A few days ago, we posted a link to an article in The Economist highlighting how Siemens and General Electric gear up for the internet of things Another article along similar lines by Amit MIDHA highlights “Transforming large organisations at start-up speed”
Digitization has certainly come beyond buzzword, though there is still a lot of debate and thoughts on leveraging digital technologies. IT executives and leaders have been living through waves of automation, updates in usability, user self-service, web and mobile enablement and eCommerce.
This is the reason why we highlight “Digital and Digitization” as Trend #1 of [Top 25 Digital Startup ideas and technologies for 2017]
– The Editor, myDigitalStartup
Transforming large organisations at start-up speed
The age of the start-ups is upon us; disrupting industries across Australia and the globe. Innovative businesses are offering increased convenience to customers at lower costs, facilitated by the integration of high-speed mobile connectivity, the internet of Everything and advanced analytics. Companies need to keep up or risk being plagued by digital disruption and fall further behind in the technology race.
According to a recent study, the majority of Australian businesses (88%) consider digital start-ups a threat to their survival, either now or in the future. There are three main reasons for this; innovation, customer expectations and agile mindsets.
Businesses are being overtaken by new, agile companies at greater speed than ever before. These disruptive start-ups are now coming from well beyond the traditional innovation epicentre of Silicon Valley. In Australia, start-ups like Sydney-based company GoCatch, an Uber competitor, are transforming the taxi industry. With driverless cars around the corner, industries like this one need to see innovation as a constant cycle.
Customer expectations are higher. We are all getting used to the personalised experiences offered by many digital start-ups. Consumers now expect access to services 24/7 as well as information that is updated in real-time.
Start-ups are typically open minded and have a strong understanding of digital technology infrastructures that allow them to better meet customer demands. In order to operate and innovate at the pace of start-ups and successfully navigate through the murky waters of the digital era, traditional businesses will need to consider the following:
Prioritise a centralised technology strategy
It is essential that organisations incorporate technology in all functions of business investment plans. Many Australian businesses (77%) agree a centralised technology strategy needs to be a priority. Digital start-ups have the edge as they build technology infrastructure from scratch. In order to compete, businesses dealing with legacy IT infrastructure need to align their technology strategy with their digital objectives.
Cultivate an obsessive focus on customer engagement and satisfaction
A rising generation of consumers, whose insatiable appetite for faster, slicker, personalised services, is creating a fertile environment for nimble, information-driven companies to excel. Companies need to enhance their focus on meeting customer needs by making them a top driver behind their digital business strategies.
Acknowledge that software enables a digital world
In the near future almost every business will need to have software development expertise at its core. Companies that have never written a line of code will have to embark on a momentous digital journey to keep up with clients’ demands. New digital products and services will drive the transformation of IT infrastructure as businesses need to manage thousands of times more users and data.
Build products and services that make mobile and social media capabilities accessible to employees and customers
Putting mobile at the centre of the product and service development process has become essential. With ever increasing computing power, a mobile-centric strategy provides a blueprint for success. At the same time, social media has transformed how we interact. Whether it be established platforms such as Facebook or fast growing offerings like Snapchat, businesses have to be prepared to provide social media capabilities with their products and services.
Read the rest of article :: TheAustralian.com.au