Question

Explain the processes to unlock creative solutions by an organization with regards to finding and retaining new businesses in this digital age.

Answer 1

In this new world of digital connectedness, the constraint is to efficiently interact with the emerging prospects, changing customer preferences and various other constituents. An organization needs to adapt itself to the recurring changes in this dynamic environment in order to enhance its productivity and efficiency. The following creative solutions that can be generated and developed in order to retain and explore new businesses are:

• Adaption of digital technology: The combined effect of mobile technologies, wearable devices and sensors, cloud computing, and “Big Data” technologies will refine the structure of future business models. Information Technology has gained importance over the years accelerating the development of the business perspectives. The organisation should develop an ability to absorb technology, combine resources and innovate from an organizational point of view in ways that reduce costs and enhance learning. Invest in using digital technologies that are proven to be effective and efficient, which will eventually equip an organisation with competitive strength.  
• Innovation: A continuing pursuit of excellence, distinctiveness of goods and services, and an ongoing bid to innovate is the need of today. Every new business model need to create a niche through innovation and uniqueness in its products ensuring a longer term of profits and customer loyalty. Innovation encompasses a wide range of activities including new products and processes as well as marketing and organizational innovations. Product innovation is the introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses. Process innovation is the implementation of a new or significantly improved production or delivery method. Marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. Organizational innovation is the implementation of a new organizational method in the firm’s business practices, workplace organization or external relations.
• Competency: Competencies that have a direct impact on stimulating performance including those related to vision, leadership and culture, an organization’s ability to convert its ideas into practical applications is crucial to sustaining an innovation culture; therefore, competencies related to technology, innovation, development and big data analytics automation play an important role.
• Data-driven customer insights: Studying the consumer preferences, analysing the demand and supply of the product, understanding consumer behaviour are the basic and necessary steps toward a successful business model. Sentiment analysis provides insights into the emerging trends so you can act on potential issues or capitalize on an opportunity.
• Improving Cyber security: Creating and enforcing strong password policies is an efficient way to improve cybersecurity. Backing up the businesses data regularly will allow to restore data to a point in time before a potential breach occurred, without losing all of the data. Multifactor identification is easily supported by multiple channels and a quick win when it comes to protecting data on both personal and professional devices. Also, creating and enforcing strong password policies is an efficient way to improve cybersecurity.

Summarising the content, if a business model wants to be successful and viable now and in the foreseeable future, they need to invest in a kind of “cultural radar” by keeping updated of the evolving technology and platforms along with investing in digital talent that can understand the customer journey and interpret relevant data to form informative insights. Those brands that can adapt dynamically will surge ahead of their competitors.