Strategic Steps to Profitable Growth
Sugath Warnakulasuriya shares an article that explores a strategy many companies take to develop a path to profitable growth.
Many traditional high-share, low-growth companies find themselves in a similar predicament: they’re burdened with large, fragmented account portfolios, likely from inorganic market share binges. They often have hybrid asset bases, widely dispersed points of distribution and sale, large workforces, and complex logistics, all of which make margin growth very difficult. The legacy nature of these businesses also prevent access to accurate and timely customer and operational data, further limiting clear paths to profitable growth.
A few companies have battled this dilemma by rethinking how they operate, with judicious use of inexpensive digital engagement, devices, data analytics and innovation techniques. The typical playbook involves creating new digital customer experiences that introduce convenience and drive use, providing the workforce with mobile tools that make it easier to do their job, and deriving insights from newly collected data to improve operations altogether. With emergence of low-cost IoT, some companies even instrument and connect their distributed assets, opening the flood gates to granular, up-to-date and highly useful data. Bringing it altogether with modern data infrastructure and analytics, and operationalizing key insights paves their way to profitable growth.
Key points include:
- Creating new digital customer experiences
- Digital dashboards to monitor hidden patterns
- Connecting distributed assets
Read the full article, “Cash Cows with Millions of Udders” and Digital Paths to Profitable Growth, on LinkedIn.