Companies need to continuously innovate to survive and thrive

Digital business transformation is all the rage these days. Thanks to being able to better exploit digital processes, companies such as Tesla, Uber, Netflix, and Airbnb have been able to disrupt entire vertical industries. At the same time, behemoths such as Amazon and Google are leveraging innovations to expand aggressively into adjacent markets. Not surprisingly, business leaders now spend a lot of time on crafting digital business strategies in the hopes of being able to both defend and expand the organization’s existing streams of revenue.

The issue those business leaders immediately confront is no one is quite sure what it means to digitize a process. Everyone knows there are processes spanning that could be accomplished more efficiently. The challenge is figuring out where to start.

In general, there are four broad areas where organizations can apply digitization. The first is customer-facing applications that typically require integration with multiple backend systems. The second area focuses on making existing operational tasks within the business more efficient. The third area is truly innovative solutions intended to ensure that companies can stay ahead of the competition. The fourth area of focus involves completely replacing outdated applications and systems altogether to modernize all, or at least one aspect of, the business.

The good news is there is lots of room for improvement within most organizations. The real issue is prioritizing those efforts.