How to Turn the Risks of a Digital Disruption into Opportunities
Chances are, the business you are running right now is under threat from other digital competitors. New business models that favour consumers and deploy the word “sharing” are preferred over traditional ones. Perhaps, the only way not to succumb to this rapid wave of disruption is to go digital.
To get any result requires businesses to innovate from the data collected. It could either be an opportunity or a challenge. But, facing these challenges requires new ways of thinking and practices in order to survive, and thrive. This time, we would like to offer you three ways how you can turn your digital predicament on its head into opportunities.
Convert your data’s potential into values and new opportunities
Take time to fully make sense of your data to unlock new hidden opportunities. Say you are a service provider, study the things your customers are telling you—pick up on these and read on things to improve your services. You could create a new business opportunity from an unmet demand.
Using your systems and data with confidence.
At The Codian, from the work we do with our clients, we find that you need to publish content on various media platforms to allow you to collect more data about your target groups. After you have analysed the data, strengthen the systems you have and use the data collected with confidence to improve your business outcomes.
Take time to understand the risks and threats to your information assets to maximise opportunities.
Ok, let’s make it clear. Any data advantage you have is tangibly your business advantage. This is how you make the most out of the resources you have. Therefore, you need to protect your data. The best way to do it is to be the first to any new opportunity when you see it. To get one up, you need to work the data you have at your disposal really hard to be able to see “new opportunities”. Acting fast enough on these leads, by any measure, could potentially take your business to new heights. So, the key takeaway here is to innovate from the data you have and making a conscious effort to collect more data that can be future assets to your business.
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