If you are looking for sales / profit increases in 2021, then you need to look at digitization in your business right now… here is what you need to consider…

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Transcript of video:

My name is Nick Leighton and for the next few minutes, you are exactly where you want to be.

This is originally recorded September 29, 2020 for Facebook Live - uncut and uncensored.

Let’s look at your business and digitization.

You’re hearing ‘Digitization’ being thrown around a lot right now. What does it mean? What does it mean to your business? What does it mean to you as a business owner or entrepreneur?

A recent business survey reveals the extent of the COVID-19 crisis’s disruption in working practices and behaviors.

800+ business leaders surveyed. It shows unprecedented restrictions on travel, physical interactions, and changes in consumer behavior since COVID-19 took hold has forced companies and consumers to change the way they operate.

This has spurred digital transformations in a matter of weeks rather than months or years. As nonessential workers shifted to working from home, 85 percent of respondents survey said their businesses have somewhat or greatly accelerated the implementation of technologies that digitally enable employee interaction and collaboration, such as videoconferencing and filesharing.

Roughly half of those surveyed reported increasing digitization of customer channels, for example, via ecommerce, mobile apps, or chatbots.

Some 35 percent have further digitized their supply chains, for example, by connecting their suppliers with digital platforms in supply chain management

Adoption of automation technologies—including robotics, autonomous vehicles, and AI-driven software that can perform processing workflows—has also accelerated during the pandemic, although to a lesser extent than digitization. But this makes sense, it takes significant capital and a longer lead time to work in these areas.

The advantages are of course huge, so maybe it’s worth looking at what is possible. These trends reflect automation’s ability to facilitate contactless interactions at a time of social distancing and heightened awareness of hygiene. Another plus: robots don’t get sick

Business owners like you need to process these changes and many others, and you need to come to grips with what your plans are for 2021 right now. The essential question: what is the right way to think about 2021 and beyond? Should companies unbatten the hatches, or is it too soon?

Businesses winning the digital transformation battle get lots of things right. But research has highlighted a few elements that really stand out. This - I would suggest - is were you should start your 2021 planning:

Digital speed. Leading companies just operate faster, from reviewing strategies to allocating resources. For example, they reallocate talent and capital four times more quickly than their peers.

Ready to reinvent. While businesses need to maintain the profitable elements of their business, business as usual is a dangerous posture. Leading businesses are investing as much in upgrading the core of their business as they are in innovation, often by harnessing technology.

All in. These companies aren’t just making decisions faster; the decisions themselves are bolder. Two of the most important areas where this kind of commitment shines through are major acquisitions (leaders spend three times more than their peers) and capital bets (leaders spend two times what their peers do).

Data-driven decisions. The road to recovery is paved with data. Data is providing the fuel to power better and faster decisions. High-performing organizations are three times more likely than others to say their data and analytics initiatives have made a major contribution to there profits

Customer followers. Being “customer centric” is well established. But competing pressures and priorities mean that the customer can often be sidelined. Top companies that sustain a comprehensive focus on the customer (in addition to operational and IT improvements) can generate economic gains ranging from 20 to 50 percent of the cost base.

Now is the time to think strategically.

Now is the time to think about 2021.

What is your digitalization strategy going to be?

Now it’s your turn. What do you do you - as a business leader - have to share on digitization?

Post here – I would love to know.

If you found just one nugget of advice or inspiration in this quick video useful, then please do me a small favor - like and share.

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My name is Nick Leighton and I wish you passion, profit and happiness.

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