What is a Digital Venture: How Can Existing Companies Benefit?
Whether your company is established or a startup, crafting a compelling digital venture offers the potential for new frontiers of success.
Any established business or startup enjoys a unique opportunity to transform their industry sector (or the market as a whole) with a revolutionary idea. A mobile app, interactive website, or similar digital venture that solves a critical business problem can help differentiate and evolve your organization in massive ways in today’s ever-changing market. All it takes is a talented and experienced project team armed with a rigorous methodology.
Whether your company is established or a startup, crafting a compelling digital venture offers the potential for new frontiers of success. However, existing organizations boast significant advantages in human capital and other important resources compared to startups. With that in mind, let’s take a closer look at what it takes to build a digital game changer for your business.
What is a Digital Venture?
Any digital product used to solve a business problem is known as a digital venture. Two 21st Century examples include the tech giants, Google and Facebook. Both products solved a pressing issue; in these cases, Internet searches and social networking. The fact both also reached critical mass led to large user bases and copious amounts of targeted advertising revenue for both organizations.
Does their success mean your company’s digital venture leads to an executive team made up of billionaires? Never say never, but the chances likely remain low. Still, any well-crafted venture with a targeted market boasts the potential to quickly make a large impact on the marketplace.
How Established Businesses Benefit From Crafting a Digital Venture
Despite the massive success of the former startups Google and Facebook, established businesses also boast the potential to develop a successful digital venture. In fact, their ability to draw on experience in software development and data analysis provide a significant advantage over startup organizations. After all, a new company might not have these important resources.
Note that digital ventures aren’t always public facing products or services. Digitizing internal business processes remains one area ripe for process improvement with the hopes of improving efficiency and productivity. The areas of customer service, supply chain management, and HR provide only three examples of internal operations potentially benefiting from a digital approach.
With remote working becoming a new normal in many business sectors, established companies also enjoy an opportunity to build a digital venture around the organization’s communication processes. Thus, a bespoke digitized system to handle email, voice, and messaging might become a competitive differentiator for a company nimble enough to take advantage of this opportunity.
It’s an approach that also works for a business’s internal and external communications. Related to that point, a recent McKinsey study noted a 22% increase in digital customer interactions from 2019 to 2020. From an internal standpoint, the same study highlighted an increase in innovative tech initiatives at companies, revealing a 37% boost in digital ventures related to operations, and a 21% increase for business decision-making.
Strategies for Ensuring a Successful Digital Venture
As noted earlier, some established businesses enjoy the same nimbleness as startup organizations. In fact, the recent pandemic definitely hampered new business development both in the US and across the globe. So the opportunity exists for an established company to make its own massive impact on the marketplace with a well-crafted digital venture.
Once you identify an intriguing idea for solving a business problem, building a successful digital venture requires following a detailed methodology. If the company boasts a talented development team experienced in modern methodologies, like Agile or Lean Startup, this process becomes easier. Expect an iterative effort, with a strong focus on using data to drive the design, initial prototyping, and subsequent enhancements to the fledgling digital venture.
Existing companies also boast the resources to hire a digital venture partner to help bring their great idea to market. If a company doesn’t employ developers experienced in building mobile apps or interactive websites, a partner might provide that technical know-how. Additionally, experienced partners also boast the strong modern marketing insights to help the venture go viral in a fickle modern marketplace.
The McKinsey study referred to earlier highlights the unique opportunity currently available to existing businesses. A significant majority of the surveyed organizations beat competitors in their industry sector by becoming early adopters of the latest tech innovations. Two-thirds of these firms also invested more in digital initiatives compared to their competition.
Simply put, the time is perfect for your company to invest in transforming its idea into a compelling digital venture. With our significant experience in building and marketing successful product ideas, NineTwoThree makes a perfect partner for your next innovative technology initiative. Connect with our team to discuss your organization’s ideas as soon as possible. Rewarding new opportunities are awaiting your next move!