6 things you need to do today to succeed in business
Businesswoman using digital tablet
- 1. Digital business models: Companies need to fundamentally change the way they identify, develop and launch new business ventures. A recent study forecast that 30 per cent of industry revenues would come from new business models by 2020.
- 2. Digital talent and skills: To attract, retain and develop talent, enterprises will need to embrace cultural change, focus on recruiting millennials and adapt to new ways of working. Companies need to prepare for greater automation, with 81 per cent of managers believing that machines will make workers more effective.
- 3. Digital metrics for success: Traditional key performance indicators are no longer effective at measuring the performance of a business in the digital age. Leading enterprises track the metrics that matter and react to them in real time. Companies that understand digital transformation earn 26 per cent more profit than others.
- 4. Hyper-personalization: Customers expect and value increasingly personalized interactions at all points of their journey and digital technology is enabling companies to deliver personalization economically at scale. The challenge companies face, however, is to understand how much personalization the customers want, as 90 per cent of consumers say that they will limit access to certain types of personal data.
- 5. Maintaining engagement with the empowered customer: Empowered consumers demand to be actively involved at every stage of their decision-making journey and expect increasing levels of choice, control and convenience.
- 6. Safety and security: As identity management transitions to the digital world, a collaborative effort to boost cybersecurity and protect people’s data privacy will be crucial to maintain customers’ trust and public safety.
Source: World Economic Forum