July 2023 < Back
Family companies are becoming increasingly aware of the disruptive realities of robots, artificial intelligence (3D printing), and the Internet of Things. While they are aware of the threat posed by digital technology, family companies do not always prepare for it. The board is a good place to start, where a solid team of directors with the correct abilities may be very helpful as family businesses attempt to navigate the challenges of digitalization. The millennial generation is digitally aware and their involvement in the digital initiatives in the company will have a lasting impact on preserving and continuing the heritage/legacy of the company.
The threat posed by digital technology is one that family companies are beginning to grasp, but it does not necessarily indicate their preparedness.
In this digital age, a survey measured the effect of digital disruption on industries like retail, financial services, media and entertainment.
1. Prioritize efficiency and maximize innovation in offerings
Digital transformation is not just about automation and digitization. It is also about innovation and customer experience.
Future-ready companies are able to maximize efficiency while also innovating and creating digital offerings that engage and delight customers. They do this by identifying their crown jewels and turning them into modular, digitized services that businesses can repurpose. This allows them to reuse components across a variety of customer offerings, which in turn leads to greater efficiency and predictability for customers.
Ways to maximize efficiency and innovation:
2. Avoid creating isolated departments and systems.
Creating isolated departments or complex systems and processes are common problems in digital transformation. They happen when companies create new systems and processes from scratch, rather than adapting systems that have already proved successful. This can lead to a fragmented and inefficient organization.
To avoid this situation, companies should aim to identify the plug-and-play products and services that will enable them to perform each key task in the best way possible. This will help to create a more integrated and efficient organization.
(To be continued....)
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