s and 2000’s, and sales targets are getting tougher to reach every year. Why is that? Most likely your business model is tired and in need of renewal. In truth, it is broken. And you have the digital economy to thank for that.
In 2010, while stock market billions were being made with on-line social communities, digital transformation was creeping up on us. It is changing the business model of all industries and affecting you. This transformation endangers your capital equipment, inventory, employees and clients. It also puts the survival of your business is in question. Let’s take a look at the four kinds of businesses being affected by this change today.
According to Strategyzer, a consultancy, you could be at one of four levels:
Level 0: a firm that is product-focused & oblivious to new digital business models: “old school”
Level 1: a firm aware of change and asking questions, aware of competitive changes in the market: “beginner”
Level 2: a firm focused on a business model strategy combining assets, brand and digital services: “master”
Level 3: a firm pursuing new digital business models and disrupting incumbents: “invincible”
How can you turn this around? One avenue is to set a new roadmap through digital strategy practices.
A digital strategy practice is a firm providing digital insight using collaborative methods to examine the current and future state of your business. Working together, company stakeholders join visual designers, service designers and facilitators to engage in a week long exploration of ways to improve and transform business operations using digital technologies. Such firms employ tried and tested processes such as Agile and Design Sprints to renew your business and create new opportunities.
Part 1: What is digital transformation / your business model is broken
Part 2: How to prepare your company for a digital transformation engagement
Part 3: How to choose a digital transformation firm