Step #9 in digital transformation success is to stay up to date. Digital technologies evolve rapidly, and digital competitors will enter your market with new business models.
Even disruptors can get disrupted, as Spotify did to iTunes. So when you are reviewing your business portfolio, consider new (preferably sustainable) business models, such as subscriptions, leasing, self-service, or circular.
The pandemic is forcing many businesses to change how they deliver their services to their customers. So consider remote delivery models, like online ordering, home delivery, self-service or remote support. Some of those could persist after the pandemic if they deliver better customer service at lower cost.
Each year brings its latest trends in digital technologies. Hype aside, it’s the more down-to-earth ones that make a real difference. Online video conferencing has undoubtedly been the biggest game-changer of 2020.
The exact technologies and business models will keep changing, which is why this final step in digital transformation is one of renewal, and going around the transformation cycle again.
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