When the world relied totally on digital resources to keep the cycle going, everyone got to realise their real significance. The companies like BHP, Goldman Sachs, Disney, and others who had spent capital on digital ascendancy have clearly seen the perks of it. Moreover, they kept investing in it during the pandemic as well to outspend their peers and stay on top.
There are a few strategies that if adopted in a digital world can bring exponential improvement and induce effectiveness. Below are four classic moves to bring you back in the race.
Differentiation Using Digital Technology
Differentiation using digital technology is momentous and such kind of distinction can be achieved by innovating products, services, and business models using digital technology.
To understand this concept, for instance, John Deere, a renowned American manufacturing company differentiates through its Internet of Things – IoT ecosystem. It has helped them a lot by improving their services to customers. Similarly, many automakers are differentiating with the help of quality software they are using. Because this is the era of ‘computers on wheels.’
Hence, there is a need to look beyond the boundaries and obtain a digitally-enabled approach to differentiate in this era.
Enhance Digital Productivity
The second classic move is about productivity improvement. It does not only save cost by allowing cheaper interactions through digital channels but also take companies towards better tech enablement.
Like, during COVID-19 times, companies adopted the hybrid work approach to keep the process going. This actually enhanced their digital productivity and proved useful.
To achieve digital productivity, a smart framework within an organization can be introduced. This framework can nurture with the help of process automation (i.e., automatically sending reports to managers for approval). Moreover, using better connectivity technology can take things to a whole new level, and 5G connectivity can help achieve that.
Invest Smart in the Tech that Sets You Apart
A lot of companies implemented this classic move and gained significant economic profit. It is not just about investing in digital tech, but also about spending on something that brings differentiation and ensures digital productivity.
Incumbents may invest in software-enabled business models or technology-platform landscapes based on their approach because they have to be selective about where to spend.
For instance, Walmart is a pretty renowned marketplace, but it still lags behind Amazon and eBay. To stand out among them, Walmart can utilize its large physical store network to offer faster in-store pickup and returns along with shorter delivery windows to its customers. Thus, they know where to spend.
Moreover, if there is a training platform for the general public, they should invest in their digital communication framework and connectivity system to become a standing-out organization.
Reallocate Resources at Digital Speeds
Research has shown that the companies who reallocate their resources at digital speeds have more chances of growth and success. Because resource allocation shifts talent, money, and management attention at the same time, and helps realize where they deliver the most value to your company.
An automated resource allocation system can be quite helpful in this regard. For instance, Digital HRMS is an automated resource allocation system that provides multiple features along with its basic purpose.
Satya Nadella, Microsoft CEO, said;
We’ve seen two years’ worth of digital transformation in two months.
