Market conditions are changing faster than ever, forcing organizations to react with strategies that will meet evolving customer expectations. The global pandemic has given rise to a new economic reality that presents a new set of challenges for organizations of all sizes.
Innovation is your organization’s ability to design products, services, and experiences that engage customers and citizens. For mid-market firms, innovation is the competitive advantage that will generate impact and growth in our new global reality.
Design strategies for impact
Organizations require stronger innovation capabilities than ever before and they must focus their strategies on the most high-leverage market opportunities to make an impact.
As consumer demands and market dynamics evolve rapidly, successful organizations must:
- Monitor and learn about customer needs and expectations
- Analyze high leverage market segments
- Consider short- and medium-term pivot strategies with new offerings
- Move quickly to experiment with growth opportunities
Over the next few years, successful companies will quickly adapt their business models to accommodate public health measures and challenges presented by the COVID-19 pandemic. Organizations with an agile approach to strategy are best positioned to navigate multiple aftershocks in the global economy.
Reimagine and experiment in the forced reset
Shifts in consumer behaviour, regulatory compliance, and the accelerated adoption of new technologies provide organizations with the opportunity to reimagine their approach to serving customers and growing new markets. Experimentation with new business models and approaches to service delivery provide organizations with key lessons to inform a continually evolving business strategy. Entire industries are being disrupted, forcing even the strongest market leaders to accelerate and adapt.
Harness the power of big data
Leveraging big data will provide a 360-degree view of your business context and enable better and faster decision-making. More data related to your business, your market, and your customers is available to you than ever before. Using modern analytics to analyze and learn as much as possible about your unique business context enables you to identify high-leverage opportunities for impact.
BDO’s advanced Industry 360 Dashboard provides you with advanced predictive analytics powered by artificial intelligence (AI) and machine learning. Our strategy advisors can help you to build consensus around new business models, experiments and tailored pivot opportunities.
The power of analytics
Traditional business strategy is playing catch-up. To be successful in your competitive landscape, it’s critical to anticipate and forecast your strategy. Modern data-driven approaches can enable you to leverage data from proprietary, public, and paid sources to learn and anticipate scenarios in your business environment, such as:
- Economic activity within your key customer segments
- Geographic and demographic shifts
- Market position relative to competitors
- Evolving consumer behaviours and preferences
How BDO can help
We’ve worked with a number of companies to help identify opportunities and design business model pivots by leveraging data and advanced market analytics. Reach out to one of the contacts below to find out how we can help your business.
Daryl Senick, Partner, National Data & Advanced Analytics Leader
Craig Marchand, Strategy Designer
Jonny Stevens, Strategy Designer