Navigating the digital landscape is critical to the success of start-ups as consumers are increasingly relying on technology in their daily lives, according to panelists at the AB Technology Forum.
As such, Genny Ghanimeh, founder and CEO of Mind Academy Tribe and Mind Cloud Academy, which delivers educational programmes to businesspeople, shared four main pillars for entrepreneurs to keep in mind while growing their business.
“Number one is to be flexible. Everything is moving very fast and technology is becoming obsolete in six months sometimes. So they have to keep updating their businesses and be able to quickly identifying what’s not working and modifying it,” said Ghanimeh.
The second pillar is leveraging technology to meet the needs of the market, which is dominated by millennials seeking efficiency in the workplace and opportunities to grow, according to Ghanimeh.
“Entrepreneurs need to learn how to leverage technology by, for example, using MailChimp for emails or Zoho Books for accounting. If they don’t keep updating themselves with all these things, they would not be able to have an efficient workplace for their team and customers,” she explained.
“The third point, which is very important, is processes. Establishing communication lines is key as operating in silos doesn’t work anymore and everyone needs to be working together. Wherever entrepreneurs can establish a process, they should go ahead. But that process has to be fluid so finding whatever works and opening that up,” continued Ghanimeh.
Ghanimeh’s last pillar focused on the value of making mistakes. She said: “The last thing for entrepreneurs in the digital age is going back to the first step about being flexible and to work fast and learn how to fail. When something is not working, it is fine to move forward into something else and see what’s working.”
Businesses that identify what is not working for them, when it comes to technology, should find the right time and strategy to digitally transform, explained Sumanta Roy (pictured below), VP & regional head, TCS Middle East, Africa, Mediterranean, Tata Consultancy Services (TCS).
Image: ITP Media Group
“Business does not stop, but it can be rendered immobile for a short period of time, such as when the Suez Canal crisis. At that point, you pull in any digital channel or avenue available and integrate it quickly into your business systems; you basically fix the car while it is running because you have no choice,” said Roy.
“However, once the crisis is over, the person has to understand that it is actually an alternative process. So then, one goes back and looks at what the digital goal is and identifies the key technologies and processes that are the core of the digital business. Once we establish that, then you will find that there are areas where you could actually tweak your business model,” he continued.
“Once you believe that business model can change and you see the future business model, you will see gaps in the technology needed to fulfil the entire process. At that point, do not try to do everything yourself before because, in the ecosystem, there will be available solutions which are quicker, more secure, faster, better, and more amenable to changes in both the business and legal perspective,” said Roy.
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