Digital Innovation & Transformation: Reshaping Your Business in the Midst of A Global Pandemic

Why does digital innovation matter?

In today’s ever-changing world, digital innovation is essential. Especially, given the impact of COVID, we have compressed decades of technological progress into just a couple of months, and every organization can sense that. Most of our activities are now carried out online, from communication to ordering food and commerce.

The world is changing - and so should your business model.

Looking at the bright side, the pandemic poses a great opportunity to leapfrog the competition and accelerate your business objectives. In turn, it becomes more and more evident that failure to adapt and innovate in today’s digital world may negatively impact your business.

The rise of Netflix and the failure of Blockbuster illustrates how powerful digital innovation is.

We at Greenhouse are managing a network of more than 150 service providers across Asia Pacific and we have seen how each of those companies is investing a lot of efforts to remain relevant and adapt.

Digital Economy

The image shows definition and various forms of digital economy that could become the basis for digital innovation and transformation.
Source: https://www.mahanakornpartners.com/

The service industry faces a lot of challenges in comparison to regular product-based businesses that can be channeled through many e-commerce platforms and thus maintain business continuity. Having said that, we have seen a lot of successful cases in the services industry too, such as our partners at Mahanakorn Partners Group (MPG). In a recent event the Chairman & CEO of MPG, Mr. Luca Bernardinetti shared his experience on how his business has embraced digital innovation to cope with the global pandemic.

The Mahanakorn Partners Group (MPG) is a leading professional services firm, whose mission is to be a One-Stop Platform to assist virtually any company or individual with a wide-range of Legal, Accounting, Auditing, Tax Advisory, and Business Consulting service offerings. MPG is headquartered in Thailand, with an ASEAN presence and a global footprint.

In today’s article, we have summarized Luca’s insights as we want to support more companies planning to go through a similar process.

5 Step Model for Agile Transformation to Reach Digitalization

There is no specific path or mindset on how to be successful when undertaking digital innovation. However, there are few aspects companies can consider when planning to bring some digital innovation and transform their business models.

  1. Value: Where is value created in the industry? What aspects of a business can benefit from greater agility?
  2. Structure: How is the firm structured? Is the organization map clearly defined?
  3. Teams: Are teams and missions aligned around value streams?
  4. Backbone: What are the requirements of each group and process to enable agile transformation?
  5. Roadmap: What is the implementation approach? What are the priorities?
This image shows the step-by-step approach when a business model want to digitally transform in order to create a better digital innovation
Source: The Journey to an Agile Organization, McKinsey

Rethinking Your Business Model for Digital Innovation

Rethinking your business model is a pivotal step towards embracing digital innovation and staying relevant. In this highly digital era, every company should improve its digital infrastructure to keep up. From mobile to cloud computing, it is important to incorporate digital infrastructure in its business model.

At some point of your business journey, when that takes place consider the following:

  • Innovation Research and Development: Searching and exploiting gaps, vetting, discarding, and selecting new ways to perform tasks are examples of the fields that need to be researched.
  • Time Management: How to manage time when telecommuting
  • Digitally Capable: Ensuring digital infrastructure capability for implementing your business continuity.
  • Goal Oriented: Doing things differently may not imply achieving different goals
The image shows tips to make the digital innovation by rethinking the current business model
Source: Mahanakorn Partners Group Research, 2021

Walking away, we hope you remember to:

  1. The world is changing and so should our business model to adapt
  2. Consider the 5-Step Model for Agile Transformation as the basis of transforming your business model
  3. Rethink your business model! Those who can conduct digital innovation will stay relevant in this digital era

To have a better overview of the best practices regarding digital innovation, transformation, and business disruption, watch the entire presentation by MGP and Mr. Luca Bernardinetti at the video below:

How Greenhouse can help your digital transformation journey?

At Greenhouse, we believe that every company should be able to undergo digital transformation and thus digitize their services and products. That’s why we have helped hundreds of service providers by integrating them into our marketplace platform. This way, they are able to connect with opportunities across the entire Asia Pacific region.

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