For many companies, digitization means that the development of a corresponding mobile app is all they need and that the company is ready for the future. The real question that company executives, decision-makers and product developers have to ask themselves, is which business models can be created around existing products? It is also interesting to see which new products and services will now become possible and how customers can be supported with the help of digitalization in the way they expect.
The latest studies show that most companies find it extremely hard to deal with the change initiated by digitalization. The basic dilemma is often that digitalization is considered as a project and moved within the company into the IT department. However, this means that they are no longer in the direct focus of the Management Board. Important decisions are no longer made where they should actually be made. According to a Capgemini survey, only 20% of all companies surveyed currently state that something must or should be done in corporate culture and internal organisational structure. The technology is only the fundament, if the benefit of digitalization should actually help a company, the consulting company states aptly. In this case, however, technology alone does not mean digitalization.
Another important and often underrated point is the necessary Digital Mindset. This is the attitude and interest of management and employees in new technologies, procedures and processes. It is no more sufficient that only the executive board has the right mindset, but every employee in the company is now challenged. Pessimistic voices claim that only 10% of employees have the required mindset.
The usual procedure of making decisions in the conventional sense must also be radically analyzed. Especially in the support of customers, processes must be carefully reviewed, adapted and, if necessary, rejected. But the reality is still different. At present e.g. financial institutes are massively challenged by small Fintechs openly and downright demonstrated, if it comes to the central topic payment services. Fast, straightforward and customer-friendly. Car manufacturers, the hotel industry, taxi companies and many other branches are currently gaining similar experience. Every time a new company with a new product or service appeared, to frighten established companies.
Competitive advantages through individualization of services while at the same time improving planning within the company are just two examples of how digitalization makes the customer even more important. Many opportunities arise from tailor-made services and offers, so that even small companies can stand out and certainly stand up to the larger players. In many cases, the corporate culture has to adapt, because we have already arrived in the digital age. Not to be part of the change means a loss of sales in the medium term. In the longer term, however, companies risk substantially more.