Forging ahead to disrupt,
challenge and lead
Forging ahead to disrupt,
challenge and lead
Key strategies to keep your business ahead in the race.
Today, digital capabilities are no longer a good-to-have for businesses – it’s a must-have. Companies that choose to ignore the digital revolution will eventually be replaced by the ones that embrace digitalisation.
In Singapore, 84% of organisations have made at least some progress towards implementing a digital strategyi. Find out how you can capitalise on technological innovations to create new value for your customers.
If you have not been placing digital transformation as one of your top priorities, it’s time to do so.
In line with the upcoming SME Infocomm Commerce Conference (SMEICC) 2018, we’ve put together a few key strategies that your business should adopt to disrupt, challenge and lead in the age of digital disruption.
Netflix was once a DVD mail rental company. By delivering an array of TV shows and movies digitally, Netflix has established a stronghold over the home media industry, and is a good example of a company that has successfully navigated through digital disruption.
If your business has enjoyed success thus far even without substantial digital capabilities, you should still look ahead as if you’re starting from zero. Think about how your company can stay relevant through digitalisation, even if you’re a late adopter.
While Grab was initially perceived as merely being the local clone of Uber, it has since differentiated itself from previous dominator Uber. Through its payment system, Grab has built a whole economy of its own by constructing a network of merchants that uses GrabPay credits. Evaluate all options, and consider how your company can disrupt the market you’re in and change up the rules of the game.
You may also want to look outside of your direct market for areas of potential growth.
WeChat, the most popular instant messaging app in China, launched Weilidai– offering microloans to its users with approval in minutes, to exploit the gap in a market that mandates stringent vetting of credit scores for loans. Through its digital capabilities, huge database of user information, as well as its e-payment portal WeChat Pay, the Tencent-owned company is able to perform credit checks rapidly to issue loans.
Understand fully what capabilities your organisation possesses. Can these capabilities be equally, or even more, productive if used differently? Identify a niche – a gap in the market that the incumbent players have neglected, and tap into your capabilities to establish a position for your organisation in the market through that gap.
Technology can help your business streamline processes and boost efficiency, so that your workers have more time freed up to perform value-adding work that only the human mind is able to. Enterprise solutions – a staple in any company today – allow you to constantly have a fuller picture of your business without needing to check in with your employees, so you are able to better strategise to grow the company.
The right strategic business partnerships can be tremendously beneficial for both parties. Partnerships are often most effective when two companies from different industries possessing different, but complementary, capabilities work together.
Under Armour has evolved beyond its role as a sportswear company, and has launched a series of connected trackers, scales and other monitoring devices, developed in partnership with HTC.
Partnerships can also be a smart, efficient way to up your digital game if in-house technological expertise is not within reach. For instance, 47% of financial service firms have more than five digital partnersi. Have a brainstorm with your key decision makers on how you can tap on potential business partners to achieve greater heights than if your company went at it alone.
Digitalisation is only going to become more prevalent in the near future, so be on the right side of the bandwagon. Harness these digital transformative strategies properly to enable your business towards rapid expansion and success beyond imagination. The future, is yours to create.
Revolutionise your F&B business with digitalisation
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How tech-ready is your SME?
Find out if you have the right tech capabilities with the StarHub Tech Readiness Assessment.