Whether we wanted it to be or not, last year was the Year of Business Agility. Businesses around the world went digital, often without much choice in the matter, to meet their customers’ and employees’ needs in the face of huge disruption. The surge in digitization permeated both B2C and B2B businesses, fulfilling many CIOs’ aspirations for digital transformation.
However, the digital acceleration in 2020 was only the beginning. Innovation in operational agility now has a launchpad, and businesses are gearing up for blast-off. So, where are you setting your mission coordinates?
I find it remarkable how some organizations have digitally transformed. Even the largest have found ways to pivot. A recent article in The Wall Street Journal lists just a handful of the businesses that accelerated toward digital transformation.
My personal favorite is Walmart Inc., which “developed more than 70 new technology features in the early months of pandemic including a two-hour delivery service that was conceived and launched in about two weeks.” Technology has enabled so many businesses to continue operating during the pandemic, but the next step is to accelerate that adoption.
Launch or Be Left Behind
Now is the time for any business to drive sustained revenue growth through digital transformation and by embracing an agile mindset. The key value drivers of volume, cost, and price all have the potential to be digitally transformed. But which of those drivers can give your business the right kind of agility to communicate your value to the market?
Optimized Pricing Guidance is the undiscovered value lever to drive enterprise growth in the coming year. Pricing software typically delivers between 1-3% return on sales to a business’ bottom line. With that return, I often wonder how enterprises can afford not to transform their pricing process?
Gaining agility in pricing guidance and price optimization is all about knowing how your customers perceive value differently across your offerings. Currently, there are advanced machine learning approaches that help to develop sophisticated segmentations. These consider dynamic market changes and your customers’ willingness to pay, all at the speed of digital transformation.
For all the CIOs out there, I would consider setting the coordinates from your launchpad so you’re aimed to exploit the opportunity for agile pricing guidance and price optimization. You’ll drive value growth for your business and customers to new heights.