REINVENTING BUSINESS MODELS THROUGH DIGITAL TRANSFORMATION TO REMAIN COMPETITIVE AND RELEVANT
Digital transformation solutions have caused a fundamental shift by accelerating business activities, competencies, models and processes. These solutions have helped leverage opportunities that are being presented to the business world by technology. According to Gartner, 87% of senior business leaders believe that digitization is a company priority. Gartner also states that 79% of corporate strategists believe that digitization is reinventing their businesses and helping them create “new revenue streams in new ways.” As Marc Kelly, Director, Team Manager of Gartner says, “The good news is that some companies are achieving above-average progress against their transformation objectives.”
In order to be able to reinvent business models every organization needs to incorporate 4 major changes along the four major business aspects – 1) value proposition, 2) customer base, 3) business capabilities and 4) profit model. It is important that the entire organization understands the investments and initiatives required while it continues pursuing a digital future.
Making business model changes
Changes in the business model is not an easy step. Most organizations while considering business model changes tend to take small steps towards initiatives that are close enough to their existing model. This becomes a major problem in the digital age. In order to digitally transform the workings of an organization, it is important to identify and go after initiatives that offer a competitive advantage. Here are a few tactics that will help achieve the desired digital transformation solutions:
1) Identify initiatives that offer a competitive advantage – Initiatives that help build a competitive advantage need attention. This not only helps to identify what is best for the organization but also helps to eliminate any initiative that might not be cost-effective.
2) Disperse business model tests – According to Gartner, dispersing business model tests help to avoid any potential disruption that can be caused due to a wide range of initiatives that might be working simultaneously on the current operations.
3) Help the organization learn – Apart from initiatives, another important tactic that helps achieve the desired digital transformation solutions is to build certain processes and programs that will let the entire organization learn what all is going on and how to better the working process of the organization.
In order to be able to reinvent business models and digitally transform an organization, one needs to be prepared to take the discontinuous learning approach that will help identify and launch a number of initiatives that will focus on the future. 3i Infotech will help you achieve the same. Our Digital Transformation Solutions will help you reinvent the business models and digitalize the functioning and working of the organization while helping you garner maximum revenue and attain a competitive advantage. Click here to know more.