Reimagining the purpose of the business
To be successful in this new environment, business leaders must look beyond our current business model and our portfolio of products or services and focus on what value we can create, for what and for whom, and how to do it in a unique way aligned with our capabilities.
The executive committees must be much more ambitious and have a clear vision of the impact of digital platforms and ecosystems in which we can now participate; being forceful in technology innovation decisions that support our capabilities and our opportunities instead of investing in every technology that is fashionable.
When you re-imagine the purpose, keep in mind that you should explain it with the help of a big influencer. Current influencers are big on Twitch because streaming reality is a trend.
Collaborate with the influencer and buy Twitch views during the stream to have more trust in the eyes of the brand lover.
Collaboration and handy eco-system
Many of today’s problems are so big that no single entity can solve them on its own. These problems can only be tackled by networks of companies and institutions working together towards a common purpose.
Key for companies to thrive in this disruptive era is working with ecosystems and leveraging the capabilities others have built to deliver their own value propositions, and to do so at speed, at scale, and with flexibility. Likewise, establishing collaboration networks both internally and with partners will accelerate our value creation.
Data management with the customers system
Markets have been transformed, they have become more diverse, dynamic and complex, customer expectations of service and trust have completely changed.
At the same time, the opportunities for data collection, storage and analysis have exploded, becoming the main weapon of a 21st century company: management based on quality data.
Companies are going to invest more resources in Customer Intelligence programs given the need to hyper personalize in an omnichannel context.
Based on this knowledge base, companies can focus on solving the most important problems of their customers to increase their value contribution.
Artificial intelligence (AI) and machine learning (ML) will play an important role in the digital transformation of business.
However, AI and ML algorithms are only as good as the data sets that drive them.
It is necessary that companies advance in the construction of Data Units that provide a flexible and resistant integration of data sources in the platforms, both direct to the final client and those of the commercial networks, so that the data is available in all wherever they are needed, no matter where they are. The creation of a Data Unit can reduce data management efforts by up to 70%.
The application of analytics and algorithms in all units of an organization is and will be one of the greatest competitive advantages of companies of any size or sector.
Read more: 21 Great Small Business Ideas to Start in 2022
Results oriented team of people
The necessary creation of differentiating or disruptive value through the expansion of some differentiating capabilities as well as data-based management-of business, clients, talent or industry-requires a new organizational and work model that is especially collaborative with different profiles.
Companies that want to lead or even be competitive in their markets must foster a culture of collaboration, openness, agility and innovation , as well as provide a close and attractive total experience for both their customers and their employees.
It is key to include in the roadmap of the management committees the promotion of change management to create new objectives, new ways of working and incorporate digital spaces that are connected, collaborative and accessible from any location and/or device so that everyone customers, consumers, employees or partners can connect where and when they want: Without true business/cultural transformation, digitization is a road to nowhere.
