The Digital Business Triangle
Successfully leading a business in the digital age is probably one of the greatest challenges managers are facing today. Its complexity comes both from external factors such as the never before seen dynamism of the business landscape as well as from internal hurdles related to outdated organizational structures and incompatible management mindsets.
Overcoming those challenges requires leaders to strike a balance between 3 key business areas – company, partners, and customer.
Digitalization offers advantages to the internal workings of the company that were previously deemed impossible. Managers can now enjoy exponential growth while simultaneously reducing costs and minimizing overhead. Analyzing accumulated data in order to make meaningful conclusions is the key to growth in the digital market, while smart process automation is what brings the company a superb cost efficiency.
Successfully overcoming the challenges related to partners requires managers to significantly change their mindset regarding the way partner relationships are approached. The digital market is highly dynamic, which forces companies to be flexible and adaptable to new changes in a short period of time. In order for this to be achieved organizations need to transfer many aspects of their business to partners and focus on their core capabilities in-house.
Data is the currency of the digital market. The new type of hyper-informed and hyper-demanding customer is willing to pay with data if his needs and wants are fulfilled and additional value is created for him. In order to do this companies need to be present on the right channels and communicate with their customers directly.
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