Digital Maturity: Ignite New Revenues, Better Profits, and much more.
In the digital workplace, realizing Digital Maturity is an achievement. It is a quality others notice as a badge of authority.
It not only has financial pay-back, it also honors those individuals and companies who have gained the experience to operate using this “Digital Advantage”.
Digital Maturity is an emerging concept that originates from a 2012 MIT/Sloan Management study. The study measured and compared nearly 400 companies over two years and found companies that had achieved a “Digital Advantage” were 9% to 26% more profitable.
These progressive companies are leaping ahead of competitors and leading their industry sectors by using two main levers:
- Digital Intensity – the level of investment in technology-enabled initiatives meant to change how the company operates. This includes long-term financial and HR commitments.
- Transformation Management Intensity – the investment in the leadership needed to create Digital Transformation within an organization. Digital, social and cultural direction.
Digital Maturity is now being analyzed, accepted and utilized by companies that want to gain this magic. Many companies are realizing that this “Digital Advantage” is beginning to spark new engines and ignite new revenues with better profits from digital transformation.
Companies that achieved a “Digital Advantage” were 9% to 26% more profitable.
– MIT/Sloan Management, 2012
According to the study, companies can have four levels of Digital Maturity:
- Digital Beginners
- Digital Fashionistas
- Digital Conservatives
- Digerati (the highest profit group)
Digital Maturity is an ongoing process and commitment by individuals and companies in using digital transformation to improve products, operations and customer experiences.
Each individual and company seeking Digital Maturity will use a different path to get there, because each will have a different journey and end goal. Each will face their own industry landscape challenges and be judged by different measurement frameworks in the climb to reach Digital Maturity. So you best have good guide, with the right equipment and proper supplies to get you up to the mountain top. As the saying goes, “If you don’t know where you are going, any path will get you there.” And nobody looks good calling out for rescue.
Digital is no longer one static skill. It now encompasses a wide variety of technologies which are integrated into online services and toolkits that are constantly improving and getting better. This requires having the right opportunities, (for yourself and for your company) to experiment, fail, succeed and learn.
Understand that Digital Maturity is one part of the goal to be achieved, it’s also judged by how others see you, and/or your company. Are you engaged online in today’s mobile world? Do you and others in your industry see digital as an exciting evolution or as a job threat?
Are you a non-techy being forced into digital transformation, or are you a digital native who is working for a Luddite company that can’t manage to keep pace with competitive forces? Of course not everyone has the ideal situation at home and work, but we must all try to keep up.
We are all spending more time on more screens. We can connect with devices, objects, information and each other in many new ways. Is this Digital Maturity? How is it making a difference? Is it better? Can we each measure our progress and score individual success?
Do you have the “˜chops’ to search and find or create and curate content in the cloud?
On a business level, do others endorse you on LinkedIn? Are you active in any industry forums or write a blog for your company with personal and industry insights and opinions?
We are all in the loop, so to speak. On social business terms we are both the influenced and the influencers. We all have the choice of how to engage wIth digital media; customers, employees, suppliers, even your competition. We are all connected, we can listen and learn in both our social and business life. Then we form opinions and express our Digital Maturity.
Does your company website appear old or fresh and new? Is your brand image presented with too much, or too little information for customers (and search engines) to buy from you?
Do your employees feel good about helping people find what they need at your website, or do they feel that they don’t have the product content marketing materials to sell online?
Do you sell or connect with new customers using online presentation techniques that show your superior product benefits in a way that customers can see you as the industry leader?
How current is your content in social media, search, video presentations and mobile? Are you listening to customers wanting to engage – are you ready? Are all your channels open?
Maturity is not a destination. It is a journey of continuous improvement and being open to new connections and more knowledge.
Always in listening mode… knowing how to attract, respond and impliment best choices for your customers because you are engaged and connected. Digital Maturity rewards itself.
Next month, we will be launching The B2B Digital Maturity Series. This new collection of blog posts will provide more tips, tools and insights with an ongoing educational series. Our goal is to help B2Bs publish relevant content, generate and nurture leads, help buyers to buy, and convert more sales.
What do you think? Is your company embracing Digital Maturity to generate better demand and nurture more leads? Share your thoughts and sound off in the comments below or on Twitter (@SterlingKlor).