Go with the flow.
So first, what do I mean by digital disruption? Well, it will affect different industries in diverse ways and the speed in which it will seem to take over the order of things, will depend on how ready you are.
So, let’s separate the two words digital and disruption and define them. Digital refers to the new digital technology or innovation that is emerging in your industry that will change the way you conduct business. Innovation is introduced into a business to improve the systems, processes, products, services and the delivery model. Digital technology is changing many business models and is likely to change yours.
Disruption is often seen as being a negative connotation on business, but it’s an opportunity for growth. The disruption is the impact the modern technology has on your business. It’s the disturbance to the current way you do business, so your mindset will influence how you embrace the new technology and how you prepare for it. It changes the basis on which we make sense of, give meaning too, and understand your business.
The Digital Disruption (DD) to your business is an unstoppable force, so it’s time to embrace it.
Here are some suggestions to assist as you undergo the change process:
1. Don’t fight the change process. Swim with the tide not against it.
2. Accept the notion that what got you here today will not necessarily see you through to tomorrow. Your mindset is the key to success in todays’ forever changing times. Developing your leadership skills and then the team to have the skills to adopt the new delivery model.
3. Seek out what’s new in your industry and determine which technology will fit your business and can be implemented quickly. Having a quick win will support in the development of the teams’ mindset around DD.
4. Look at your current business model. For an accounting firm, how traditional is the practice? What services do you offer and how do you price them? How do you deliver the services you offer your clients? What is your client communication strategy?
5. Then develop the new business model. How will technology change the products/services, pricing and delivery of those new services. What skills will you require of your team, how will they be working (systems and processes) and from where?
6. The technology will have a major impact on your value proposition so what will that look like? Understand your clients’ needs as they are also changing, ask them what they need from you. Meet with them more often and discuss their issues.
7. This is a transformational process delivering digital service or products, so it is important to map out your journey. Develop a business plan for the implementation of the new way of business. What opportunities can you see in some of the technology and how will it add to your value proposition? What systems could be automated or updated to speed up processes and increase efficiency.
8. Not only look at what’s current regarding the modern technologies, but what’s coming up. Be on top of the changes in your industry so that you can maintain your sustainable competitive advantage.
As it is June 30, there is no time like the present to start your digital transformation.
Remember what happened to Kodak. They avoided the digital disruption of their time and industry, despite creating the digital camera, and later filed for bankruptcy.
Don’t let this happen to you!