Almost all business executives in the world is accepting the fact that the key new age business requirement is being or emerging “Digital”.
Digital is a notion that has its own characteristics. If we want to develop a strategy for our company for the new age of business, then we need to understand the attributes of this very unique concept.
With this post we will start to define the attributes of Digital. This write-up will give a summary of all attributes with general, everyday examples that we know of. Starting with next post we will examine each attribute in detail with real industry case studies.
Our behaviors are changed dramatically. We want everything to happen the moment we wished for it. The main responsible phenomenon for this is digital. Digital converted wishes to realities.
We used to watch movies after we go and buy DVDs and then load those to players, not to mention other types of media which were much bulkier than DVDs and DVD Players. Now we can just search it online with whatever device we are having in our hands for that moment and just hit play to get it instantly. Same goes for books, music and so on.
Digital means, it happens at the speed of light.
Whatever we do for online shopping, until humanity finds teleportation, we need logistics, we need last mile solutions. But, is digital waiting for teleportation?
Digital is acting as a simplification agent until its successor comes to teleport things. It already evaporated CDs, DVDs, paper books, newspapers, and many others. Now for these, the logistics is instant.
Digital is distributable at the touch of a button.
How many would you like to send? Would you like to enter into new markets and geographies? It is easy with digital, it’s instantly scalable without further manufacturing efforts. Digital businesses scale up to new markets and countries just by fulfilling new markets’ local legislations, with little set up costs and by reducing overall marginal costs.
Classic examples for scaling up digital companies are Netflix, Airbnb, Uber.
Digital is at the scale you desire.
We are surprised by the personalized offerings of digital companies during our everyday shopping experiences. That’s because digital is collecting data about us via every touch or click in interactions with it. Consider your local restaurant waiter or little grocery shop owner, they do know your habits, likes or dislikes. This is because you interact with them almost every day and leaving traces behind, letting them to know you better.
Digital is the same, you interact with them online through shopping, social media and by your clicks on ads and even by your eye moves on a web page. The difference between your local business owner and digital is that digital do not forget over time and calculates without emotions, collect every possible data and use smart algorithms to know you better, to sell you more and to serve you better.
Digital is smart.
I don’t want to see this ad anymore. I want to visit this place, offer me related services. These interactions are possible with digital. But how about some industrial grade interactivity?
Digital twins enable us to receive all required info on remote machinery, factory, store. We can then evaluate all aspects of the situation we are in and give decisions based on created scenarios by these digital twins.
Digital provides the best options to act on.
We get used to giving stars, making comments. Although Black Mirror gave a warning about the direction we are heading, still majority thinks that engaging digitally increases the quality of service we are receiving.
Digital born companies engage everyone in evaluating service and in increasing customer base by using network effects. Customers feeling engaged, contributes more and recommends more, as long as the delivered quality is sustained.
Digital democratizes the environment we live in.
Money, social existence, shopping, meetings, all virtualized. And more to come. Digital is bringing various environments, occasions to online world. It eliminates the miles, passports, bureaucracy, paper.
Virtual world is much faster, close and efficient.
Digital will virtualize many businesses in the upcoming decades if not in couple of years.
Social platforms connect people, a wider range of people, without boundaries. Internet of things connect machines, even remote factories. Online B2B platforms connect businesses’ systems to function autonomously within designated rules and roles. And all these connected systems are also interconnected to build huge networks of digital functions.
Connectivity is the key to a digital world.
Digital is connecting everything without being limited to barriers of yesterday.