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Smarter Business

Businesses are backbone of every economy and when economy advances to smarter realm, businesses either grow smart or obsolete. Business whether a micro or small scale entity or multinational conglomerate is mandated to follow different statutory processes as well no mandated processes to streamline their day to day activity. Every organisation, irrespective of their size, deal with numerous process challenges on daily basis. Business owners try to invest in their goods and human resource over technology and process compliance as they see these as the crucial factors in their business and of course they provide tangible returns while we physically sit behind the office desk and overlook automation, technology implementation and process compliance as they seem to be dead weight. Technology is limited to billing/invoicing systems and personal computers in most of the small to medium businesses.

The dynamics of business world is rapid and it is revolutionised every day, every hour. Digital transformation is the key to advancement of any business at this hour where multimillion businesses are operated out of a 3x3 cubicle with couple of employees and few bots. The rapid growth in data generation and analysis has made people anxious about their data privacy, how businesses handle their data and how one can ensure that their data, both business and personal, is not being misused. This awareness and data vigilante made way for stricter data management regulation and compliances by governments across the globe. Irrespective of the business entity, process compliances and accountability for businesses have become critical, be it security of data pertaining to your employees, clients or data collected as a part of your service offerings. Organisations have shifted focus from their internal compliance process to implementation of ISO (The International Organisation of Standardisation) and GDPR (General Data Protection Regulation, EU) frameworks. Running a business without data has become literally impossible as intuitive business pointers from analysis of these data is the prime necessity of sustainable business growth.

Shaping Smarter Businesses involves embracing any relevant technology, reframing your business model and consciously developing your organizational capabilities in a systemic way. We assert that these challenging times of platforms, networks, customer activation and the search for zero marginal cost call for a new way of determining strategy. It is important to recognize that the complexity that threatens to overwhelm individuals, organizations and society should not be addressed with even more complex solutions.

In contrast to complex models, simple rules focus on only the most critical variables. By ignoring peripheral factors and tenuous correlations, rules of thumb (heuristics) eliminate a great deal of noise. They can produce better decisions when information is limited and time is short, and they allow members of a community to synchronize their activities with one another on the fly. They make it more likely that people will act on their decisions, because they are easy to remember and less cumbersome to follow than complex guidelines for action

10 rules for smart businesses

To assist companies in their digital transformation efforts, we developed our set of simple rules designed to help shape the smart businesses of tomorrow:

  • Embrace the messy process of practicing, experimenting and learning.
  • Recognize that curiosity drives the hard questions that challenge the status quo and identify technology trends that might have an impact on one’s business model.
  • Recombine digital and non-digital resources to unlock new sources of value.
  • Shape a culture of permanent reflection and renewal to nurture a digital evolution path.
  • Allocate resources by smart applying the Smart Adoption Model (see white paper Scheipers et al.). Assign scarce resources mainly to technologies with (potentially) high impact on the business model.
  • Creatively adopt multiple (technology) assets, recombine processes within and across organizations and go through digital evolution paths to build sustainable competitive advantages.
  • Develop dynamic organizational capabilities that are not only technology or IT related, but also encompass the development of new businesses, organizational models and the nurturing of greater employee engagement.
  • Search for relevant innovation opportunities that digitization provides and be aware of the challenges that technology trends might raise in the future competitive arena.
  • Depict a future in which your organization continues to be a relevant value creator in society. Digitization is a means to achieve that vision. It is not a goal in itself.
  • Be responsive to technology trends that impact your role in society and lead innovations that redefine the fulfilment of this role. Be able to adapt quickly in a fast changing environment.

Shaping smarter business involves a continuous process of defining and redefining hypotheses regarding the impact of technology trends on current and future customer and consumer behaviour, and the resultant impact on future competitor landscape. It is about gathering market evidence for market adoption of technology trends and then accelerating (or slowing down) one’s digital initiatives. It focuses on helping companies grow smarter every day through experimentation and recombination of existing and new technologies. It is about having the right instincts to react, but also possessing the talents to lead digitization. Doing so will help organizations to flourish and enable them to fulfil a vital role in creating prosperity and wellbeing for society.

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