By 2020, half of the current Global 100 companies will be marginalized by new or more nimble competitors according to IDC. For business leaders, the question is no longer whether to transform their business to succeed in the digital world but how to adapt, develop new revenue streams and delight global customers.
For companies with large customer, employee and revenue bases, changing the business model, organizational structures and processes can be daunting. However, now is the best time to get started by identifying a currently underserved market segment then initiating a pilot project to gain experience, relevance and incremental revenue.
Success starts with:
- Leadership recognition and commitment to change, evolve and expand into digital future.
- Understanding of customer needs today and in the future through workshops, focus groups and data analysis.
- Clear definition of initial target market for new digital offerings and commitment to respond quickly to customer feedback and behaviour information.
- Dedicated (autonomous) team focused on design, prototype and product development, user adoption and communications.
- Plan for increased customer engagement, revenue generation and project expansion across the organization.
Timing is everything – by investing now in new offerings for a digital future, you can maximize results and relevance in 2018 and beyond. If you are unsure how your company can move forward, read more (link to article) or let's talk as Next Step has led the success transformation for many finances, retail, manufacturing and other traditional organizations.