The value of speed in business cannot be overstated. Companies should do whatever it takes to be relevant for customers, fast and efficiently, and to survive in the rapidly changing business scenario.
Many old world B2B organizations, which were formed in a world where success was measured in terms of asset ownership and employees count, are failing to adjust to the extraordinary rate of change to the digital world. It is more about seed than value now.
The worldwide pandemic has brought this requirement for speed into clearer light. According to a 2020 survey by McKinsey, “How COVID-19 has pushed companies over the technology tipping point” in the first six months of COVID-19, organizations had digitized activities 20 to 25 times quicker than they had previously imagined possible. Businesses that embrace speed and agility as drivers of success in this exponentially changing environment will be the ones that finally survive.
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The significance of creativity
Firms that rely solely on technology upgrades in their quest for speed and agility are unlikely to succeed. Digital upstarts scaling quickly through innovative business models such as access-over-ownership, freemium, marketplaces, on-demand, and so on have generated much of the disruption. However, this is not real transformation. True digital transformation for B2B businesses necessitates a rapid re-imagination of their own business models for a digital age.
The ability to thrive
In these hyper-charged times, the challenge for B2B enterprises is to make a success of these new developments in order to stay afloat.
It shouldn’t come as a surprise. Most traditional B2B organizations were built on a foundation of cautious stability — the disruptive disruptors’ quick innovation is alien to them. Even with the best of intentions, embedded culture is difficult to change, legacy processes, systems, and technology are difficult to modify, and attitudes are often stuck in the past.
Businesses that have built innovation hubs, in-house accelerators, or digital teams that are free of the constraints of the organization’s traditional infrastructure, processes, and mindsets are more likely to stay up with disruptors. Those who are given the most flexibility in terms of the technology stack, people, and process are likely to be the most productive.
Keeping up with the customer’s needs
Disruptive new business models are often built on a laser-like focus on the customer, and this is true in both B2B and B2Ccompanies. Customers want the same level of sophistication in their business as they do in their personal lives when it comes to digital solutions. Businesses should prepare for their customers’ expectations of ease of use and high performance.
As a result, all B2B firms need to prioritize the speed, quality, consistency, and personalization of customer interactions.
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Decision-making based on data
If long-term success and survival are contingent on quick pivoting and bringing customer-centric digital goods to market in new business models, B2B companies should reconsider how they optimize the value of these investments once they are launched.
Data is paving the way to recovery. Winning businesses invest in technology, data, processes, and people to enable speedier choices and course adjustments based on what they learn.
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