In a previous blog entry, I argued that everyone needs to digitize their business, but not every business knows what to do. Transforming into a digital businesses, especially if you’re a traditional enterprise, is hard work. However, we believe that Asia Pacific is already primed for digital disruption.
In my report, The State Of Digital Business In Asia Pacific In 2014, we found that, while the highest-profile digital business pioneers are headquartered in North America, market demand in Asia Pacific is more conducive to long-term digital disruption. Asia Pacific has five times as many Internet users and smartphone subscribers as the US and almost as much online retail spending as the US and Europe combined. You just need to look at regional powerhouses like Alibaba.com and Commonwealth Bank of Australia and their multibillion-dollar businesses to grasp the rewards of digital business success in Asia Pacific.
However, knowing what these firms have accomplished is insufficient; knowing how to get there is more critical. You should:
The age of the customer is a 20-year business cycle in which the most successful companies will reinvent themselves to systematically understand and serve increasingly powerful customers. Re-engineering your company to become customer-obsessed will be hard work, but savvy C-level executives I’ve been speaking with about this tectonic shift immediately grasp the opportunity.
I spoke about the age of the customer today at LeWeb Paris (you can see the video here, and my slides here) where I focused on one early element of customer empowerment - the mobile mind shift. Your customers expect any information or service they desire be available to them on any device, in context, at their moment of need. Forrester’s global Mobile Mind Shift Index measures how far along a group of consumers are in this change in attitude and behavior.
To serve these customers, you will have to move from systems of record to systems of engagement. Apps are just a small part of that equation. Instead, we’re talking about re-engineering your entire company to deliver great digital experiences. Your brands will compete against Google, Microsoft, Oracle, and Amazon for setting the bar for great customer experiences. What It Means: In the future, every company will be a software company. Software is the new business currency more important than financial capital.