Digitalization is helping companies reap higher profits by reaching a wider and engaging audience. By complementing a robust IT with disruptive technologies, you can harness a new digital business model that will last, and reach various sectors of the economy. 33% of organizations have successfully digitalized their businesses. Here’s what over 3000 peers and top-performing organizations have to say about how you, as a chief information officer, can transform your operations.
The inevitable change in the way businesses function cannot solely be facilitated by technology alone. It also relies on the leadership of CIOs. By working towards better consumer engagement, faster delivery of digital ‘products’ and a sound, secure information and technology foundation, digitalizing your business can seamlessly be expedited. Here are 6 noteworthy take-aways that will aid you in transforming your business.
1. Prioritize
To enable organizations to grow, CIOs and senior IT leaders need to shift their focus towards customer engagement. It calls for maximizing the use of digital channels and swaying according to shifts in consumer demand with agility. By strengthening the pillars that will improve customer interaction with your services and activities, the scope of your business model will increase.
2. An inevitable change
Nearly half of the world’s organizations have adopted the digital business model or are in the process of adopting it. Conversion in sales is no longer dependent on what is being sold, it now depends on how it is being sold. Stay updated with the changing market and combine business strategies with IT capabilities to transform your business model.
3. Measure
Consumer engagement is an indicator of success and failure. It is essential to measure how customers interact with your business. With the help of key performance indicators (KPIs), you can assess and optimize sales to improve the value of your return on investments (ROIs).
4. Cyber-security
Digital business models accrue tremendous amounts of consumer data. Compromising consumer information is fatal to the reputation of brands. Therefore, it is imperative to secure your cyberspace. Aside from the cybersecurity that IT provides, educating the board and senior leadership to think and act on protecting consumer data will be of great benefit.
5. Take the product-centric approach
Becoming a product-centric organization confers brands with innovative strategies that enhance customer experience. It is driven by channeling internal IT processes to external products and services, along with your leadership. Moreover, collectively resolving technical hurdles to product-centricity will help foster healthy relationships between your business and your stakeholders.
6. Digital transformation
Finally, remodelling an existing business requires you to work towards innovating your brand’s products and services. Offering cloud based services will help steer your organization to deliver better results and upgrades customer experience.
Conclusion
To fuel a business’s growth and be able to rake in higher revenues, taking up digital initiatives is the path to embark on. The imminent change in business models is going to quickly abate the prospects of organizations that do not digitalize their operations. It’s time to digitalize your business.
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