By now, you have heard the term “digital disruption”. It is defined as, “ The change that occurs when new technologies and business models affect the value of existing goods and services,” according to TechTarget.com. Digital disruption was directly responsible for the demise of corporate giants like Blockbuster–Blockbuster failed to adopt a strategic response to new technology. In turn, they ultimately failed. Disruption need not be a negative term; indeed there are a variety of opportunities that your company can create using new technologies.
All companies are going to have to embrace digital disruption–it is inevitable. Yet it need not be difficult. The easiest strategy to utilize would be cloud integration.
Right now, your business probably uses between 300 to 400 apps, according to ZDNet. The newest tech suites are cloud-based, flexible, and scalable to evolve with your business. In order to succeed in a digital world, your company needs an integration strategy. It doesn’t matter which platform you select–if you prefer Salesforce or Zoho as your CRM, or whether you use Sage or NetSuite as your ERP solution. The key here is to connect and consolidate information so that everyone on your team can use and analyze it.
Digitization of processes essentially replaces manual labor with software. This can mean trouble for some industries–travel agents, for example, are all but obsolete. Yet your company can easily adapt to digital disruption. This could mean adopting an e-commerce platform to automatically process invoicing, shipping, and inventory. It could mean automating customer service responses with a bot so that clients can get an immediate response to common questions. The key here is speed–speed is valuable currency in the modern world.
By integrating processes, it ensures that anyone in your organization can access to all of the information that they need from any device and in real time. Optimizing business processes, both front- and back-end improves technical capabilities and compels a customer-centric approach, which is a necessity in the age of the consumer. Even established legacy tech companies have adopted digital strategies.
Sage Business Financials, for example, is a cloud-based version of the ERP built into the native Salesforce platform. This means that users get the ideal situation–the powerful CRM tools available in Salesforce combined with the accounting insights of Sage. Sage has also adopted new, fully-integrated ISVs and a seamless chat bot, dubbed “Pegg”. Digital disruption can help both startups and incumbents, as long as they understand the emerging technology. An integration strategy can turn digital disruption into digital opportunity.
If you want to create a competitive advantage and evolve, a digital strategy is imperative. Harness transformative technology and integrate your business processes. Otherwise, you may become another cautionary tale.
If you need help devising strategies to help you grow your business, Edgeware’s consultants are experts in business evolution. Contact us today.