2020 completely shifted how we define "essential" and the businesses that pivoted and are thriving re-evaluated and shifted to become add value to their customer. Going "digital" stopped being a buzz term a long time ago, nearly half of the world is now active internet users. However many businesses only made the shift mid-pandemic last year. One important lesson is that most companies change only when they are forced to. Unfortunately, this often occurs too late, when the wolves are breaking down the front door. Executives might resist change because of a low financial inertia—or it could be that they won’t welcome change at any level. Things are fine, they will say. Things have worked OK for years. They close their eyes. They don’t see the sucker punch coming from a new and aggressive competitor.
Focus on these 3 areas of your business in 2021
The IBV’s exclusive survey of 3,000 global CEOs unearthed clear priorities that span key areas:
1.Perform with purposeful agility
2.Make tech matter more
3.Embrace emerging regulations
Purposeful Agility; being a software development company, we have always operated in an Agile environment. The common theme we seen among clients is the inability to rapidly respond to change, whether driven by competition, government, or external events. Having an infrastructure that can adjust with your budget and the current environment is "essential" for the health of the business.Our projects are all executed with an agile methodology, enabling your project goals to pivot and respond promptly when the market changes.
The IBM research of 3,000 CEOs cite technological factors as the #1 most important external force that will impact their enterprises over the next two to three years, followed by common themes among there 2021 strategies.
Prioritise Technology; The ability to make money with the help of the internet, automation and integration isn't new. Now more than ever, there is an abundance of apps and software programs to choose from that meets every business need. And with a myriad of opportunities, it's not tricky to digitise. It removes or at least reduces manual processes, form filling, paperwork, and the ability to measures insights of your business enabling the ability to optimise. If optimised enough, many programs can develop insights to help you make better business decisions, reduce your workload, or meet growing customer demands.
Embrace the opportunities a new platform can bring to your company, adopt a growth mindset and use it to your advantage. Digitise enough areas of your business, and you have 'digital connectivity', resulting in more efficient, faster growing and a more profitable business.
Digitised businesses reap the rewards for embracing these changes with social media, online ordering, increased web presence and online sales. Having an effective digital strategy allows for more in-depth customisation, just look at Target. Adding this new technology to its business model brought their stock from $101AUD in 2017 to $250AUD today.
The CEO survey results rank IoT, cloud computing, and AI as the top three technologies expected to help deliver results (refer to image).
In summary, it's time to digitise, embrace emerging technologies and implement an effective agile infrastructure to your business.
Eyeonit specialises in;
- System Integration and automation
- Technical Reviews
- Custom software development (dashboards, web portals, wep apps)
- Consulting around Agile SCRUM and software systems to make internal development projects more efficient
If you're stuck, overwhelmed and unsure where to start. A conversation costs nothing, give us a call today.