I do not want this to be my Jerry Maggie moment but to be honest I have heard the word ‘digital transformation’.

What does it mean from now on? This is the kind of falsehood that is often used by evangelicals to emphasize its mysterious existence (with its lucrative profits).

It usually starts with a C-Suite return from Strategy Week, a Silicon Valley trip or a CMO change – a strategic obligation to do something better ‘digitally’ by dragging. This curiosity is diminishing and many smart people are sitting in one room designing a digital strategy – and this is where companies make their first mistakes.

The dilemma is that they often do not have the right people in the room and are not asking the right questions.

Asking your staff to reconsider what they do, why they work, and how they work is a fundamental mistake in my experience.

For any material development, you will need an external needle. It eliminates (most) politics, inspires accurate discourse, and allows forensic analysis to take into account your values.

It acts like a Trojan-horse for the big questions that need to be answered correctly and further challenges the internal teams to think beyond digital change – because that game is dead.

In 2021, for me, it’s all about competitive advantage. Create practices, products or services that not only transform individual businesses but also fully evaluate the overall industry.

Don’t just change your business – rethink your industry

‘Reusable industries’ can easily be taken as another wonderful phrase… So what does it mean?

Right now, I am working with a client who is completely rethinking how users buy and sell a car in Cycle.

How does that define the industry? Well, in some geographical areas, women are not allowed to go shopping without a boyfriend, and driving is also prohibited.

We have introduced a new digital product that fundamentally breaks down barriers to that market – encouraging women to buy cars for the first time online.

See Top Market Players – Revoluts, eToros, JustEatses – Business Democracy, Financial Services or something as simple as a restaurant. They are not just focusing on digital transformation, they are rethinking their industries, creating unique products that are clearly competitively competitive.

So, how do you offer competitive advantage?

Evaluate your value proposition mercilessly

Many are flocking to talk about digital transformation, hoping that technology will change everything. The bottom line is that if what you are trying to sell does not suit your users, there is no technology that can solve that problem.

What I have seen in many brands is that some of them are lying on wheels. Once a year there is a solution to value ideas, closed in a fancy hotel for a few days, a little refreshment on individuals, and that box marked another year.

To be honest, that’s a bit of a stretch and it’s going to make a name for itself.

Unless you are very careful about what your customers tell you and you are not able to respond to their needs, you will have serious problems.

A few years ago, I spent some time working with a large tobacco-growing country. While the rules are always narrow, the question is always:

How can we get our product in front of our consumers when anti-smoking activities are generally practiced and we are not allowed to market to our consumers?

That’s the right question, but was it the right question? At that time, smokers were increasingly turning to alternative, non-combustible products, with many emerging companies coming in to take full control of the market. Fast forward and there are 13.5 million consumers who regularly use non-combustible products and earn more than £ 5 billion by 2025.

When markets and consumer habits change, you have to keep moving – you can never stop.

Marshall Capital Investment

The reality for most companies is that there are many competing priorities for investment capital in the budget cycle of each project. So the real test question is “Am I investing the investment captain in the right place?” That is to say.

We often see companies that are successful in creating competitive advantages make their investments a big part of their next generation of technologies – visible to the consumer.

Of course, back office technologies are important, they are the foundation of your business. However, it is not the environment that benefits competition.

Browse construction purchases of your purchase

Both beginners and FTSE 100, each company must be smart in its purchasing and construction decisions. In many cases, off-the-shelf technology – available to many – is a perfectly reasonable decision, especially for middle and back office applications. Think of SAP trading, sales force trading or magneto.

But does using the same tools with your competitors help you stand out in the crowd and stand out in the marketplace? Probably not.

Custom should not be used across all parts of your ecosystem but is the perfect front-end / customer experience layer.

It allows you to differentiate between those magical moments in your client journeys, giving you the freedom to set unrestricted control and autonomy, allowing you to change, turn and weigh your space, and most importantly, move one step further. Your competitors. Over the last few years, many companies have woken up to this and it is exciting to see.

Let’s create an example for this. Think of a well-known high street fashion retailer; They have a deep understanding of their customers and their research tells them that a flexible and diverse collection of payment options is an integral part of their value plan over thousands of years.

Great insights! However, the retailer in question has an off-the-shelf business solution that has not yet introduced these capabilities and is now at the mercy of their nearest market for these offerings.

Get the point?

Think big

So, in a nutshell, challenge yourself to think beyond digital transformation, because it’s all about competitive advantage.

Do not ignore value propositions and think carefully about how you are managing your investment capital, especially in terms of customer engagement points. Then develop your technical skills to keep you ahead of your competitors and be sure to always consult a customer.

Beware of Charlottes and, most importantly, never stop.