We often talk about how we are living in a “digital world” or how this is the “digital era”. The word “digital” no longer simply refers to a group of ones and zeros that store a huge amount of the world’s data.
In certain respects, “digital” refers to a modern business modality. In order to compete effectively in today’s global business environment, it’s worth exploring what digital means and how it’s affecting businesses across all sectors.
In a recent article for McKinsey, Karel Dörner and David Edelman emphasized that the term “digital” refers less to something specific and more to a description of a modern business habits.
The authors broke down the term into 3 separate elements:
- Creating value at new frontiers
- Creating value in core businesses
- Building foundational capabilities
The first attribute of “being digital” involves being open to new ways of doing business. This includes tuning into customer behaviors and expectations and adjusting your business style accordingly.
The second attribute, creating value in core businesses, essentially tasks businesses with figuring out how technology can boost customer experience. Executives need to think “about how digital capabilities can design and deliver the best possible experience, across all parts of the business.” The idea is to find ways of using technology for everything from supply chain to sales and marketing to create a smooth customer journey. Which will, in turn, bring that customer back for more thus increasing customer loyalty.
The third attribute, building foundational capabilities, is all about making sure your business has the right technological infrastructure and tools to make the other two element discussed above happen. This includes making sure that your data architecture has a two-part environment, which
decouples legacy systems—which support critical functions and run at a slower pace—from those that support fast-moving, often customer-facing interactions. A key feature of digitized IT is the commitment to building networks that connect devices, objects, and people.
As a high-tech acquiring company, these ideas have informed the development of our Smart Acquiring platforms. Anticipating the needs of partners and building technology that supports a frictionless customer experience are core values for Credorax.
We recently discussed our embrace of the digital world in an article in the Times of London in the context of equalizing e-commerce for merchants around the globe:
Credorax is working to level the online playing field for all merchants, regardless of their demographic, geographical location, or socioeconomic status, and has hit upon a winning formula for doing so. It is securing banking licences in countries around the globe, blending them with intelligent technology, serving SMEs and large enterprises with customised solutions but equal respect, and establishing partnerships with global payment service and supply chain management providers that excel in their local regions.
The digital world is upon us and we are ready to move forward with it.