29 June 2020

How do you plan proactively for future risk in an uncertain world?

In your industry, you are the expert. You have spent years honing your craft and building your expertise, and you are now at the top of your game. But there are certain aspects that you might know little to nothing about, and this includes digital marketing.

Yet the world was woefully underprepared for a pandemic of this magnitude. While business leaders have touted the benefits of digital transformation for some time, the pandemic has seen a lack of foresight exposed among vulnerable businesses. Even the World Economic Forum wasn’t adequately prepared. A universal pandemic didn’t even make their top 10 list of global future risks. 

This begs the question, how can you plan for risk in such uncertain times? If you read between the lines, you’ll realise that we’ve already provided the answer.

Digital transformation: No time to despair; let’s get moving

If you haven’t started already, digital transformation remains key – but it’s not easy to do well. In fact, Mckinsey extrapolates that as many as 70 percent of companies don’t succeed in their efforts to reach their digital transformation goals. 

Before we look at the why and how, let us explore the what: what is digital transformation? George Westerman, MIT principal research scientist and author of Leading Digital: Turning Technology Into Business Transformation defines the concept as: “a radical rethinking of how an organisation uses technology, people and processes to fundamentally change business performance”. Inherent to this is building a resilient business model that can withstand future shock events. 

For COVID-19, this may be as simple as the IT infrastructure to enable your staff to continue working effectively at home, or even to monitor their productivity. It could mean having your restaurant listed on Uber Eats to enable home deliveries, or it could extend to diversifying your suppliers so that you are not only reliant on foreign imports.

As Mckinesy puts it, digital transformation in its purest form isn’t about the fight for survival, it’s centred on the need for a business to reach its full potential.

With new and emerging technology at our fingertips, a business’ potential is ever-expanding. So where do you start?

1. Start with what you have

Before you can think big, you have to start small. Look at your business holistically, get different viewpoints and find out which process lags or legacy systems are holding you back. 

2. Get a digital partner on board

Digital transformation is a niche and highly specialised discipline. You can’t do it alone. 

3. Bring it all together

Choose a digital partner who wants to get to grips with your business’ potential, with the sole purpose of helping you succeed in an intricate digital landscape.

Shapeshift is perfectly positioned to walk alongside you on the exhilarating path towards digital transformation. With clients ranging from Old Mutual to Elizabeth Arden, we create elegant digital solutions that work seamlessly. Contact us today and take the first step towards crafting resilient and futureproof business solutions.

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