The rapid advances in technological capabilities, combined with the global growth of entrepreneurialism and the ‘sharing economy’ bring many new opportunities for Norway. However, there can be challenges as new digital competitors compete with traditional corporations in all industries and today’s buyers demand engaging digital access to what they need when they need it.
Welcome to the Digital Age. This world of digitalization brings great opportunities for growth of new innovations and transformation of companies into globally recognized solution providers. Recognized for very high levels of adoption of technology by individuals, great technical competency and rapid growth in the startup community, Norway is well poised for leadership in the Digital Age.
To fully leverage these strengths for success, Norwegian organizations from media powerhouse Schibsted to DnB, Posten, and Avinor are assessing, piloting and leveraging digitalization to increase customer satisfaction, create new revenue streams and more efficiently serve their customers. As DnB has experienced with the fast growth of mobile app, ViPPs, digital offerings can open new markets and engage new customers.
Through innovative thinking, combined with a deep understanding of customers’ needs and future interests, all organizations have the opportunity to reap the benefits of digitalization:
- Increased customer loyalty and retention – leading to more predictable revenue streams
- Ability to penetrate new markets and gain incremental revenues
Streamlined operations and improved efficiency
- Enhanced employee productivity and engagement
- Greater market position today and future
As shown by Silicon Valley-based Adobe which has transformed from a software vendor to a digital marketing services company (through Creative Cloud, Marketing Cloud, and Document Cloud), the ultimate result is higher market valuation and a much stronger market position. For this level of success with digital transformation, Norwegian businesses need to consider, plan and implement:
- Business Model for service delivery and predictable revenue creation
- Customer journey, service delivery, and loyalty attainment
- Value network partner and stakeholder engagement and collaboration
- Organizational readiness, adaptability, and competencies
- Technology processes for agile product and service development and delivery
- Integrated and iterative service delivery and communications with all stakeholders
During a Digitalization Information Forum organized by AmCham in Oslo, executives from Cisco, Schneider Electric, Burston -Marsteller, Selmer and the US Embassy and others agreed that digitalization is the future. They also recognized the opportunity to work together, learn from successful global leaders and innovate through pilot projects.
In the age of Digitalization, global markets, delighted customers, and engaged employees are available to all organizations – now is the time to move forward to a successful future.
This article originally appeared in the April 7, 2017, issue of The Norwegian American.