Digital disruption still bites

Even now after 3,099,585 presentations loaded to Slideshare.net on ‘Digital’, ‘Online’, ‘Mobile’ and ‘eCommerce’, there is still reticence in regard to all matters digital in the boardrooms of companies large and small.

Whole industries have been impacted, a long time ago!

• Record industry
• Camera and photographic industry
• Telecommunication
• The retail industry
• Tourism
• Advertising & Media – but they were in denial!

Some of the disruption and change was slower, but was still felt hard:

• The PR industry
• Real estate
• Banking
• Insurance
• Advertising and media

Slow burners would include:

• Manufacturing, which now needs to reinvent themselves and take ownership of their brands as retailers
• The mining industry
• The energy industry

Some are still running away with their hands to their ears and not knowing what it is they need to get!

So how do you get around this and make it start to work for your business?

1. People and training

• Understand – it’s not dumb to keep asking questions until you get it. It’s smart.
• Listen
• Watch

2. Resources and outsourcing

Don’t just look to Australia, overseas resources can be more mature, smart and cost-effective. My business reaches far and wide and we are never shy to ask for smarts for our clients.

3. New opportunities, new revenues

• Digital gives you new channels, which means new customers, which gives you more revenue
• Lower operating costs: a UK Retailer – the largest consumer electronics retailer many years ago – recognised the huge sales growth through their online channels. They recognised the lower cost to serve and higher margin opportunity. They closed 400 high street stores. They got more customers and more sales at less cost.
• Invest to get more

4. Global

• Think international, not just Australia
• Geography does not confine your business anymore

5. Be in a position to ACT/REACT

• It’s risky to do nothing
• Be ready to act
• Be ready to react

Embrace the disruption and enjoy the ride!

Fi Bendall is the managing director of Bendalls Group, a team of highly trained digital specialists, i-media subject matter experts and developers.