With everything but your beliefs and values on the table, you’re ready to explore what could be. Innovate and transform your business with a digital-first approach. Start with the gaps identified in the last section; close them or find ways to skip over them all together.
Don’t wait for disruption, initiate it. Apply your industry-level insight to your existing resources. Investigate long-shot opportunities before testing and investing in those that show promise. Encourage the entrepreneurial mindset that makes this possible by empowering employees and building an experimental culture that doesn’t punish failures.
- Which aspects of our business are most susceptible to new technology? What about customer demands?
- Does our current system encourage outside-the-box thinking? What can we do to generate more creative ideas from within our company?
- Outside of our industry, where can we look for inspiration?
- What does our data say about consumer trends? What are the pros and cons between the riskiest and safest plays?
Look to digital first for solutions to business problems. Businesses that have adapted to the digital economy will be rewarded through lower costs, increased productivity, higher efficiency and greater consistency. Deciding whether or not to adapt is not the main challenge. Getting caught up in the buzz and missing the boat is.
- How can digital enhance the customer experience? Business experience?
- Which operational functions can be automated or replaced?
- What will our company look like once we’ve adapted to the digital economy? What steps are necessary to getting us there? What stands in the way?
- How can we be more authentic as digital interactions increase?
The biggest influence on your firm’s ability to innovate is its culture. Ask more probing questions, look at problems differently, think beyond best practices and generate new ideas. Avoid complacency and constantly seek an improved way of doing things.
- How can we build on our core competencies to add more value to our products/services?
- How are we going to take advantage of “always on”, digital channels?
- What steps can we take today to infuse innovation into strategy development?
- How can we create programs that foster the development of new ideas?