Companies and solo entrepreneurs who want to stay out in front in the digital age need to transform their current business model rapidly.
However, business leaders often lack the skills and insight into practical strategies that will make them successful.
That’s why we created this business model to help you get started rapidly and succeed.
First, let’s analyze the reasons why companies delaying the digital transformation.
Digital Laggards are companies that do not recognize the opportunities of Digital Transformation or whose owners and executive management do not acknowledge them as strategic.
Therefore, these companies do not invest in the development of innovative digital strategies. This fact makes these companies laggards that will quickly lose them the competitive edge in this dynamic business environment.
3 Reasons for Losing the Competitive Edge in the Digital Age Rapidly
1. Don’t recognize opportunities of digital transformations
2. Owners and Executive Management do not acknowledge the strategic opportunities for digital transformation
3. Losing the competitive edge rapidly
Digital laggards are defending their existing business model, where they have – often for years – developed working processes that they have optimized over time with process systems.
That’s why senior executives are against change because it can significantly affect business risk.
This fact makes management skeptical and resistant to any changes to the working systems, processes, and routines.
3 Facts Why Top Management Maintains the Status Quo
1. Defending the existing business model
2. Top Management is against change because of business risk
3. Top management is skeptical of any changes in the existing business process
Digital laggards are micromanaging their businesses from the top. This fact suppresses initiatives of ambitious employees who often leave these companies in frustration.
Therefore, these companies lack the employees with entrepreneurial and leadership skills who can successfully implement the digital transformations in the form of projects and programs.
3 Risks Why Lack of Competent Program Leaders Holds Back Digital Transformation
1. Micromanaging business from the top
2. Ambitious employees get frustrated and leave the company
3. Lack of competent program leaders who can thrive the digital transformation process
Next, we highlight the key strategies of digital leaders.
Digital Drivers are companies and leaders in these companies who believe that developing a digital business model will give their businesses a competitive edge over the long term.
That’s why these companies invest in improving the digital skills of their entire workforce.
Their key goal is to make their organizations flexible, agile and fast in recognizing and implementing new business opportunities and become the stakeholder leader in their sector.
How Digital Leaders Drive Agile Organizations
1. Digital Drivers want to become digital leaders of their sector
2. Investing in improving digital skills of their workforce
3. Making the organization flexible, agile and fast in creating, delivering and capturing stakeholder value
Top Management of digital drivers shows a strong commitment to transforming their business into a leading digital company in their sector.
That’s why these companies are establishing a mission that reflects their commitment.
They nominate a digital champion from the top management, who is responsible for leading the digital transformation process.
How Smart Top Management Demonstrates Digital Commitment
1. Top Management committed to thriving Digital Leadership
2. Specific mission for thriving digital leadership
3. Digital Champion leads the digital transformation process
Successful companies have recognized the need to build and develop close relationships with their key stakeholders.
They use multiple channels like personal business networks, social networks, video conferences, video seminars to create, deliver value to their most innovative stakeholders rapidly and sustainably
Their goal is to build strong relationships with their most innovative stakeholders to reach the global digital leadership position in their business sector in the medium term.
How Digital Leaders Thrive the Digital Journey
1. Developing close business relationships with key stakeholders
2. Using multiple business channels to create, deliver and capture value
3. Build strong relationships with your most innovative stakeholders to reach global digital leadership position rapidly and sustainably.
The rapid start to a digital transformation process is crucial to the sustainable the success of the initiative.
RapidKnowHow recommends that companies nominate the most successful key account managers as project managers for the rapid implementation of innovative business models. They focus is on creating, delivering and capturing value from most innovative customers.- To Your Success, The RapidKnowHow Team
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