7 Keys to Being the Leader in Business Innovation

The needs of customers evolve with technology and the digital age, requiring businesses to change processes and adapt. Digital transformation and business innovation ceased to be an option: now it is a necessity.

Digital transformation is a requirement of global competitiveness. The rapid advance of technology changes the way companies relate to their customers, their workforce and even their competition. Businesses that do not look in that direction end up behind and at a disadvantage.

The report “Digital Transformation and B2B E-Commerce Report 2017-18″ of Sana, a company specializing in digital business, states that 34% of companies believe that failure to complete a project of digital transformation and business innovation will make the competition I took advantage of them.

Keys to face business innovation

Your company, regardless of sector or size; It needs digital transformation and competitiveness. That is why we present 7 keys to understand and deal with this necessary change:

1. It is a process

As the book ‘The digital transformation of business’ points out, there is a misconception of generalizing the concept to its pure tools: social networks, emails, web pages, mobile applications, search engines, etc. Digital is a way of thinking and doing things within organizations.

It is a transversal element throughout the organization. With a digital mindset, companies can explore new frontiers of the market, design innovative products and improve existing processes.

2. Selling online is a great opportunity

ECommerce or e-commerce sells products or services through the internet, using an online store. Many companies are unaware of the potential of this channel, leaving physical stores to take center stage.

The best way to explain it is in figures: according to Shopify, the B2C eCommerce (between companies and consumers) will produce 4.5 billion dollars worldwide in 2021. In 2017 it generated $2.3 billion, a figure that remains small versus what B2B e-commerce produces (between companies): $ 7.7 trillion. There are many business opportunities in that scenario.

3. Your workforce can be remote

Accessing new and better talent is a way to gain an advantage over the competition. With business innovation, you can access new workers in different latitudes; without losing the opportunity to take advantage of his talent.

Applying telework to your current workforce allows you to save money on your daily operation: you spend fewer resources when you do not have to keep an employee in a physical job.

4. The world of technology is mobile

In Colombia, mobile internet connections exceed fixed connections, with a 63% share of the former. This means that your customers are using mobile technology to inform themselves, communicate and buy.

You need a presence in that field; either with applications or through websites that adapt to devices such as smartphones.

5. The presence in social networks is important

A company that does not take place in social networks, is invisible to a large audience. According to Statista, 22.9% of the world population has Facebook and in Latin America and the Caribbean 52.32% of the population is in the social network of Mark Zuckerberg. According to Hootsuite, 2 Million businesses use advertising on Facebook.

It is necessary to be part of that presence to meet new customers and faster and more efficient ways to communicate with the public.

6. Marketing is now digital

Digital marketing is a radical, definitive and obligatory change to organize a competitive business. It is a new dialogue, which rethinks the old marketing strategies: in the past, the brand sought to attract the attention of the customer, with intrusive communication, without gaining real interest.

Now a different picture is presented; the customer approaches the brand thanks to the fact that he finds valuable experiences. The company knows its customer and knows how to reach it, using different digital channels and personalized communication.

7. Digital Transformation and competitiveness: Everything is a matter of information

According to the Harvard Business Review, studies indicate that less than half of an organization’s structured information (figures, data, statistics, etc.) is used to make decisions, 70% of employees have access to information that they should not and 80% of analysts’ time is spent simply preparing reports. It is not a good sign to be within those figures.

The good management of information allows studying markets, generating new business strategies and finally; achieving more sales with business innovation.

The figures say it: digital businesses are competitive businesses and the advance of technology is not going to stop. Will, your company does it? The digital transformation; the next step to grow; outperform the competition and be the leader in your sector.

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