What is digital business?

Digital Business is about your business processes, people and technology

With people and things communicating, transacting and even negotiating with each other, we enter the world of digital business. Digital business is innovative and agile with a people centric view.

A digital business is one that is able to digitally automate its processes and exploit information. Bolt-on digital transformation is known not to work, and is further complicated by legacy, resistance, priorities, resources and business silos.

Information Management

Digital business is not just about social business, disruption and technology, it is also about the way we impact people’s experiences and behaviors. Digital technology must be used to enable people to succeed, by having the proper information, resources and tools.

Images, videos and written content are all very valuable and can be a competitive advantage for those who are able to exploit it.

A digitally connected world

Digital business is about your customers

Digital business success requires making strategic choices that recognise the importance of customers in the business model. It is important to be able to understand what is possible, and to create value by transforming and enhancing your customer experiences and engagements, through continued innovation.

A sound customer experience strategy is underpinned by a digital strategy. With more and more customers moving to digital channels, every industry is striving to improve customer experiences by simplifying, automating and making more-intelligent end-to-end processes, while minimizing manual interventions and enabling the customer to self-serve.

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Digital business is about speed and agility

For digital business to work, you must respond to business opportunities in a timely manner, often in real time.  You must implement solutions quickly, ahead of your competitors, using agile development methods.  An added complication is that all of this today’s businesses must anticipate the unknown business conditions of the future.  Gartner is predicting that “digital business incompetence will cause 25% of businesses to lose competitive ranking by 2017”.

Digital numbers

Digital business is about leadership

Success in digital business also needs the right leadership, culture, employee engagement, operational excellence, governance and business strategy. Leaders need to develop a digital business strategy for realising unique digital opportunities and plan their transformation and the impact throughout the organisation, they need to identify disruptive trends, customer expectations and competitors in the industry, while looking at opportunities to combine and overlap efforts, keeping in mind that customers don’t see a gap between how they engage with a brand online, through mobile, or in the physical retail space.  And while silos almost always exist, an environment of collaboration needs to be present to eliminate these gaps wherever possible.

Business Leaders

Yet for many, the mystery on how best to organize, and what to focus on is as big a challenge as ever, especially in the face of disruption from thousands of start-ups that are increasingly moving directly into traditional industries.  This complexity is all the more reason that you need to address the people/process/organization challenge early in digital transformation.

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Current state of digital business

Today, digital business is mainly used in the context of digital transformation, disruptive technologies, business optimisation and integration/convergence.  At the same time, 74% of business executives say their company has a digital strategy, but only 16% believe that their company has the skills and capabilities to execute on that strategy (Forrester 2014).  A good example is the retail banking industry where digital technologies are increasingly used across several business functions and also in the physical branch, blurring those lines.  Rich user experiences and multi-channel are now becoming a norm rather than a value add.

Content, information and digital business – providing the right access to the right content at the right time through the right channels – thereby shaping customer engagement and experiences, is critical in business today.

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By |2018-08-16T17:32:16+00:00May 3rd, 2015|
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