Several market leaders are now trying to adopt the new technology and refurbish their business to have the same agility, flexibility and leanness that successful startups have today. This is the work of Digital Transformation. In brief, it can be said that digital transformation is actually running the commercial boat. Several companies have gone through major disruptions recently because startup companies have been striking out against the status quo.
Digital Transformation affects all industries, not just one
Digital transformation is not rocket science; it is easy to understand and relies on some important concepts. Startup culture and market disruption are two of its many concepts. To gain tangible advantages over other established market leaders and to disrupt market, startup companies should use the inherent advantages of being a startup. Digital transformation is not going to affect only some industries, but all industries, hence, it is important for startup leaders to understand how their business could influence digital transformation in their industries and their markets.
Here are few things startup should learn from digital transformation –
- People drive change not technology: Dan Newman, while telling about the various concepts of digital transformation, notes that people drive change not technology. Technology changes daily, new products come to market, the old ones become less popular and eventually obsolete but that does not stop updates to new devices. Operating system upgrade, a new version of technology release, solar energy increasing importance, electric cars release, new apps release and several other things happen in the industry daily. Technology changes but that should not compel the startups to fall into tech’s trap and forget about people – the most valuable resource.
- Make calculated decisions: When time comes to choose talent, suppliers, founders, partners, investors and distributors, the person needs to make calculated decisions. Concentrate on skills as well as traits to make those important decisions. In addition to this, never get attracted or influenced by the wrong people. It is difficult to remain competitive if you are constantly changing employees who are unable to change their behavior or improve. Hence, only hire people who you believe in and who are skilled enough to complete their work.
- Accept change: The perfect startup is one which is flexible, eager and assents to embrace changes. Try to look at several aspects instead of just one. Adaptability is very important for the success of the startup and a startup company should adopt a more flexible, leaner workforce that duplicates the agility of your startup. One of the reasons why some small businesses remain small is because they are never prepared for a game-changer, says Newman.
- Feedback: Give most importance to feedback. Take some time out every day and along with employees, learn about what consumers find good and bad about your service or product. Do a review every week, see the changes and accept changes that need to be done to improve the experience of consumers.