This week my team at Digital Prism delivered best-in-class work to our 20th client. Last month we passed the two year mark, that’s two years of helping to bring digital success to companies and organizations in all types of spaces. I want to share the most important digital lessons we stress to each of our clients, lessons which help enable survival and success in an ever shifting digital economy.
Digital is not just an update, it’s a new beast
If you think digital doesn’t change your business and your strategy, think again. Your market, your customers and your products or services must change or you’re on the road to implosion. Enabling a new business model is what digital is all about, not just ‘digitizing’ your traditional business.
The New Digital Economy Requires New Ways of Working
Classic department structures and waterfall projects are outdated and ill suited for digital innovation. The digital economy is dynamic and rapidly changing therefore the way your company operates in the digital economy must be the same. Quick, innovative and agile execution is just as important as strategy.
Data is the ‘oil’ of the Digital Economy
Data enables everything in the digital marketplace. Data used to be only available for primary purposes, for example sales transactions were captive in the ERP environment. Using data across all functions and departments, combined with external marketplace, customer and prospect data provides important and actionable insights enabling the digital marketplace.
Create a 360 Degree Customer Experience
Customers interact with your company in a multitude of ways, they engage with your products, services, marketing, sales, and onward. Digital allows for a complete and seamless integrated experience of all these formerly isolated departments by creating a bridge of information. Creating a harmonious customer experience is becoming the new digital norm, bringing with it a tremendous opportunity to understand and to be guided by customers habits and needs.
Ignore The Competition
Instead, look at successful innovations and digital business models from other marketplaces or industries. Listen to and observe your customers and prospects, then innovate to enable your new digital business model.
Find Out Exactly Where You Stand
Lastly, the dprism team has developed a prescriptive tool to quickly gauge exactly where your company or organization stands in the digital economy:
The dprism™ Digital Maturity Index
. It’s a 10-minute survey which uses a benchmark to compare your digital prowess against industry peers, ultimately allowing you to better serve customers, clients, members or prospects. I invite you to see where you stand and innovate!