Digital transformation is changing the elements that give your organization a competitive edge in an age of unprecedented change: your people, your processes, your technology and your brand.
Your People
With low unemployment rates and a dwindling labor-force participation rate – the share of workers who are employed or searching for work – organizations are struggling to find quality, qualified people.
Yet, as the industry struggles with thinner profit margins, recruiting and retaining A-level talent is increasingly important to an organization’s growth and continued survival.
Even in a challenging market, it’s possible to level up on talent – and even turn it into a competitive advantage – without breaking the proverbial bank. Doing so, however, requires creative thinking.
Hire for values, train for skills. “The best fit” doesn’t always mean “the most qualifications.” The best people are the ones that demonstrate a strong interest and ability to learn and fit well with the values and culture of your organization.
Your Processes
Inefficient processes will cripple your organization. However, by driving transformation efforts through process-centric digital technologies, companies can transform their operations to be more nimble, efficient and competitive.
There are process improvements to be made in every functional area of your business. It’s about being mindful and focusing on small, incremental changes you can make to reduce manual tasks and improve the customer experience over a pre-determined period of time.
We recommend focusing on data integration, automated workflows and approvals and analytics as possible starting points.
Your Technology
Level up your technology. You don’t necessarily need new technology, but improve the way you are using your existing technology. Ensure your tech stack works together so you can fully leverage all the components.
Make your tech stack – and getting the most out of your tech stack – a priority for your company.
As Sue Woodard, chief customer officer at Total Expert says often, “Technology won’t replace the producer, but the producer who isn’t using technology will be replaced by the one who is.” Your tech stack alone may not be a competitive differentiator, but not having a competitive tech stack will put you at a disadvantage.
You can’t be efficient without technology.
Your Brand
How do your customers feel when they interact with your brand at every touchpoint?
As more powerful, efficient technology becomes readily available, it’s not only easier for new service providers to enter and crowd the market, the provision of those services is often easier, faster and cheaper.
So, how do you adapt your offerings to stand out amidst a sea of competitors without sacrificing revenue? Your brand.
In the end, customers win when you can adapt your offerings to continue to meet evolving needs and heightened consumer expectations. People love to do business with brands they love.
So, stand out.
Understand the value you bring to your customer. Figure out how they feel when they first interact with your company and at every touchpoint after that. Determine how your brand resonates with your target customer. Then, leverage your newfound insights to build your brand from the outside in so you can add value in creative ways that will generate genuine excitement and enthusiasm for your brand.
Don’t focus on marketing a product. Focus on marketing the American dream and how you will help people achieve their goals of buying a home or starting a business.
Keys to Success in Today’s Market
What set you apart five years ago is no longer enough. Surviving – thriving – depends on your ability to serve your customers in a way that is unique, authentic and memorable. However, you can’t do that if your organization isn’t firing on all cylinders.
Join Total Expert Founder and CEO Joe Welu for another episode of Expert Strategies, where he explores the opportunities and potential destruction of companies that fail to level up technology, people, processes and the ability to innovate.
