In today’s world, doing business the conventional way and maintaining the status quo does not promise recurring revenue as it did in the past. Nor does it provide a competitive advantage in this fast-paced industry, where technology is forever advancing and business models are constantly being redefined.
Operating Differently has become more than just a mantra for companies that have begun adjusting to the market and changing internal processes and systems to enable the delivery of flexible business models. Taking a different route for developing the same core business has proven successful for protecting current income alongside driving new revenue streams for future growth.
Where technology, people and processes meet
To remain competitive and drive new revenue streams, more and more IDVs (intelligent device vendors) are changing the way they operate by consolidating systems, automating processes and improving service delivery. This transition encompasses technologies, people and processes, and requires a different business approach and joint efforts among external and internal parties.
The first step to operating differently is reaching a decision on The Build vs. Buy Dilemma. Choosing to buy a licensing management system rather than developing one in-house, enables IDVs to focus on their core business and provide a smoother transition internally for the inevitable digitalization shift.
Then comes the need to establish the foundation of the business before focusing on deliverables. This entails the involvement of newly structured teams to regularly review the progress and ensure transition is on the right track.
Many IDVs out there are looking to efficiently navigate the digital transformation to their business to get more value out of their software. We will continue to explore how companies in this space are implementing digital transformation into their business models in future posts.