Every organisation, brand and business irrespective of their size are leveraging digital technology to reach more customers, to solve their problems and most importantly increase their retention. In this fast paced environment, the digital presence of companies is at its peak stage and some firms are even entering a new stage of digital technology through the help of “Digital Value Chain Networking”.
Yes, networking is the future of digital presence. The ease of communication has modified the structure of the markets and changed the relationship between companies and customers. The digital presence of companies is no longer enough, the market has changed, hence it’s time to adopt to the different forms of networks.
Value chain analysis is used to identify sources of competitive advantage of a company, and more specifically it is often used to find the opportunities to secure cost advantages opportunities to create product/service differentiation.
For example, If some loyal customer comments on your post, suggesting to add a new product or new variant, companies should take that into consideration by analysing the prospective element to convert it into an idea.
One of the most powerful effects of the value chain network comes from its ability to shred inefficient intermediations and replace them with optimized versions to the virtualization of the components of the value chain.
The companies that truly assume digital transformation have to understand that the digital presence of their brands is no longer enough because the challenge is not only communicational but also virtualization. The current requirement is to virtualize all the processes. Organizations that are capable of adopting the value chain network will only survive in the near future.
In our modern society, hyper connectivity is a commonality transcending the spaces of the physical and the virtual world. Paradoxically, along with the hyper connectivity characteristic of the modern social groups, there is also a tendency to prefer the old and the homemade.
The growing sophistication of the network access devices, is now converting into authentic social prostheses. This could lead to greater reliance on ultra-personalized recommendation systems in the form of virtual assistants with improved autonomous learning capabilities.
The retail industry is seeing a lot of improvements day by day and many MNC retail chains are eyeing on the market share by offering various types of offers, discounts and perks to attract customers. The stores of the future, in the physical world, could be places of destination, not just places of passage. Places in which people come and shop for various things along with various services such as entertainment, education, can be carried out, in addition to the mere purchasing of goods. In the future, retail stores will become more like spaces to meet, with less haste and better design.
In addition to these convincing points to support the value chain networking as a future, corporate social responsibility should also evolve to connect with the dominant values of the youngest segments of the market and, at the same time it has to be communicated in a more effective way so that it does not generate the opposite effect on organisations.
Sreeram is a promising financial professional that is passionate about the latest business and crypto currency trends. She previously worked as a Financial Advisor at Laughing Macaw Technologies. Sreeram is currently completing an MBA in Finance and Financial Management Services at Parvathaneni Brahmayya Siddhartha College of Arts & Science.