Digital Disruption for Competitive Advantage
We live in a world where digital disruption is everywhere. Technology plays an ever-increasing role in allowing companies to do more with less which is disrupting marketplaces, allowing the more technically savvy to gain a competitive advantage.
Cloud-based systems allow the customer to control their transactional journeys. Think of companies that cause digital disruption such as eBay, Amazon and Easyjet where the customer is in complete control with no interaction with employees.
Most larger websites personalise the online experience which is tailored to customer interests based on their buying behaviour.
You can gain a competitive advantage with digital disruption through the use of technology:
- Making your own business as efficient as possible
- Tying in your customers by giving them access to your systems
- Delivering your services through the use of technology
- Analysing the observations to get an in-depth understanding of customer behaviour
- Allowing you to scale without the resultant growth in overhead
Digital disruption is everywhere:
- Most popular media owner creates no content (Facebook)
- World’s largest taxi company owns no taxis (Uber)
- Largest accommodation provider owns no real estate (Airbnb)
- Largest phone companies own no telco infrastructure (Skype, WeChat)
- World’s most valuable retailer has no inventory (Alibaba)
- Fastest growing banks have no actual money (SocietyOne)
- World’s largest movie house owns no cinemas (NetFlix)
- Largest software vendors don’t write the apps (Apple & Google)
So how do you review your technology to gain a competitive advantage, with the potential to use digital disruption to rock your marketplace?
You need to think about:
Alignment with Business Objectives
- How technology will support the goals of the business
- How technology will help the company gain a competitive advantage
- Alignment with anticipated changes in technology
- Support for business processes
- Objectives and milestones concerning your technology
- Knowledge management within the business – is it easily accessible?
Business Continuity planning
- How will you operate after a significant disruption? Are your systems available from anywhere or redundant?
- Organisational roles and responsibilities for developing technology in the business
- IT project portfolio management
- Support, training & development for end users
- Budgets for running costs, projects and capital expenditure
- Technology and hardware infrastructure
- Software and applications management
- Third party support
- Digital marketing strategies and implementation
- Customer touch points and demands
- Technology for operational effectiveness
- Technology Key Performance Indicators including service level agreements
- Business KPIs – can the data for KPIs and executive dashboards be collected easily?
- Customer data analysis – what patterns are there in customer purchasing behaviour?
Action Going Forward
Be honest. When was the last time you sat down and reviewed the use of technology in your business?
Has your technology strategy evolved to take advantage of these new benefits and push digital disruption in your marketplace?
If you would like a chat about how you use technology in your business, email KUB at [email protected] and we will arrange a mutually suitable time to call via phone or Skype.