In our Digital Business series so far, we
Examined what it takes to be a digital business.
Took a stab at trying to clarify whether being a Digital Business is for you and explore your direction towards achieving it.
Put digital landscapes into perspective by looking at salient statistical observations on how existing businesses use digital to create an advantage.
In this post, we map out the journey needed to navigate becoming a Digital Business, and what it means in our role as customers and partners of Digital Businesses as well as a Digital Business provider.
Drive small, focused teams through clear missions they will own to achieve impactful outcomes.
Marry data, software and technical processes to increase the value of their assets.
Engage in purposeful cross-functional collaboration using agile methodologies.
Drive edgy business models that simplify the way customers access and consume their products.
Invest in phenomenal customer experiences that wow.
Improve internal capabilities to build competitive advantage with technology.
Deploy Digital Leadership to enable teams, orchestrate outcomes, promote team autonomy eliminate blockers, facilitate knowledge sharing and align outcome velocity.
For you, this means,
You need to place technology at the core of your business model.
You do not build technology around your existing business but work to identify new business models that have technology as a core enabler.
You need to manage how your customers can engage you better and gain better outcomes as enabled by emerging technologies.
Be honest about where you are in your journey
While we swiftly agree that digital endowment is the ultimate source of companies' capacity, competitiveness, innovation, quality, knowledge, intelligence, and agility, most businesses are still at the ground level. They are trying to figure out how what it will take to create digital advantage and, where needed, start their transformation journey.
2020/2021 saw business accelerate investment in building web storefronts, improving customer service interfaces, simplifying ways of engaging stakeholders, and exposing new product introductions using digital.
According to McKinsey research in these two years, digital advancement saw:
As customers, we identify software companies by their ability to give people an efficient way to utilise technology to extract value or extend processes that gives them back peace of mind and time to focus elsewhere.
As providers, being a software company requires creating new business processes or swiftly improving existing ones by fundamentally changing the way we operate, reach and deliver value to customers using digital mechanisms, fast.
Let's set the hard truth fast:
Launching and running a digital business is hard but doable.
Delivering value digitally is hard, but doable.
Transforming into a digital company is hard, but doable.
Achieving market-fit is hard, but doable
Helping your business embrace technology is hard, but doable
Maintaining digital relevance is extremely hard, but doable
Modernising value through strategic acquisitions is extremely hard, but doable
Digital leadership requires a broader technical landscape and business operations understanding
Where things often get messy
Your investment cases, revenues and situations will swiftly start making you compromise and prioritise. While undesirable, it is the only way to proceed. At this stage, start working with your Digital Leadership and team to
Frame the dream for the art of the possible
Identify the roadmap of works to make incremental wins that will eventually take you to the desired eventual reality.
Always Remember: It is ok not to be ok
You are great at your domain of expertise.
When moments of hiccups happen, remember that these are just a bump in the road (albeit a big one).
So do not worry about reaching out and asking for help. You may be amazed at what your next growth stage can enable!
In our Digital Business (DB) series journey so far, we
Explore the rest of the “Digital Business” series:
Topic of Focus
Unpack what it takes to be a Digital Business
Is being a Digital Business for you?
Putting digital landscapes into perspective
Set your Digital Business north star
Changing the business while running the business
Understanding the Digital Business Mindset
Top 5 Key traits Digital Leadership should have
Unlocking Digital Business Agility
Top 8 capabilities you need to be a Digital Business
There is no one-size-fits-all solution for companies to learn how to become a Digital Business.
It is only in uniting people, product & processes through a common vision, a deeply felt purpose, and a broadly shared dream that will continue to motivate stakeholders to push on and persevere.
Many paths can lead to your desired destination. Each route has varying degrees of complexity, sophistication and completeness. Our purpose is to share with you our lessons learned in building global software businesses to help you achieve a Digital Business with assets people want to buy.