Gosh, these millennials! They want everything, no really, they just want it all and they want it yesterday! How often have we heard this song being sung in sweet or cacophonous tones? Let’s face it, the world is a millennial’s oyster, and the workplace can be no exception. It is therefore only right to understand an organization from the perspective of the aspirational and inspirational millennial, who are the CEO’s of today, the leaders of the free world tomorrow.
To boil it down to the barest level of oversimplification, the aim of any organization is to improve business operation; applying available technology to create better products, upgrade services delivery, basically transforming existing business practices. Since the millennial generation is defined by sophisticated digital tools and processes, adopting a digital strategy in an organization is expedient.
We have enjoyed several benefits of a highly competitive market and this has engendered advancement and innovation. Sophisticated tools and technology have birthed innovative solutions and thanks to digitization, problems hitherto intractable are now being tackled appropriately. Business models are now being refined, allowing for the integration of digital initiatives.
It is worthy to note that the concept of digital strategy is a tangible one. This is to say that digital strategy transcends a plan or roadmap and especially so in a day and age that is dictated by a set of concerns that are radically different from the preceding generation; it involves going beyond just actual implementation of certain tactics and tools to improve productivity and efficiency in an organization, but to factor in the social and environmental sensibilities of a generation in bringing about this productivity improvement.
The CEO’s of General Electric and Citigroup; two prominent business organizations recently announced that they will be revamping their system of operation; adopting a more digitized approach. This might lead you to assume that digital strategy will automatically fit into the framework of an organization, however, this is a wrong assumption. There are certain questions you should ask before joining the bandwagon.
You should have an inventory of your assets and manpower and envision how the organization will deal with an infusion of digital technology. Are you expanding the scope of your business or are you completely changing the focus? For consumer centric organizations which are mostly attracting a millennial audience, this also means gratifying their unmet needs, by adding an additional level of intelligence that would observe and predict behavior patterns to proactively delight them. As revolutionary as this concept is, it might be disastrous to integrate this tech without considering the impact on your business.
Does digital strategy promise to make the existing mode of operation better or is it just aimed at making your stakeholders happier in today’s context? Does it put you in contention as a leading brand or service provider? How? In the financial sector, you should ask questions which aim to address how your business will enjoy improved strategic planning, performance management, and funds allocation.
The advent of the internet drastically changed the target market of newspapers and the entertainment industry in general. Will digital strategy usher in new potential targets? Will it expand or limit your intended audience?
Does digital technology promise an enhanced improvement in the service you render? Lego, by exploiting Virtual Reality (VR), now allows kids play the famous Lego game online increasing the demand drastically! Will this have a similar effect on your business? Does it prioritize on building an additional level of awareness to sync up to the social conscious yet impatient millennial customer with intelligent analytics?
You should note that a lizard equipped with digital technology will not automatically become a digitized alligator. Digital strategy will rather enhance your existing capabilities. For example, how can social media and big data help advertise your product better? How will a database management system make you better organize your operation? These maybe rhetorical questions for this blog, but questions that are pertinent to be raised while architecting every solution or even a just system upgrade.
Digitization is an imminent disruption waiting to happen. It is wise to seek answers to these questions and prepare your organization for this change.
We, at Biztruss understand different categories of customers and in particular the millennial customer, with her unique set of aspirations and demands. By building user centered data driven solutions, Biztruss is able to generate a tremendous amount of learning that helps in understanding your customers better which in turn helps creating iterative strategies to improve the overall efficacy of an organization operating in today’s world.
Suffice to say, millennials have created a new digital world and forced a change in the narrative, and mostly it’s for the better. Is your organization upto millennial speed?
Till we meet again with yet another blog from our shelves, recharge your digital batteries and stay hyperconnected.
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