What Your Startup Needs to Learn from Digital Transformation
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
It’s an undeniable fact that we are living in a digital world, where almost every purchase decision predominantly depends on the online presence of a marketer. Gone are those days when a brand’s popularity used to depend on the total years of its existence, as well as, the deliverance of quality services/products.
Are you looking to venture into your own startup business anytime sooner? Let digital transformation be your ideal bet as it will help your startup scramble to embrace new tactics and reshape your company culture to mirror the agility and flexibility of many other startups, which are rocking the commercial boat.
Effective digital transformation can make you at least a Duke, if not the emperor, in your niche. Backed by digital assistants, you and your intended competitors will be neck and neck, but the existence of your brand won’t be sidelined.
There’s no denying the fact that startup brands have certain intrinsic advantages over the established companies. Digital transformation can bring about a discernible change in every industry and such changes are influenced by startup ventures.
If you are an aspiring entrepreneur looking to take your startup to a new height, then here are a few things that you must learn from digital transformation. Have a look:
Reap the Benefits of Your Human Resources
With every passing moment, technology is evolving by leaps and bounds. But, you must refrain from valuing technology over your human resources. It’s the humans who can drive change, not technology.
Being the owner of a startup company, you should take wise decisions when it’s about picking suppliers, funders, distributors, and other important business partners.
You must put an emphasis on traits and skills for making the right decision. The wrong employees can destroy your startup by inflicting some serious impediments on its way of further proliferation. You cannot remain competitive if you have to replace wrong employees who cannot contribute to your brand’s growth and success.
Flexibility Should be Always Embraced
The perfect employees of your startup company must be flexible enough to embrace new changes with open arms. For a startup company, it may not be possible to have ample workforces to assign specific tasks to certain employees.
This is why; most of the modern startups are not hiring employees who can solely focus on just one aspect and inclining towards that person could leave holistic impacts on their businesses.
If you want your startup business to excel and thrive, you must not let your workforce to fall into a strategy with a lot of hullabaloos. You should cajole the employees to come up with innovative ways to affect other aspects of your business and sprout new ideas to propel your business growth from within.
Always remember that agility not just hints at the ability to tackle different responsibilities when a situation calls for it. It also means that you should be ready for all kinds of eventualities and preparing your business accordingly.
Pave Ways for Open Company Cultures
Your company culture must reflect the core values that may inspire you to flourish your venture and your objectives for the future. Upon providing your employees with the responsibility of just one aspect of your startup business, you will automatically put their time, energy and dedication in a silo.
While focusing on just one aspect of your business, they might lose their sight of the bigger picture for your entire company. This will inevitably drag your startup to an unavoidable loss in the future.
The moment you will shift your focus from agility to speciality, your employees will be able to influence more aspects of your company. Also, the core message of your brand will resonate a lot more tangible with your employees.
Your Data Should be Valued
Information is indeed the most valuable and important commodity in this world. Like any other business, you will also have a goldmine of the valuable data of your customers. In order to remain relevant in the cut-throat market, you must understand how to utilize and interpret that.
With technology, you will easily get acquainted with your consumers and their behaviours. With the help of real-time tracking, you can easily figure out the prime disruptive forces in the market. Your data should be the major driving force behind all the decisions you will take in the future.
For every startup, it’s crucial to prioritize data collation as well as collection. The moment you will understand the way to tap into your intended audiences or influence them, the ray of hope will begin to gush in your startup business.
Pay Heed to Consumer Experience
It is easy for a startup business to delve in personal interaction with its intended customers. However, if you own a comparatively larger startup, you may lose sight of many crucial ingredients of startup growth.
You must make every decision paying heed to your customers’ best interests. Ensure that you pick employees based on their demeanour and personality. Those whom you are looking to hire should be eager to adapt to changes.
When hiring them, make sure to give them a thorough understanding of your brand messages, customers’ data, etc. Without knowing your consumers’ best interests in mind, your employees won’t be able to meet their requisites. This is certainly one of the key aspects of success that your startup company should learn from digital transformation.
One of the prime reasons that larger companies covet the culture of startup companies is that there’s a closer connection to the consumers. The employees of larger companies may fail to bridge the gaps between what they do regularly and how it aids the consumers.
Learn to Embrace Failures as Well
You must not be afraid of failures when you are striving hard to take your startup to a new height. Failure may happen. Obstacles may roadblock your way towards growth and success. But, instead of holding onto any mishap, you must be able to get the best possible learning from your mistakes.
Don’t have the Quest for Perfection
Many startup companies worldwide have begun to use the MVP approach for obtaining more prompt and accurate feedback from their intended consumers. Following BUILD, MEASURE, LEARN loop, they are striving to optimize the costs of building any feature.
Most of the established companies will tend to wait until perfection prior to launching their services or products. Sometimes, a lot of money, time and resources could go in vain whilst building or promoting a product, which may end up receiving negative remarks from the consumers.
This is the reason why you must not be afraid of failures. Rather, you should make the consumer experience an integral part of the decision-making process of every employee. The moment, your startup brand will focus on your consumer experience, you will automatically make your entire organization a lot more accountable for the future growth and success of your brand.
It’s not a cakewalk to bring success for a startup. From the enterprise perspectives, this is nothing but a deal of gambling. Startups are beginning from scratch, meaning a wide green field.
However, the bigger enterprise companies along with their digital transformation agenda have already established themselves with legions of tools, processes, people, legacy, etc. Learning the above-mentioned lessons from digital transformation, you can help your startup excel, thrive and succeed in the long run.