THE DIGITIZATION

THE DIGITIZATION OF EVERYTHING

Digitization is a step change even greater than the internet. Exponential technology advances, greater consumer power and increased competition mean all industries face the threat of commoditization. The winners will act now, and build a strategic advantage that leaves their counterparts wondering what happened.

The digitization of everything an imperative for digital innovation and engagement has emerged, businesses have already realized that they must use digital channels to engage with their key stakeholders to maintain relevance and drive the conversation. However, few realize how fast the change needs to happen, or how transformational it needs to be. The real imperative in a world where ‘everything’ is digitized is that businesses need to pursue innovation to disrupt their own business model before the competition does. Without innovation strategies, companies will lose their competitive advantage in an increasingly commoditized world. There is no time to lose, as technology change accelerates exponentially and new digital platforms and devices are emerging.

Furthermore, the expectations of the new generation or ‘digital natives’ mean that companies must keep up with the pace of change or lose relevance. The challenge for businesses is to face the implications of digital change: in particular, the loss of control over the customer relationship, increased competition and threat of commoditization, and the need to engage digitally with suppliers, partners and employees in addition to customers. The starting point is a structured approach to assessing your digital maturity based on an understanding not just of the technology, but of the ‘big picture’ of what digital engagement means to the business.

To deal with this challenge, companies must develop an end-to-end response. They need to develop a comprehensive digital strategy and rethink their business and operating models to deliver this. Such a strategy must go far beyond the Marketing department: it has to be about ubiquitous cross-channel connectivity, it must enable continuous engagement with customers, suppliers, employees and investors. It must also be about C-Level leadership, and critically it must be about innovation and differentiation through the business operating model.

In conclusion, the Corporate Communication Manager in the digital age must adapt to changing consumer behavior through different channels, for continuous engagement with customers, suppliers, employees and investors.

By:  ULAYA SIJALI A. (BAPRM 42681)