Everyone knows about myopia or nearsightedness which is the inability to see the objects that are far away. But have you ever heard about the term digital myopia? Prof. Mohan Subramanium, of global business school International Institute for Management Development (IMD), describes digital myopia as the inability to see the full potential of data, platforms and digital ecosystems for our business models. A lot of businesses are suffering from digital myopia and have no idea about it. Today, we bring to you a checklist to see if your organisation is digitally myopic. Check out the pointers and try them for yourself:
- Underestimating the Power of Data
In an IMD article, Prof. Subramanium describes five traps of digital myopia which comes when an organisation underestimates the power of data. Check out for yourself if you are suffering from any of these traps:
Product Trap: Companies can fall into this trap when they solely rely on products as their primary revenue source and neglect the potential of data. They should start thinking about products as conduits for interactive data, using sensors and other technologies to gather and use data generated by product interactions to create new revenue streams.
The Value-Chain Trap: Many businesses limit their scope by only considering sales and after-sales servicing as the endpoints of their value chains. The author suggests that companies can expand their scope by creating consumption ecosystems that connect product users with third-party entities offering related services through digital platforms.
The Operational-Efficiency Trap: While operational efficiencies are valuable, firms should not focus solely on them. Modern digital technologies can transform production ecosystems, turning value chains into data-generating and data-sharing networks that lead to new services and revenue streams.
The Customer Trap: Legacy firms often see customers as mere buyers of their products and underestimate the potential of customers as sources of interactive data. Companies need to amass data, attract digital customers, and leverage network effects to enhance their value.
The Competitor Trap: Companies can underestimate digital competitors and competitors using similar data, as traditional Chinese banks did when facing competition from Alibaba and Tencent. To avoid this trap, firms should track their digital competitors, which may include startups and traditional rivals who have embraced digital strategies.
2. Lack of innovation: Ankur Srivastava, cofounder and CEO of QiMedia and QiTech believes that digital myopia is like when you're so focused on what's happening right now with your online business that you forget about the big picture. “It's about being short-sighted in the digital world.” He adds that when an organisation is digitally myopic it closes its eyes toward new trends that are coming up and keeps on using the same old principles for marketing and promotion. The world is changing and with it, your business’s marketing campaigns should change too. “ If our company resists adopting new technologies or digital trends because we're comfortable with the status quo, that's a warning sign,” he adds. Nishant Rajawat, Founder, of Cybernetyx & Bird AI, says, “An organisation that exhibits resistance to embracing digital setups and instead relies on outdated methods may face conflicts and frustrations among employees. For instance, consider the post-COVID-19 pandemic scenario.
Organisations that were not adequately prepared to offer flexible work options to their employees experienced a significant drop in productivity and faced challenges in adapting to remote work setups.”
3. Just being digitally blind: When you can’t see that the world is going largely digital, you are digitally myopic, according to industry experts. Whether it is about using digital marketing techniques, embracing digital payment methods or using social media marketing to promote your organisation, your business needs to be digitally aware in this age and time. Lakshmi Venkataraman Venkatesan, Founding and managing Trustee, of Bharatiya Yuva Shakti Trust (BYST) says, “In the context of India's digital transformation, MSMES must adopt a strategic approach to digitalisation to boost their competitiveness and productivity. This is particularly important since a significant portion of MSMEs operate in rural areas, and they require customised technological solutions to unlock their full potential. MSMEs play a substantial role in driving the country's GDP growth, contributing to around 30 per cent. Therefore, they need guidance on how to integrate effective and tailored digital strategies that align with their business objectives.”
Lalit K Sharma, founder of Mantrin believes that lack of consistent social media engagement in terms of regular and periodic posting is also one of the signs of digital myopia. It can include a dearth of quality posts amplifying brand voice, vision and mission, lacklustre caption game and poor usage of hashtags, and posting once in a blue moon on social handles. “The only solution is to hire a Good digital marketing team that will tell you how to optimise social media for your profits,” he adds.
4. Not investing in collaborative technologies: In the age of digital, you can’t just rely on Zoom and Google Meet to meet your teams. Rajawat, Founder, of Cybernetyx & Bird AI, says that an organisation that relies on outdated technology in its meeting rooms, such as fragmented solutions for video-conferencing and content sharing, experiences process inefficiencies and wasted time, is digitally myopic. “For instance, using a mix of incompatible video conferencing tools and vendor-locked ecosystems can lead to delays and confusion during meetings. However, organisations that invest in wireless conferencing solutions enable instant discussion initiation and seamless collaboration, improving team productivity and efficiency,” he adds.
5. Disconnected employee experience: Rohit Pandit, Managing Director, at People’s Group, believes that the organisation’s facing digital myopia started to see departments as an independent entity rather than a part of the bigger system. Leading to a lack of coordination among the departments. “One of the most vital ways to recognise is the lack of communication among the organisation. When the individual strengths are replaced with technology and teams are made task performers rather than strategic performers,” he says.
On another note, Rajawat believes that in a digitally myopic organisation, employees may face a disconnected experience depending on their work location. “For example, employees working from the office have access to robust tools and technologies, while those working remotely may lack the same resources. This disparity in access can lead to frustration and demotivation among remote workers.”
So, is your organisation digitally myopic? Try and fill in those gaps and see a difference in your growth as you proceed.
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