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Are you prepared for digital upheaval in your sector? Or could you fall victim to Digital Darwinism, when technology advances faster than your organization can adapt? Businesses that don’t adjust to the growing networked economy risk becoming irrelevant in their industry.
According to the SAP eBook, The Digital Economy: Reinventing the Business World, many companies must completely redesign their business models and processes in order to keep up with their customers, employees, suppliers, and competitors in the rapidly expanding digital economy.
This business reinvention usually involves digitalization – also called digital transformation – which is the process of becoming a digital business. Digitalization offers many opportunities, but it also creates perpetual disruption in the business landscape and challenges companies to constantly adjust and update their business models simply to remain competitive.
Early adopters are already out of the gate causing disruption in multiple industries, so how can traditional companies keep up? The SAP eBook and Capgemini’s article, fittest, recommend that traditional companies take the following action to survive in the digital age:
You can begin a more proactive approach by asking some candid questions about your digital strategy, such as:
Many companies use innovation labs or startup accelerators to explore new endeavors in their industry. If your company is not taking steps to move ahead with innovation in the digital economy, you can be sure that other competitors are. Do you want to be the one left behind?
Of course you don’t. Please share with us the steps you are taking or the challenges you face for forward progress in the digital economy. We may be able to help.
The post 4 Vital Steps for Survival in the Digital Economy appeared first on ERP for Manufacturers | Manufacturing Software | OptiProERP.
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