In the past decade, whenever we talk about Digital Transformation, Data-Driven Decisions and Impact Sustainability subjects in-front of enterprises, governments and SMEs, organisations might not have often had a sense of urgency to drive business model innovation.
Now is not the time to cut-budget on digital initiatives but rather the best time to allocate teams and resources to drive business model innovation and digital transformation as we are accelerating into a new digital normal. This global pandemic incident has drastically changed how we do businesses, how customer behaviours shifted and how we are changing ways of interacting with users virtually.
If you ask which industries are facing the biggest disruptions, maybe you should ask which industries are not being disrupted. Just within in weeks, we saw massive market volatility, skyrocketing unemployment rate, retail bankruptcies, complete lockdowns, cancellation of events and suspended travels. Yet, online education, eCommerce, video conferencing, mobile payments, social media activities, content curation and basic consumer necessities all peaked.
We see huge interest in Business Model Innovation and there are 3 major reasons driving businesses to transform:
Customer Experience – Customers are demanding quick and easy access to information, products, services and contents. Seamless payments and checkouts on mobile phones are growing exponentially. Companies like Amazon are well prepared and continue to grow with advanced technologies integrating with its customer experiences, such as their Voice-based Virtual Assistant, Cashless Go stores, Drone Deliveries, Robotic Warehouses, AI Machine Learning, Fraud Detection, Cloud Computing and Cyber Security protecting customers’ data privacy.
Speed – We see increasing Speed of Everything. Business Innovation model offers better, faster and shorter cycles on product development, design innovation, and on-demand services. Digital offerings trending towards micro bite-size products, hyper-targeted customers communication and in real-time. In one of our insurtech startup, Yas, we see massive data showing customers’ frustration and demands, however, incumbents with legacy systems no longer have the capabilities to support these increasing demands from users. Entrepreneurs and Startups are growth hacking and competing very fast in this digital era.
Competition – Competition is coming from all directions. Whoever can offer better quality, lower cost and instant response would win the loyalty of the customers. CRM & Loyalty systems are no longer enough as competitions are offering more solutions such as auto-suggestions, advice, tips, contents, utility tools, incentive rewards, referrals and recommendations. Automation, integration and psychology hacks are some of the key elements during business innovation.
When the crisis is over, are you ready to play out differently? Do you have new strategies to run your business, a new structure on how your team collaborate and creative ways to engage with new behaviours?
It’s time to shift gear to bring your business to the next level. Get Ready Now!! Click here to fill out a questionnaire for the best quote on our digital transformation offerings.