Growth has always been a primary objective of serious private business strategies. With that said, prioritizing growth at any cost can be a double-edged sword—it aids valuation, improves your access to capital, and increases your ability to recruit world-class talent, but it can also leave your company in an unsustainable position where profits haven’t scaled alongside the size of your business.
Even in start-up ecosystems, there is a growing trend of emphasizing the balance between rapid growth and profitability and recognizing sustainable growth as the true indicator of long-term success. But where does sustainable growth come from?
In the era of “digital transformation,” leveraging technology tools to your advantage is a necessity if you want your business to continue to grow and evolve. For example, companies that prioritize technology are more likely to thrive in today’s ecosystem, whereas antiquated tech can lead companies into the irrelevancy that has killed 52% of Fortune 500 companies since the year 2000 due to digital disruption.
As such, it’s imperative to stay abreast of digital tech’s trends in efficiency. Some of these trends include democratized corporate data, myriad digitally-trackable analytics, automated manual processes, and more streamlined and accessible IT infrastructures tuned for today’s corporate needs.
Here are a few of the strategic goals that encourage sustainable growth, as well as a few trending technological leverages to get you there.
GOAL: Stay Relevant
Relevancy is the key to sustainability. Today’s consumers have turned the tables on the concept of customer loyalty, and businesses must now constantly adapt products and strategies to prevent well-informed digital consumers from abandoning them for a more relevant service model. Consequently, a carefully custom-curated experience has become a higher priority than mere history with the company.
LEVERAGE: Innovative Analytics
To take advantage of this client-first trend, your business should be leveraging today’s unparalleled access to “big data” (smart, quantifiable analytics of massive behavioral trends) in order to know your clients and customers better than they know themselves.
For example, 77% of executives set aside budget for advanced analytics and decision-management systems, as they recognize that this kind of data can be vital to their business’ success, and ability to stay fluid, agile, and adaptable to the preferences of tomorrow.
GOAL: Prioritize That Data
As old business models die out, data is no longer merely a support tool for decision-making and a resource for quarterly reporting. To make a sports analogy, business has outgrown reliance on the gut-instincts of baseball scouts and arrived at stat-savvy moneyball. Digital data and analytics will become the centerpiece of focus and investment in any serious business strategy.
LEVERAGE: Appoint a Chief Data Officer (CDO)
These recent arrivals to the upper echelon of the corporate ladder can transform IT insights and enterprise architecture data into deadly-efficient weapons that drive sustainable growth. IT departments are no longer “cost centers”—they have become one of the most effective creators of revenue, but only if you have an officer who can lead you through the data science, analytics, and ethics of the digital transformation.
GOAL: Embrace Digital Dexterity
As the average workday incorporates emerging technologies like cloud-based software, AI-powered chatbots, the Internet of Things (IoT), and augmented analytics, work becomes increasingly reliant upon “digital dexterity.” Consequently, businesses need to maintain a motivated and highly trained workforce in order to leverage and exploit these technologies with respect to today’s trend of digital initiatives driving growth.
LEVERAGE: Internal Talent Marketplaces
By utilizing an algorithm-centric system in a “talent marketplace” to match an employee’s attributes and skills to new projects or teams, a technology-forward HR department can facilitate digital dexterity within the company. An internal platform to match pre-existing skills to new tasks enables a more agile approach to the latest initiatives in your business strategy, increasing productivity and efficiency.
Structure Your Business for Sustainable Success!
These tips are a start, but an experienced digital strategy consultant could examine and diagnose areas of improvement in your business, then create a personalized roadmap to sustainable growth that your internal teams can run on their own. Reach out today for expert advice.