Beating Your Competitors in the Digital Footrace with Digital Optimization
There are many different ways in which a company can benefit from business process optimization, which is a management approach that strives to construct new processes and develop new resources to make an organization as effective as possible.
In a recently published article entitled, “Optimizing Your Digital Business Model,” author and expert, Peter Weill, writes that enterprises must strengthen their digital business models—how they engage their customers digitally—to create value with mechanisms such as websites and mobile devices.
“If your company doesn’t offer a great digital experience, many customers, particularly younger people, will move to industry competitors or do more business with companies like Amazon.com that offer great customer experiences digitally, operate in adjacent industries and are starting to offer services similar to yours,” he writes.
Weill suggests that after a business successfully optimizes their business processes management, or BPM, they inevitably become more efficient. Part of the optimization process is getting rid of inefficient systems and automating as many tasks as possible, all while reducing stress and enabling people to be more productive with their time. And that’s where a digital business model comes in.
Weill argues that a digital business model challenges the physical model in three main areas.
“Internal power, since who “owns” the customer’s experience often changes from product groups to the unit that manages the multi-product customer experience; business processes, which require rethinking to be seamless across channels; and customer data, which become an enterprise-wide resource rather than remaining hidden in one area,” he writes.
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