- [Instructor] Think number one.
Any business eager to grow in today's marketplace
must heed certain digital imperatives.
Let's say you want to hang up a piece of art
in your living room, you could buy a drill
and all the materials to do it yourself.
If you're handy, that might be the way to go,
but it could also be time consuming and expensive.
A better alternative might be to hire a company
that already has all the materials
and promises to hang your new painting
quickly and perfectly.
These types of companies represent the future.
Rather than selling products, they sell outcomes.
This move from selling products like hammers and nails
to selling services and outcomes
hasn't been easy for many legacy businesses
used to doing things as they've always been done.
These businesses need to consider
certain digital imperatives if they're to experience growth
and prosperity in the years ahead.
The first of these imperatives is the need
to transform the core of your company
to match the digital era.
From engineering and production
all the way to sales and support functions.
Your company's many facets need to be digitally connected
with each other, and with customer feedback
every step of the way.
This includes having a digital ready workforce that's ready,
willing and able to be fast and flexible.
Today, prototypes can be quickly tested
with software designed to identify problems
before they happen.
Getting a product from idea to the marketplace
is quicker than ever before.
And once the product is in customers hands,
it is not uncommon for software updates
to start going out the very next day.
Your workforce needs to be able to work in harmony
with this kind of constantly evolving ecosystem.
In the same vein,
your company needs to be aligned with the outcome economy
and move away from being product and point of sale minded.
Your entire business model should be focused
on creating experiences
and nurturing long term customer relationships
rather than looking at the point of sale as the end goal.
This also means making sure your company is managed
with the understanding that multiple pivots
may be required to stay afloat.
If changes need to be made,
your company needs to be built in a way
to make them quickly and smoothly.