It’s widely recognised that taking advantage of new technology in order to gain a competitive advantage is a sensible move. Even if it’s only to deter the risk of new entrants disrupting your marketplace – looking at Uber, for example – we can all admit it would be fairly crazy to run a business that actively avoids taking advantage of the technology that’s available nowadays.
With this in mind, it’s time to ask, what does a digitally advantaged business actually look like and can you transform your business by adopting just a few simple value-added steps?
As a technology-led management consultancy, we specialise in giving investors and business owners a competitive advantage when they’re looking to buy, sell or run ambitious or distressed companies. After successfully delivering many transformation projects, we’re in the perfect position to advise you on what has worked and what hasn’t with regards to how digital technologies have affected small and medium sized businesses.
Our experience has taught us that there are two types of digitally enabled customers; those who are completely digitally transformed – consequently finding new business opportunities and outcomes – and those that continue to do what they are already doing on a daily basis, but with added elements of digital technology – and most of the time finding that they are only achieving modest returns.
The issue is that both types of customer start the process with the belief that they are going to become 100% digitally transformed, expecting to see rising profits and efficiencies as an outcome. But many fail to achieve this goal.
So why does this happen? Even with thoroughly devised strategies and plans in place, why do some companies struggle to transform in the digital world?
The following five reasons usually have something to do with it:
- The companies don’t necessarily focus the digital transformation around solving their customers’ problems
- Too much effort is spent on automating existing business processes, rather than creating new business opportunities in order to develop growth
- Investments are not necessarily considered thoroughly. For instance, a company may choose to implement technology based on the fact that it sounds exciting, rather than on hard financial outcomes connected to growth or profits
- There could be a poor understanding of the existing customer, supplier and operational data sets
- Analysis may not be carried out efficiently due to a lack of organised prototyping and internal skills
Stumbling across these hurdles will inevitably turn digital transformations into digital cover-ups.
But surely these things are easy to avoid? They are, so long as you have the right team in place. Software alone won’t solve these issues, unless of course you’re using the more advanced software that’s available out there; this might be able to help.
Our years of experience have taught us that the leaders in digital transformation are successful in the following ways:
- The outcome and success of their digital transformation is directly compared to improvements in their profits
- They are dedicated to solving customer problems and improving customer experiences
- Existing data is used to generate efficiencies and create new products, services and revenue streams
- Teams are nurtured and retain the skills to deliver continuous improvements
- Internal operations are completely transformed too so that processes are carried out in a much more agile, organised and efficient manner
We are recognised for delivering Salesforce based digital transformations, ensuring that the common pitfalls encountered by companies are avoided and maximising the likely profit potential from this exciting new opportunity.
Salesforce provides the platform to deliver digital transformations and it is a clear market leader with regards to delivering exceptional customer focused solutions together with enterprise class process automation and integration.
Our approach is simple; we deliver the minimum amount of technology possible in order to get the job done and then continue the process, building on it every time, with each cycle adding tangible business value.
Not only that, but rest assured you’ll be in the safest of hands. Our consultants carry a range of credentials, including Institute for Turnaround (IFT) candidate membership; a highly prized statement of our transformation capabilities.
If you are an investor or business owner looking to introduce a competitive advantage when buying, selling or running an ambitious or distressed company, then the chances are a digital transformation may reap huge rewards for you. Find out more by giving us a call on 01743 724976.
At it’s core, Demand Finder is a philanthropic organisation, meaning where possible we deliver programs of work that benefit society while also serving our business interests. We improve company profits through targeted giving that corresponds to company interests.
We target all main stream industries and markets, so the majority of our work isn’t directly socially beneficial, however, we have a strong social compass to guide the work we take on. We are in the process of adopting a social contract and see our role in complying with it as an integral part of our business, and as an opportunity rather than an obligation.
If you would like to know more please contact us. Equally, if you have advice or experience which you feel will help us in this area we would welcome your input.
We believe great things can be done.
Simon Monk, Demand Finder MD, will be taking part in the 2015 London Big Data Week. In addition to discussing the challenges and opportunities that data represents for ambitious companies, Simon will be a panelist alongside ShopDirect and Dunnhumby.
Simon’s main discussion will focus on Honest Café, an unmanned café chain. It is a perfect example of how young new businesses are leveraging predictive analytics for the first time to make better, more strategic business decisions….
To find out more go to bigdataweek.com/ or contact us for more information.