Digitally enabled business models like those of Amazon, Google, Uber, and Airbnb, are changing all the rules of business; affecting growth, scale, and profit potential for companies in every industry.
Enterprises are recognizing they are losing pace in today’s highly mobile environment where optimal customer experience is defined by fast, seamless and secure interactions from anywhere using any device. Breaking down calcified processes and mindsets is a critical step towards digital integration and closing the gap between early and late adopters. So, the question isn’t whether enterprises needs to change, but when and how much.
According to reports,it is estimated by 2017, almost two-thirds of all US retail sales will involve some form of online research, consideration, or purchase. More than 60 percent of Americans have a smartphone, and 80 percent of them are “smartphone shoppers”—they use their phones to help them shop while in a store, most research product reviews, specifications and compare prices. While in South Korea, shoppers are not so much mobile first as “mobile only.” Of consumers who shopped on a mobile device, 13 percent did not shop in stores, and 53 percent did not shop via other digital channels.
The significant changes in the consumer marketplace have spurred enterprises to ask questions about how best to harness digital and analytics to drive growth? How are management and talent challenges evolving? And what does the future of sales look like?
The Bureau of Business (The Bureau), a brand transformation and leadership agency is calling for executives to embrace digital into their existing business models. The team of experts empower leaders with new insights and expertise to embrace digital to empower existing business models. The Bureau believes, ‘the benefits are indisputable’. They claim, companies that innovate and leverage digital platforms to co-create and share value with networks of employees, customers, and suppliers are fast outpacing the market. These companies, grow faster, scale with lower marginal cost, and generate the highest revenue multipliers.
So let’s focus on Uber. In 2015, Uber built what may be the largest point-to-point transportation network of its kind; it is literally changing the way the world moves. But unlike traditional transportation logistics companies like FedEx, Uber has an incredibly lightweight infrastructure: It owns no vehicles, employs no drivers, and pays no vehicle maintenance costs.
Not only are we seeing different business models emerge based on an awesome customer experience – Uber, airbnb, – the pressure is on all of us to lift our game with every customer touch point. One of the most obvious areas to improve is the digital experience, since so much of the buyer journey is now played out in this space. Consumers are demanding a digital experience .
So the challenge for enterprise is to figure out creative ways to pull together the best resources from across the organization to improve the digital, brand experience.