Is your business strategy fit for a digital world?

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US Americas

Multidisciplinary professional services organization

10 minute read 25 Apr 2018

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Smart technology and data analytics are changing the way we operate. These videos explore how organizations can survive and thrive.

In order to seize the upside of disruption, organizations need to adapt to an increasingly digital world. At the Strategic Growth Forum China 2016, EY leaders spoke to business leaders, entrepreneurs and advisors about how to fit your business strategy for a digital world. Collectively they identified five approaches essential to success.

Maintain a culture of innovation

Innovation is key to adapting to a digital landscape and getting ahead of the competition. But how should you shape your organization’s culture to inspire and facilitate innovation?

  • To be truly and constantly at the forefront, you need to constantly disrupt yourself.
  • You need to be proactive, not reactive.
  • It requires a more networked model, tapping into the best thinking of all your people.
  • Embrace the diversity of your organization to identify different ways of thinking and responding.
  • Allow all staff to suggest anything and everything.

Build with new building blocks

To truly make the most of the opportunities of digital disruption, you need to lay the right foundations for success.

  • Understand how technology is impacting your core business and how it is changing the market and customer expectations.
  • Evolve your product but maintain your vision; great start-ups have a clear and simple mission or goal for their customers.
  • Young companies and start-ups are succeeding because they don’t have legacies in systems, people and culture.
  • Thriving requires the organization to have the dynamics to rapidly grow and change, to be agile and to implement changes efficiently.

Stay ahead of the curve

Don’t wait to be disrupted; disrupt yourself and anticipate the changes ahead.

  • Step out of reactive mode and give yourself space to look ahead.
  • Stay true to your core purpose and values; embrace technology that allows you to deliver more effectively on those.
  • Encourage a business culture and mind-set of continuous curiosity, learning and engaging with the new.
  • Continually review your business model and the changes you embrace.
  • See disruption as a positive — a new way to add value.

Lead through disruption

Don’t take a back seat; instead embrace disruption and guide your organization to success.

  • Embrace disruption: If you’re not digital then you will be left behind.
  • You need to balance driving your business of today, with transitioning to the business of the future.
  • You’ll need to challenge what you are, to understand what you could be.
  • You’ll need to take some calculated risks on what your business could become.
  • You’ll need to be prepared to shift your business model, possibly several times, in the coming years.
  • You’ll need a deep and current understanding of what the customer wants.
  • You’ll need to be nimble, flexible and open minded.

Seize opportunities on the digital horizon

Look to the future — the world is changing and your organization needs to change with it.

  • Digital technology has made the world a smaller place. It is allowing us to connect and achieve things we previously couldn’t.
  • Digital and technology has moved from being a stationary thing to being mobile. We’re connected everywhere.
  • Industry is being redefined. Focus is moving from the solutions, to the wider problems those solutions are solving.
  • Organizations are now working across several industries, converging sectors and creating new models.

Summary

To seize the upside of disruption, organizations need to adapt to an increasingly digital world.

About this article

By

US Americas

Multidisciplinary professional services organization