Today, itâ€™s all about digitalization as technology is rapidly becoming an essential part of trade in managing the business flow. It impacts the global market and overall shift in the economic growth.
Globalization is merging with digitalization. And the ones who are unable to keep up with the speed of data transmissions may become the irrelevant very soon. Companies must choose their managers wisely; ones who understand the dynamics of digital globalization and are skilled enough to strategize the digital flow.
Competing in Today’s Digital Age: An Overview
The Digital revolution has broken all the previous laws and trends of competition. Even leading companies are at risk of falling behind if they fail to strategically address the challenges posed by sprawling digitalization.
Competition in this digital era has become fiercer. It has its own pros and cons, but the key to success is the ability to accommodate to our rapidly changing environment. For this, businesses must be flexible, welcoming new ideas with open arms, adapting rapidly to new business models and quickly responding to the trending technologies.
Major Challenges Faced by Businesses As A Result of the Digital Transformation
There has been proliferation of data and it is intensifying every day with the increase of internet usage, smart phones and other web-integrated devices. There is a continuous accumulation of information including big data as well as public sources of open data.
Organizations are challenged to speed up their analytical and processing efficiency in order to stay ahead of the competition.
Moreover, organizational leaders and business managers need to ideate and plan their strategies. To avoid any errors, they also need to pre-test those strategies before going ahead with them.
Indispensable Role of Social Media
Social media today has become so powerful that people are less influenced by advertisements. Now they are more stimulated by what others are saying about the product on the social media platforms.
Social media content can empower customers and lead to better marketing orientations in terms of customer engagement. Today, social media users are looking for blogs, product reviews, ratings, and discussion communities etc. to get more relevant information from whom they perceive as reliable sources.
The Digital Revolution has altered user buying behavior and their decision making patterns. So, today the companies need to wisely invest in social media.
Shift in Consumer Demographics
According to some experts, digitalization has also brought a shift in consumer demographics. According to the book, Born Digital, natives are the ones who were born after 1980.
The new generation is more experimental; they crave information and need transformational change. A research suggests that:
- Young minds spend 15+ hours on the internet.
- About 80% users trust on peer recommendations.
- About 35% users post their opinions about products online
Identifying and Attracting New Talent
In this age of digital globalization, many companies are posed with the challenges of growing their team and identifying and attracting new talent. In addition to this, maintaining the organizational values in a larger team is also difficult.
Spotting the opportunities
Finding New Customers
The digital economy is ever-evolving and new trends opening a gateway of opportunities to gain new customers-the early adopters. The prices are high in the beginning which can be capitalized upon by the marketers. With the use of social media tools, the companies may easily publicize their offerings and get new customers.
New business models are emerging and gaining momentum where suppliers, sellers and buyers are digitally connected. As a result of the digital transformation, there are innovative business models that have enabled businesses to achieve cost-efficiency. Eventually, the products and services are offered at better prices, attracting more and more customers.
Improved Management Decisions:
Internet of Things and Big Data, the discoveries of the digital revolution have improved the processing and analytical capabilities of an organization, leading to better decision making. As a result, there has been increased performance efficiency across the board.
Essential qualities required to succeed as a business manager
Digitalization has changed the structure of competition. An organization needs a business manager who is informed, digitally stimulated, tech savvy, analytical and innovative enough to take the enterprise to greater heights.
Must-have qualities of a digital business manager:
Creativity:The managers of modern time are expected to be highly creative and able to suggest new and innovative ideas. Creativity can make a huge difference in the organization.
Flexibility:Managers in todayâ€™s time must encourage experimentation and always be open to try new solutions.
Open to Feedback:More often than not, managers feel offended by criticism. This is not going to bode well in the modern workplace. Digital business managers must possess the ability to understand things from different perspectives and take criticism constructively.
Cloud Migration:Digital business managers must embrace the new technologies that can improve their efficiency by a considerable margin. Managers must be able to make any transition in the organization a smooth process. For instance, moving the business to the cloud for easy, efficient and centralized management.
Problem solving:This is an important quality for a business manager in digital era. Problems arise everywhere but how you solve it impacts the results. A business manager is always looked upon for guidance and solutions. So a business manager must be informed and skilled enough to provide directions to overcome barriers and create effective output.
Leadership Attitude:The managers must have leadership skills. Rather than leading by just giving directions, today digital business managers are expected to lead by example. So, they must be able to stay calm, in the times of transition and chaos.
Decision making:Many a times, situations become too complex to arrive at any decision. But a good business manager will always be able to make quick, analytics-based and result-oriented decisions.
Collaboration:A business manager today must be able to meet different segments in the organization to leverage diverse skill-sets for better output.
In the end, itâ€™s all about taking responsibility. Be productive and results-oriented. Your objective is pretty simple: to make the people around you efficient. More importantly, a business manager instils confidence in his or her employees. This turn into not only better job satisfaction for employees but also better productivity for the company.