Digital Revolution is taking on the world a lot faster than one could ever imagine. As traditional companies are embracing the change and going digital, traditional means and processes are being re-translated and re-engineered. Many companies commit avoidable mistakes while undergoing the transition after they realize ‘going digital’ is indispensable for survival in the volatile markets.
Let us find out how a Pakistani entrepreneur, as a founder of one of the leading tech companies of Pakistan, takes upon this situation from an owner’s perspective and suggests possible solutions.
Recalling that the digitization had taken the world by storm, Imran Aftab, CEO 10Pearls told, “Such rapid change calls for special attention especially in case of traditional businesses to remain competitive.”
He outlined the four most important tips on a blog post made on one of the leading international journal, Forbes.
Imran believes that digital transformation is much more than making a digital product to replicate company’s current business model.
Netflix, today’s leading visual content streaming site, has managed to survive after it shifted its business model via digital products. It requires companies to change its policies and products so that technology becomes a significant driver for its revenue.
Commenting on what issues need to be addressed as a company goes for digitization, Imran has following suggestions:
1. Keep your sight on bigger mission and business objectives
Imran is of the opinion, that instead of focusing on a product and its impact in the digital sphere, a company should always focus on its objectives first. Looking for the product’s impact on the company’s mission, a company should always first figure how to employ digitization to strategically strengthen its business. Imran then quotes Pinterest, which started as a shopping company later changed its entire business model and the world witnessed it becoming a giant.
2. Ask pioneers from within the organization and beyond:
Imran also recommends consulting the leading executives of the company from every field. It’s not just the IT department but each and every employee of the organisation that should come to the forefront and contribute in their respective capacity. Technology is an enabler and this tool can be harnessed by all teams including the Sales, Customer support, IT, Research and Development, and Finance. The company can further ensure its progress if it consults its valued partners.
3. Perfection takes time:
With regards to product development phase, Imran recommends making a Minimum Viable Product first. If a company starts small with a product that is fully receptive to the consumer feedback and has potential scalability, only then it would be able to adjust to the market needs. Companies need to understand that the company’s introductory products don’t necessarily need to be its final product. Perfection takes time.
4. Keep the products user-centric:
If a company opts for digitization through product development, Imran believes that it must ensure that the product is according to the consumer needs in order to achieve higher consumer adoption rates. They can only be made so if a difference driven by user experiences is made. Imran quotes widely popular MP3 players from Apple, the iPods, which gained immense popularity over its competitors. Apple managed to do so by going for a design which although was way simple. The users loved it despite.
Digitization is a phenomenon that can make or break a company and its share in a competitive market. “Businesses have a choice to make: maintain the status quo and succumb to competition or do an end run around the competition. Businesses that have identified this challenge as an opportunity understand that transformation is not just about building faster software, launching a mobile application or adding the word “innovation” to your marketing collateral.” mentions Imran.
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