03 May The New, “DO” Economy for the Middle Market
Trillions of dollars are being invested in the next generation of Internet technology. The largest companies, investors and even Hollywood insiders are driving the market by betting big on some exciting new digital technologies – from the Internet of Things (IoT), FinTech and virtual reality to intelligent, behavioral marketing.
The stakes are high and this investment trend should be a wake up call to every middle market organization. The time has come to develop a practical digital strategy and execute it online with fewer mistakes and more performance-oriented results.
Welcome to the new age of the “DO” (Digital Optimization) economy, a time when organizations need to get their online house in order the right way, right now. Not every company has capital coffers filled with infinite R&D and innovation budgets. What middle market companies need now is a solid and effective digital strategy and a process that does not bleed their budget, increase risk or create loss of opportunity.
The challenge today for most mid-sized organizations is that the responsibility of the digital function is still ultimately resting on the shoulders of the stakeholders. While the world goes digital, business owners are still heavily focused on running and growing their organizations with a pre-digital mentality. They don’t want to decipher the latest technologies and best practices or see making digital marketing investments as their primary responsibility.
There are a growing number of digital influences that are having more impact on organizational operations. Digital disruption is crossing over most business functions and the implications of this new “mash-up” have never been greater.
Today, organizational leaders have little tolerance for capital loss and high expectations for success. This is a challenging time for integrating digital without increasing risk. How do leaders focus on their core business objectives while taking a more proactive role in converting the opportunities of digital transformation?
Today, how you align your digital strategy with you execution model is a critical strategy that many leaders are leaving to chance. Organizations of all sizes have choices on how best to approach the digital space. Do they hire at the top and form a new c-level position? Do they go out to market to source a digital agency to solve all the challenges? Do they build internal forces or contract manage and orchestrate a digital team on-demand that can fill the gaps and chase the opportunities? Herein lies both the challenge and the opportunity.
This new age of digital disruption will prove one thing; there is no one answer for every organization. There is only the choice to find the best digital execution model that aligns best with the goals of the organization. This is the time to maximize resources and balance smart and strategic execution with sharp eye on how tomorrow’s technology will play into the current digital strategy.
This is not a time for organizations to become digitally complacent. We are all experiencing a window of opportunity for digital discovery and action. The new demand is for efficiency and seeing measurable results. Only then, can the organization move forward, optimize and find their path to online success.