It's safe to say that digitization has touched nearly all businesses. Even companies that traditionally are late adopters of technology are rethinking their strategic growth strategies to operate in a new business landscape that is dominated by the internet of things (IoT).
Here are four pieces of actionable advice that you can use to steer your company towards future growth and profits in an increasingly digitized world. Take a look at my four strategic growth tactics that has helped my brands grow exponentially.
1) Build trust through transparency
Some things never change. Managing customer expectations for your brand is one of those things.
Today's consumers seek out companies that are trustworthy and authentic. They use IoT technologies to find out the backstory of your business. Their preferred companies use the same IoT tools to make their operations more transparent.
For example, your textile company wants to differentiate itself from competitors that use sweatshop labor tactics. Make a virtual tour of your employee-friendly factories, and conduct interviews with workers about their experiences with your brand. The podcasts can become a part of your marketing message on the social platforms that are frequented by your target audience.
2) Prune product lines from broad and shallow to narrow and deep
Many companies have followed the tactics of large conglomerates that support adopting extra product lines that offer short-term profits. However, even those corporate giants that operate across multiple industries are rethinking their portfolios in favor of narrower offerings.
Divesting lines that neither align with your operational strengths nor with the needs of your ideal customer's positions your business for sustained growth in its strong areas.
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3) Invest in research and development for disruptive technologies
Creating a right-sized portfolio often frees up capital for growth-enabling R&D projects. Investing in disruptive technologies and the infrastructure to run them are critical strategic growth trends for 2018 and beyond.
According to a PriceWaterhouseCooper publication, only 10 percent of surveyed companies stated that they use 3D printing for production purposes. Production-based 3D printing is an example of a technology that will drive future growth for adequately positioned companies.
While 3D printing for rapid prototyping has been around for years, early adopters of the technology for mass production see vast profit potential. This technology allows companies such as Boeing, Airbus, and Ford to mass produce parts faster and cheaper than traditional manufacturing methods. Your company will also gain flexibility since 3D printing models can be easily modified to support user-driven upgrades and enhancements.
4) Cultivate an agile company culture
Technology investments will not be productive if your workforce can't adapt to an innovative environment. You want employees who can use leading-edge technology to develop new ideas and take them from test labs to market. That involves recruiting specialized talent and funding training efforts for existing employees.
Technological advancements are undoubtedly driving innovation in many industries. However, the overwhelming message to companies is to know your strengths and use new technologies to exploit them for strategic growth thoroughly.