10 suggestions for successful digital transformation: #9 Start digitalization by changing your approach

When it comes to digitalization, it’s not enough just to take a quick peek outside the box. Not if you go right back to your old thought patterns. In order to strike out on new paths, you need imagination and sometimes a new pair of shoes. Many big mail-order companies that had their heyday in the 80s have since been wiped off the map, displaced by digital competitors with innovative ideas. In order to avoid these kinds of risks, you need to have precise knowledge of your digital maturity. With the digitalization check from COSMO CONSULT, you can determine your company’s current level of digitalization and then see how it compares to similarly structured businesses in your sector. Using the results, you can better identify potential improvements and target these areas through individual digitalization projects.

In many sectors, digitalization leads companies to re-orient themselves: Open new markets and target groups. When you’re thinking about strategy and analyzing your competition, be sure to incorporate digital platforms. In particular, give some consideration to new business models, smart products and services that would gain you long-term advantages over your competitors and mean added value for your customers. By now, we’ve seen countless examples of successful digital strategies:

• Rolls Royce  has long stopped selling turbines and now deals in flight hours instead.
• Airbnb, the biggest provider of overnight accommodations, does not actually own a single hotel.
• Uber, the taxi company, does not own any cars.
• Facebook, as a major media company, does not actually produce any content.
• One of our customers not only sells pumps but now also calculates their compressed air consumption (in cubic meters.)

What products do you make? What new ideas can you implement with your solutions? Could sensors help you offer your customers better products and services? How are data analytics used to develop new business models based on available information?

External support is helpful when it comes to making your company more digitally aware, identifying lucrative scenarios and then gradually implementing them. It doesn’t matter what your first digital projects look like. What’s important is that they are realistic and viable and can be implemented in small steps. We’ll help you do it.

#1 Digital transformation starts in the head, so the head of the company has to get it started

#2 Get many minds involved - innovative digital swarm intelligence

#3 Develop a digital transformation strategy

#4 Work together with start-ups 

#5 Invest in your employees 

#6 Be customer-centric

#7 Make use of your data

#8 Use the latest technology