More and more, our interactions are in the digital realm. When was the last time you visited a bank to do your banking? Sat with a travel agent to book tickets? Made a phone call to order takeout?
In the last minute, Amazon generated $83,000 in online sales. Google received more than 4M search queries. And Yelp users posted more than 26,000 reviews.
Our lives in the business world are closely mirroring our consumer interactions. Digital business is here to stay, from how we interact with our customers to how we team with our internal colleagues. Much of our business has moved to digital and virtual realms.
The result of this move is a melting pot out of which entirely new business models are born. Current thinking will not get any of us to a successful future.
Par for the course is confusion, disruption and waves of change--all of which can be trying for any organization.
The savvy will find the sweet spot inherent in any radical shift.
The way that companies operate must shift. One poor customer review spreads via social media like wildfire. Companies like Tesla update their products overnight. The speed at which businesses understand and react to changing business circumstances has to radically improve. And that means the management models that they had in place for decades are going to have to transform at the same time.
Nothing happens without talent, right? Not even the best technology in the world can succeed without the benefit of the talented minds that put it to use.
Businesses are not run by systems. In the digital world, the capabilities of our people are going to be leveraged like never before. We have to focus on how talent interacts, shares information, and generally drives their own impact inside of our companies.
At this point, most businesses have a choice to make: To be the observer of the changing business world or to help shape their place in it. Change will come either way.
For those who want to take the rudder, we see four areas of digital business that are key to shaping your company’s future: