Every organization today is facing the challenge and pressure to stay competitive in terms of meeting new & growing digital demands. These continuous growing digital demands are forcing organizations to accelerate their digital transformation journey and adopt new business models faster. It really becomes a big challenge for the organizations having lots of technical debt and burdened with ineffective business processes to adapt these new business models on a faster pace.
Organizations need to realize the cultural changes happening among users of their services and act fast to adopt it to be relevant & nimble in serving these demands. There are many examples in history about the organizations which had been on top, worldwide in their business domains, made billions of dollars but failed to react fast to new business models and had gone bank corrupt over a period. One pattern which was observed common to these failing organization had been the negligence of cultural changes or not responding smartly to adopt these cultural changes happening around their end customers.
Leaders & entrepreneurs today understand all these factors very well and are in process of verifying their value propositions, ways of working, serving end customers, consumer’s behaviour of buying their services and assessing about their services of meeting customers expectations. Most of the organization feels a need to be digital ready to serve these demands better, but what does a digital readiness means to an organization, lets understand it. Any organization to be digital ready there are three main focus areas each industry needs to focus on i.e. being customer centric, agile and data driven insights. These three focus areas should be able to help reacting fast to cultural change around end users of your services and decision to change business model should be decentralized more towards the workforce dealing very closely with end users. The picture shown below is showing an important aspect of any organization to be competitive, it must adopt these principles to enable digital ready business processes to support faster time to market for any new service or updates.
Being customer centric is more around understanding the customer needs, their pain areas & challenges, kind of customer experience they are expecting from your services. How the culture is changing with new technologies, new devices and behaviours of end users, how these changes are leading to new business models. With all these understanding then building a strategy to be more customer centric, changing and releasing new offering to address these customer demands will always keep your offerings interest high & so the market relevance.
Most of us are aware of the term agile which means of being more adaptive to change, reacting fast to the customer expectations and being more competitive in terms of services, innovations brought to end customers. Agility towards releasing services on faster pace would have its own challenges and this is where a digital ready organization always would be a front runner in being more agile & realising their services on faster pace to their customers.
Data & Insight is more about able to render the relevancy of your organization, tools & business processes towards your customer expectations, measuring the nimbleness of the organization to new digital demands. This helps organization to identify some good insights about their position in current market and where do they stand in leadership quadrant and what are the actions for them.
In this way any organization which follow the principle of being customer centric, agile and taking decision driven by data insights are able to promote themselves to a digital ready organization. Most important aspect of any organization to be digital ready and core of all the principles is cultural change toward consideration of decentralized decision approach. So in summary customer centric, agile, data & insights along with acceptance towards cultural changes are keys for any organization to become a digital ready organization. How this approach can be executing through a digital ready framework lets talk in next blog…