The fact that the digital is speedily encroaching the world as it was cannot be ignored and the world seems to say, “get digital or get obsolete”.
Digital options devise ways to take over and the earlier companies and businesses embrace, take and create opportunities with digital tones, the more they can take control of the future of their businesses.
Instead of being defensive and reactive towards the changes that come with the digital revolution, or follow trends so as not to be left out, Nigerian businesses can become innovative and use digital services to act as pathfinders, being proactive and on the offensive, thereby breaking new grounds.
The digital economy, aside being an enabler and creator of opportunities, makes things easier, makes data accessible, encourages more customer-centric businesses and needs innovation to be sustained. If the Nigerian business cannot do these, there is no way they can compete in the global village the digital age has created.
What Digital Services Can Do
Digital Services help the business in areas like networking, sales (e-commerce), data gathering, and Communicative platforms between businesses and their customers via apps, websites and other means. Of course, you can visit Next.TechEconomy.ng to know more about this.
Today, automation makes the business world easier, and that is where Artificial Intelligence (AI) is appreciated.
Transparency, record keeping and trust is made easy with Blockchain and many other emerging technologies like Internet of Things (IoT), though unexplored makes it easy for businesses to run efficiently and almost seamlessly. They only need to be embraced and explored.
It is expected and sensible for startups of this age to inquire and research on the various technologies available, and develop ways through which they can innovate in their chosen fields, using the available technologies. If these businesses will survive and indeed thrive, they have to be bold, proactive and intelligent. That is the only way to maintain relevance.
This means that the Founders and Co-Founders have to be knowledgeable about the different technologies, at least the basics. As Mr Folabi Esan said, “If you don’t know the fundamental things, you can’t build the next thing, you will only consume what was given to you in a dump-down fashion.”
Numbers Only reveals that “Today’s digital economy offers an unprecedented opportunity to envision and build innovative new products, services and experiences tailored to stay ahead of evolving customer demands.”
Digital Services In Different Sectors
The World Economic Forum shared that, “…rapid advances in telecommunications, big data analytics (including machine learning), mobile technologies and biosensors – loosely grouped together under the umbrella term “digital technologies” – are poised to have a profound impact on diverse aspects of mental healthcare and treatment. Digital technologies are becoming increasingly available worldwide and will only continue to advance.
“These tools can help enable early diagnosis, track disease progression or course-of-illness data, and predict decline or relapse.
“This data can also provide physicians with objective information on how patients are doing between clinical visits. As more longitudinal data is collected, machine learning-based models may be able to predict serious oncoming events such as suicide attempts, depressive relapses, psychotic episodes, or panic and anxiety attacks. Use of such predictive tools could also allow for more timely interventions, either digitally or through referral to hospital-based clinical care.”
BCG shares that, “Digital government services leverage emerging technology and a government’s own vast data to better serve citizens. Digital Government unlocks the potential for greater effectiveness, efficiency, and innovation—and change at scale.
“The landscape for digital government is a promising but challenging one: although more citizens in more places are using more digital services, governments are still struggling to get digital right.
The unwillingness of the Nigerian government to upgrade keeps the country backwards despite the level of exposure the citizens might have. The government can’t provide an enabling environment for digitally-inclined businesses if they are still stuck in the past.
Talking about the automobile sector, AT Kearny shares, “According to our calculations, OEMs are missing out on $ 8 billion in profits because they are unable to implement a digital service strategy or strategy.
If companies want to harness the full potential of “value pools,” they need to develop the mentality of a tech player and adopt a customer-centric digital service strategy that is both rigorous and agile.” Innoson Motors and every other sector should take note.
It is one thing to think digital, and another to go digital. Overhauling plans and switching strategies would definitely take its toll on the company, but since it is an option of going digital or becoming obsolete, innovative ideas for sustenance have to be thought out.
McKinsey might have found a way out. “Digital attackers in most industries can severely drain the profits and revenues of incumbent players, as we have shown in recent research. Companies under pressure, though, can limit the damage if they adopt an offensive corporate strategy, one that involves willingly cannibalizing existing businesses and reallocating resources aggressively to new digital models.
“Which digital business model—when deployed offensively—offers the best odds for regaining lost ground? We dug deeper into the data from our survey of more than 2,100 global executives and found that going beyond the mere digital delivery of products or services and setting up an online marketplace correlates with markedly improved performance at established companies.”
Once again, digital is taking over the world and so it is not something that will be run by a fraction of the business. All players of the business have to think digital if the effect will be seen and appreciated. One way to get everyone thinking digital is to have a clear strategy.
As AT Kearny, quoted above, shared, “Digital players control their business activities through a value and purpose-driven vision that targets high value-added services. Progress towards this vision is measured against a concrete and clear goal. For example, Google’s vision is “to provide access to world information in one click”.
The companies of Elon Musk are building blocks on the way to a solar-electricity-based economy. Tesla, therefore, positions the car as an expression of the digital lifestyle as well as a brand experience and not just as a means of transportation. The company’s digital service offerings form the basis of a product portfolio with a high degree of user-friendliness and efficiency.”
Therefore, get along and be ready for Mobile & Disruptive Technology Forum (MoDiTECH’19) powered by TechEconomy.ng which takes place on October 24 in Lagos State, Nigeria.
Think digital, go digital, experience the power of the digital world.