As the old saying goes, you’ll only find lemonade at the top of the mountain. The financial crisis has had a profound impact on digital transformation and digital transformation leadership in the digital transformation industry. With global financial markets still in flux, businesses are looking for long-term solutions that can help them stay competitive and thrive in a changing marketplace. That’s why big players such as Google, Microsoft, and Twitter remain solid but crypto companies — forcing their peers to follow bankcrypcy. While these players have created new business models and revitalized traditional industries, they have also exacted costs that are prohibitive for smaller startups experiencing financial difficulties.
What’s really behind the crisis?
Beyond a general downturn in global trade and financial conditions, the credit crunch and the Great Recession in crypto have raised awareness among investors and businesses of the financial risk inherent in acquiring too much debt. As a result, many businesses have sought to avoid acquisition at all costs. Meanwhile, digital transformation companies have found themselves facing unique challenges.
How to break through the bankcrupting phase
Successful digital transformation requires companies to understand their business model, drive products and services that help people and businesses thrive, and meet market demand. These three pillars of success define what digital transformation is and is not:
– Helping People: Customers want to use your product and services, and you want to provide them with the best possible experience. Customers expect consistency and quality. Your business model has to allow for that.
– Helping Businesses/ Brands: Businesses care about their customers’ experiences and want to provide a great shopping experience. You want to help them discover the best places to shop.
– Helping Product Vendors: Products are designed to help people and businesses thrive. You need to design products that help your customers thrive.