Rethinking Digitization of Your Business Model..

  • Posted by: Richard Impenge

We believe that our collaboration as digital transformation experts will help your organization to increase its competitive edge. That being said, we’re always going to employ an analytical approach to how we help each organization improve its digital strategy. How else will we suggest the steps that your firm should take now and in the near future? We enjoyed this recent piece on the Harvard Business Review which offers a fresh perspective on what we do daily for clients.

Jacques Bughin and Tanguy Catlin explained in Dec. 2017:

“It is not too late for incumbents to reverse the digital curse and re-create a more profitable growth path if they are willing and able to invest more in digital than their peers and take the offensive by reshuffling their activity portfolios and beefing up remaining activities with new business models. On top of that, incumbents would be wise to choose a ‘platform play’  — creating value by intermediating in transactions between other parties, such as suppliers and consumers — because it opens the way to capture more value in disrupted industry chains.”

Don't Despair - We Can Help You Escape the Digital Curse

We will begin by stressing that you don’t want to take a negative approach to revamping your digital strategy. However, you shouldn’t be overly critical of what has been achieved so far. Some tech projects will succeed, and some will fail. Just ask the CIO! Your company has probably invested in some digital products and services such as Salesforce that generated uber returns, but other investments in digital projects became abysmal failures. Those failures probably even cost some people their jobs. They went on to other companies and developed new projects. In our heart of hearts, we know that each digital product must hit the market just right or it will fail. Toy makers deal with this timing-to-market dilemma each holiday season. If their research compels them to go with mass production of a new toy that doesn’t catch on, they will lose millions! Your company may not even be at the point at which there is a potential digital curse. Your firm may be considering its first digital transformation; that’s why you’re feeling ultra-positive about this process. BayBridgeDigital helps companies wherever they happen to be at in the transformation process. We help you be honest about how your current business models stack up against those of your direct competitors!

The Platform Approach: It's a Sure Bet!

It’s important to consider that all digital products and services will be consumed by target users on different devices. For example, some users will prefer to order a product from a mobile phone while waiting in line at Starbucks. Other consumers will research product benefits and drawbacks, reviews, and consumer reports for days on a laptop at home or during a work break. All users are potential shoppers who will buy something online or via a mobile device and then return it if they don’t like it. They are constantly evaluating brands and deciding where to buy products and services that will enhance their daily lifestyles. These consumers who will make your company more profitable if you can truly position the organization as the intermediator of transactions between consumers and suppliers.

Where Are You At?

In a digital transformation, you must study your firm’s place in the supply chain. See how you can use digital products and services to strengthen relationships with suppliers and consumers while offering different advantages to each. Your company must invest more heavily in tech than your competitors just like the authors above suggest, but we help you do it in ways that make sense. You won’t make any big moves without researching the market, which is guaranteed to change faster than you can create any digital strategy. Formulating a digital transformation strategy is about creating a roadmap and then deciding how much your firm can reasonably invest in each stage of the journey.

Contact us today to discuss ways to begin the journey of digital transformation.

success@baybridgedigital.com

Author: Richard Impenge

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