4 qualities of a successful digital enterpriseSonal Mishra
As we move towards a technology-focused world, digital transformation is becoming a prerequisite for businesses of all sizes. The power of technology has no bounds, and people who never considered themselves to be technologically driven have now started making efforts to change this by making the best use of the available online platforms. This is where the term ‘digital enterprise’ comes into the picture.
Digital enterprises are organisations which take a conscious initiative to integrate new technology and methodologies to transform their business processes, organisational structures and working models. According to Harvard Business Review, “For businesses to be competitive during this time of transformation, they must increase the speed with which they innovate around new digital initiatives.”
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That being said, the age of digital experimentation is over, and in the coming years, companies need to be digitised to create a market space that is 100 times larger. The e-commerce market is growing at a rapid rate, yet many companies are still new to the idea of transforming into digital businesses. To survive and succeed in the competitive market, the management needs to take concrete steps to stay put with the prevailing competition in the market. Here are some qualities of a successful digital enterprise that you need to implement in your business that will enable you to deliver an affordable, convenient, faster and pleasurable consumer experience.
Have reasonable aspirations
Digital teams are always expected to think out of the box, but bringing unreasonable aspirations into the picture could lead to setbacks that can even result in fatality. Keeping your aspirations real and working towards focusing on potential affairs is the key to reaching your ultimate goal. The goal of your company should be in sync with the digital trends that could be shaping up in the near future.
Netflix is a classic example of a company that took a strategic decision ahead of time without being “unreasonable.” In the early 2000s, the leadership management of the company saw a potential in the video streaming media, owing to the quickly evolving broadband technology around the world. The management decided to place its bet on the potential demand for real-time entertainment, and by the end of 2013, Netflix recorded about 40 million streaming subscribers.
Keep it rapid and ongoing
In this digital world, it is imperative to keep things moving, updated and continuous as per the changing trends in the industry. Focus more on innovations and quality improvements that can ensure better user experience. The change should begin at the employee level. Each employee should be able to work through different gadgets and platforms that collaboratively contribute to the overall functioning of business processes. Every department and team in your organisation should have its own success metrics, so that they are able to strike a balance between frequent technological updates and the speed with which they impact the business.
Treat each customer as an individual
The basic aim of a digital enterprise should be to cater to the needs of each customer individually. This is only attainable if the organisation learns to foresee the advent of digital technology and the increasing need for information transparency. These structures diminish the need for multiple layers of decision-making and information filters, giving more importance to consumer feedback. It also gives you a competitive advantage over digital startups that are just starting out.
Make data-driven decisions
Successful digital enterprises are data-driven, or rather, data-aware. All decisions taken in the business sphere are backed by strong data metrics which enable them to deliver insights with much more clarity than ever. Today’s businesses need to be rapid in making informed decisions and should focus on continuous improvement and delivery. All this should be based on data and analytics.
For example, Procter & Gamble created a single analytics portal, Decision Cockpit. This portal is designed to provide real-time sales data across products, categories, brands and regions that is accessible to more than 50,000 employees globally. This helps employees identify and address issues so that the relevant action is taken on time.
The mindset of a digital enterprises is to go beyond their capabilities and create an extraordinary business environment for both employees and end customers. Implementing the given qualities in your operating approach will ensure definite success in the long run.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)