Are You Ready for the Digital World?

Our entire planet has gone digital. From new technologies popping up to artificial intelligence taking over our daily and mundane tasks, our planet can seem unrecognisable from what it once was.

If you’re someone who is not necessarily evolving at the same pace the world is, you’ll want to hold on tight. The innovations are only going to bring about even more major changes and disruptive technologies are constantly being pushed out. These things are changing the way we, as consumers live. They are also changing the way business is being done. Nowadays, you don’t have to be a digital native to behave like one. From people tracking their exercise habits on a device on their wrist to people in their 40’s spending more and more time on social media. You’ll even find a lot of seniors reaching for an iPad over a traditional newspaper and everyone walking around with their phones in front of their faces instead of by their ear. The majority of the world is more connected than its ever been and now the average American spends more time looking at a screen than they do sleeping.

These same technologies that are changing the way we live are bringing about new business models. With more organisations now using digital to create content and to monetise things differently, it’s beginning with major changes. Value is continuing to be delivered through newer cross-sector outcome-based propositions instead of the sector-specific services and products of the past. You’ll find organisations much more capable of delivering consumers tailored and on-demand services and products that are going to experience the most success.

All Or Nothing

Any organisation that is nimble enough to navigate is poised to benefit the most. It is allowing these organisations to prosper while incumbents are having to tread very carefully.

We ended up speaking with over 425 leaders for the National Digital Benchmark report we put out. Over half of the leaders, at a staggering 53%, admitted that they spend more resources on what they’re good at right now rather than spending resources on things they will need to be good at in the future.

These organisations are looking to experiment at the edge by using digital to effectively improve the customer experience they are providing or by making their processes increasingly efficient. They are doing this instead of looking to reshape their existing value chain. Among the leaders, 68% of them are increasingly comfortable at adopting these technologies to enhance their current models instead of looking to disrupt their existing ones.

The fact is, adopting this sort of approach is ultimately going to leave money on the table. By following this specific path, you’ll end up putting yourself in a position where you fail to leverage opportunities where you could otherwise create and monetise more value. To fully position yourself for tomorrow, you need to look past experimentation and completely transform the way you are doing business throughout your organisation. You also need to look to differentiate how you are delivering solutions in ecosystems throughout multiple industries.

As these digital leaders continue to look for ways to innovate and prepare for tomorrow, our report found specific areas where you should be looking to leverage new opportunities for digital transformation.

Follow the Digital First Blueprint

The emerging market entrants are continuing to be led by strictly digital mindsets. They are driven by looking for ways to disrupt their existing market or completely renovate ideas on how to create a new one. The incumbents who are looking more to adapt need to break free from what’s holding them back and look to move forward by taking risks to embrace the new opportunities presented in the future.

To do so, they have to try to find established businesses already succeeding in the space. For instance, the car industry has been working with Geo-fencing technology providers to effectively boost the efficiency of handing new cars to car dealerships by making it both more accurate and less risky. There are now sensors being put into the cars that can detect the exact moment the car passes onto the dealer’s property and the software then initiates a transfer for the asset to the dealer’s balance sheet.

Furthermore, any incumbent needs to begin looking to figure out ways to disrupt their organisation by looking around and learning from digital firms. The disruption needs to start with the customer’s viewpoint in mind by minimising the friction they experience at every touchpoint and improving the overall end-customer experience. Paperchase Accountancy can help you with this.