Cloud Leader at Sage Patrick Pando discusses digital transformation and the steps your business should take to navigate it.
Did you know that over 90% of the world’s total data has been generated in the past two years? That by 2020 an additional five billion people will come online?
Change is constant
We’ve heard it before: Digital technology is evolving fast, and data is growing exponentially. Digital transformation ripples across and within industries, from the automotive industry to the healthcare, hospitality, and service industries. These ripples provide you with extraordinary business opportunities – and potential pitfalls. I’m writing a three-part blog on the coming digital transformation and what steps your business must take to navigate it.
The question is not if your industry will be disrupted or even when your industry will be disrupted, but how many times it will be disrupted. We all like to think of disruption as a single wave of technological change that crashes over us like a tsunami – and then we’re safe again. The problem is that innovation does not disrupt as a single smashing wave but instead floods in as a series of ripples from multiple sources.
Consider for example the recent news about Barnes & Noble’s e-reader Nook: Barnes & Noble are closing their digital library in the UK and moving it to Sainsbury’s – a complete capitulation to Amazon – while Waterstones has returned to profitability after a multi-year profit hiatus. This is not a sign of a single digital change but of a series of transformational waves.
Who wins and who loses when the waves come, and what can a business owner do to be in the winners’ column? The fundamental first step is to stop planning to fight tomorrow’s wars with yesterday’s weapons. Failing to do this will doom your company to follow the course of the former Fortune 100 companies that have disappeared in the last 25 years (which is over 75% of them). Yahoo was great, Polaroid was great, HP was great. Even the best and most innovative business minds crash on the waves of innovation cycles.
Built for Change
To be built for change, your business must be structured on a solution that can not only deal with continuous innovation cycles but which grows more robust as innovation cycles continue. To succeed in the face of disruption, a business leader needs to
- Take a risk and bet on a flexible cloud platform that can scale as you grow and offers real-time mobile data.
- Develop a digital strategy that incorporates new channels and disruptive technologies.
- Focus on driving up revenue using precise financial indicators that cut through the sea of data.
To meet the coming disruption with innovation, business leaders must have the tools and skills to keep up with – and take advantage of – the rapid evolution of these technologies. The focus must be on designing the business to be agile and flexible, guided by real-time data insights that make sense of what is happening around them.
How do business leaders build flexible, powerful business platforms that perform this task? They don’t. They need to choose the right business partners to provide these platforms.
Is your current business platform ready to take on digital consumerization, cloud technology, mobility, and data visualisation on-the-go?
We provide a cloud solution called Sage Live, built on the market-leading Salesforce engine. We believe that managing your business should be as convenient and simple as possible and something you can do from anywhere.
Sage Live equips you with
- Real-time data to make better business decisions
- Automation of repetitive tasks so you’re freed up to focus on the creative work that grows your business
- Seamless integration with thousands of business apps on the Salesforce AppExchange, giving you a highly customisable, scalable, future-ready platform.
In part II of this 3-part series I will delve into specific actionable strategies for your business to deal with the coming disruptions.