Business Hacks Data and Facts 2021

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If you're still not sure, maybe this data from EY can help you.

business hacks 2020
(Source: EY - The Telecom Industry's Biggest Challenges)

From the table it can be seen that the biggest challenge for the telecommunications industry is the challenge of disruption.

Isn't that telecommunications?

Yes indeed, the sample made is from the telecommunications industry. Just imagine, to enter the telecommunications market which is known to have a fairly large "entry barrier", consider disruption as the biggest challenge. What about industries that have a small "entry barrier"?

Well, you can bring about disruption with innovation. Innovation list of france cell phone numbers doesn't have to be something super sophisticated. Just look at Gojek, Traveloka, and others? Have they created something sophisticated? High-tech robots? I don't think so. These companies play with the system. They disrupt existing booking systems. Whether it's booking a taxi/motorcycle taxi, or booking a plane ticket.

The most prominent thing about the innovation that Gojek et al. have done is cutting value chain. If EY calls it "faster time-to-market".

business hacks 2020
(Source: EY - Impact of software & IT implementation on business)

Based on survey data conducted by EY on respondents who mostly work in telecommunications, it is confirmed that software & IT implementation can accelerate the value of products to consumers. And, in that section too, now many companies are competing to cut their business value chain completely. It could be, if Gojek et al do not innovate, there will be other system disruptors that can shake the market. Actually, what makes it difficult for companies to innovate, especially when carrying out digital transformation (business hacks 2021)?

business hacks 2020
(Source: EY - Barriers to digital transformation)

From the table, you can see, the burden of leaving the IT legacy & cost burden is in the first place. Indeed, carrying out digital transformation is not just a matter of replacing the old system with a new system. However, it is also necessary to consider switching costs.

Well, that's where the problem comes from. Not everyone wants to learn a new system, unless forced to. Moreover, not everyone can quickly adapt to new IT. As a result, there is a possibility that instead of increasing productivity, it can actually decrease after the digital transformation.

In addition, SoftwareSeni has discussed why many cases of companies fail to carry out digital transformation. And, respondents from EY also saw the same thing. Yep, there is no synchronization between technology and the company's business strategy & the lack of experts is in 2nd place. This is what causes digital transformation to produce nothing. In fact, the purpose of digital transformation is to increase the company's competitiveness.

Therefore, planning before executing a digital transformation of a business must be clear. Why?

That's because analytics and virtualization are key drivers of innovation. Can you imagine what it would be like if companies had the burden of leaving behind IT legacy & lack of skilled workers? Not without data, EY respondents stated that focusing on analytics is an important element in innovation.