Forrester Report: Unleash your digital predator
Businesses needs to operate as digital entities to add value to customers and increase operational agility
In an era when consumers expect products and services to be seamlessly integrated into a digital world, businesses that reshape their strategies to become more digitally orientated will become the disrupters in the market, while those that don’t will invite disruption from the outside.
This is according to an updated Forrester report by Nigel Fenwick and Ted Schadler that analyses the role of digital transformation. The report emphasises that businesses should look to “digitising their business strategies” as opposed to merely building digital strategies. Bolting on a digital strategy that adds an app here or a website there simply won’t do the job. Businesses that wish to gain a competitive edge must actually reshape how they create value for their consumers in a digital age, taking into account that digital will fundamentally change how consumers interact with products and services.
Anther takeout suggests that businesses should be using digital to help their customers achieve their desired outcomes. To do this, the report suggests seeing your business as a part of the personal ecosystems that consumers create in order to fulfil their needs, as opposed to simply regarding the organisation as a set of products or services. This increases the value you add to the lives of your customers by changing the way you see your role – adding more value by becoming a part of their ecosystems.
By improving digital operations a business can increase its agility in the market, reveals the report. And though digital business can certainly provide customers with an enhanced brand experience, these services can also improve factors such as speed to market, employee productivity, the creation of leaner processes and optimising the use of assets.
The digital era has irrevocably changed the way we do business, and the areas that previously set companies apart from their competitors, such as economies of scale, distribution strength and brand no longer count as much as they did in the past. Digital has changed the markets in which business now operates, the consumers its serves and the amount of competition in the market.
In short, now more than ever, says Forrester, digital businesses will lead the pack. As the report states, “digital businesses will win, serve and retain customers by continuously creating and exploiting digital assets to simultaneously deliver new sources of customer value and increase operational agility”.
The big take-out: A recent Forrester report looks at the need for businesses to operate as digital entities to add value to customers and increase operational agility.