We live in an era where embracing digital disruption is crucial for revenue growth. What defines a fast growing company? It all depends on the type of company you have. Are you a trailblazer or a laggard?
Right now, the companies that grow the fastest and quicker than their peers use a winning combination of technological investment and talent. They are investing more in specialized talent and placing more emphasis on emerging technology. Why? They understand the importance of forging their own path.
According to a study by KPMG at companies with valuations ranging from $500 million to $100 billion, the fastest growing firms outlast their slower counterparts by investing in:
- Talent-emerging technology expertise
- Talent-industry expertise
- Cloud computing
- Industry-specific technological advancements
It is no surprise that embracing digital disruption is an important factor in growth.
The Three-Fold Strategy
These trailblazing companies utilized a simple three-fold strategy to promote growth. First, retraining employees allows them to retain and upgrade their current talent pool. Second, deploying technology allows for better agility among their talent. Third, solidifying company culture directly results in a decisive competitive advantage by employee engagement.
In short: Keep your customers and your employees happy.
Trailblazers vs. Laggards
Market leaders view industry disruption as a potential opportunity for market penetration. Laggards on the other hand view disruption as an unnecessary challenge. They resist change because it brings them to unfamiliar territory.
Current disruptors make use of existing frameworks and challenges to create something better. For example, can a global supply chain be disrupted by introducing more efficient methods?
Top Three Priorities
As the speed of business increases, decision-making becomes more challenging. The companies surveyed revealed three changes that simplified decision-making.
They incorporated a greater use of emerging technology, developed and acquired experts as well as building in-house capabilities, and applied a greater use of analytics and data.
The bottomline is you need trained talent to utilize your emerging technology in its most efficient and proper way.
5 Questions for Growth
In order to leverage disruption to accelerate growth in your company, you need to align your highest priorities and deploy proper strategies.
Using the methods of high-growth companies, we have distilled the 5 essential questions for growth:
- Have you mapped out and addressed your unique buyer’s journey?
- Are the pathways to profitable customer growth set in place and put forth in motion?
- Do you have the technology in place to understand your customer’s motivations?
- Are your employees empowered with technology and training to promote and engage in profitable customer behavior?
- Are you studying how industry disruptors can lead your company to differentiate itself from your laggard competitors?
The bottomline – winning companies tend to share commonalities. They embrace digital disruption for growth, and they grow faster than their peers by combining talent and technology.
So ask yourself this question: Where does your company stand? Are you a trailblazer or a laggard?