For established businesses, a strategy for enterprise website development centered on enhancing the customer experience may result in breakthrough growth that is more than twice as high as that of their rivals.

Businesses require a plan for ground-breaking innovation.

The speed of technological change is already one of the main disruptive factors forcing businesses to quicken their reinvention plans. Cloud and AI are now developing into megatrends that can significantly accelerate technological development, bend the innovation curve, and become integral components of the value chains of all organizations.

A strong digital core is built on new technologies. This core provides a competitive edge in an era of unheard-of potential and unpredictability, which necessitates constant company reinvention. 

Every company can strive to develop game-changing innovations in their industry and adjacent markets with a digital core in place, a goal that was previously the purview of digital native businesses.

Product-Led Growth Companies Paving the Way in Tech Today

In a market where products are becoming more and more standardized, established companies like airlines, insurers, telecoms, utilities, and other businesses are all battling to develop sustainably and profitably. In addition to increased competition from their competitors, companies also face disruption from fast, digital-native businesses that target their clients with unique, practical, and frequently customized offerings.

Frequently, the initial reaction is to play the attackers at their own game: aggressively acquiring customers. However, as they focus on new customer acquisition, many incumbents overlook their most powerful competitive advantage: their large existing customer bases.

Two significant figures support the need for a change in emphasis: The acquisition of new customers may be necessary to make up for the value of one lost client, which is a drawback. On the plus side, the world's most successful firms generate 80% of their value from their core businesses, mostly through unlocking additional revenues from current clients.

These businesses have developed an effective plan for generating profitable growth that even their most agile and disruptive rivals are unable to match by consistently and proactively offering a distinctive customer experience (CX) that entices current customers to stick with their brand. These customers alter their behavior, and measurable financial indicators like the share of wallet, repeat business, or net revenue retention (NRR) can identify these behavioral changes.

This approach is known as "experience-led growth." 

Companies must first determine their target financial goal to prioritize the CX enhancements that will lead to that outcome if they are to be successful with it. They have the audacity to reevaluate their corporate cultures and operational procedures, speed up the adoption of new technologies, increase innovation, and develop new CX measurement and analytics capabilities. They occasionally need to reevaluate and rethink their own existence.

Also Read: Where Will Digital Transformation Managed Services Lead Us?

Embracing Reinvention as a Strategy for Driving Sustainable Company Transformation

Understanding the potential of next-generation technologies and utilizing them in unique ways to shape and seize white space possibilities and meet urgent needs in their business or sector constitutes breakthrough innovation.

At BJIT, we think businesses can create game-changing breakthroughs. 

In our experience, breakthrough ideas often have one of three distinct qualities:

• Creating innovative products, services, and experiences - Beyond growth and profitability, these game-changing technologies create totally new enterprises and industry categories, such as digital payment and settlement systems.
• Significantly compress time to value - The best moment to release a product is determined by the product development plan, which hones your competencies, adaptability, and resilience to speed.
• Development costs have been drastically lowered - Today's technology allows for dramatic reductions in development and related expenditures, such as industrial manufacturers using cloud and edge improvements to upgrade production facilities without having to "rip and replace."

Creating an Environment of Continuous Innovation and Growth

Life-centric IT services are acutely aware of how their clients are affected by the changing environment. 

They also take a very different approach to product innovation and growth. They are primarily concerned with identifying the brand-new requirements and issues that consumers are now experiencing, developing life-centric services, goods, or ventures to meet those demands, and developing a flexible business capability for capital and talent deployment to maximize results and value generation. More than ever, being relevant calls for a tried-and-true, all-encompassing strategy based on a compelling and extendable purpose.

BJIT allows businesses to set out on this road right now since we assist enterprises in achieving a condition of constant growth and responsive relevance to life-centric client needs.​ We identify and prioritize new products and venture investments.

Read Our Blog on Prepare For The Future of Digital Innovation with BJIT

Every organization must unleash the potential to create new market value, which necessitates a stronger connection between the brand and business ambition. We conceive and create growth routes that are based on your fundamental values yet are focused on the future.​

Here’s how we do it:

Business Growth and Ventures

We do it by defining the growth vision and objectives.

We assist customers in unifying their brand purpose and growth goals, allowing them to address changing consumer expectations and enter new markets in novel ways.

We discover unmet requirements and assess our abilities to meet them in a unique way.

We enable clients to leverage their own assets (brand, technology, customers, data, people, and so on) to gain a significant competitive edge in new or existing markets.​

We investigate new goods, services, or initiatives to capitalize on the growth opportunity.

We create concepts for goods, services, and initiatives that will enable continuous growth, such as identifying the market size and growth and creating an investment pitch.​

Creation of Products and Experiences

Iterative experimentation is used to bring new goods and initiatives to life.

Businesses must design experiences that fulfill unmet customer demands to promote new growth. We think that integrating strategic planning and execution throughout the development and delivery process is vital to long-term success. We collaborate with our customers to develop, build, and bring new products and enterprises to market as we find new growth prospects for them.​

How we proceed is by verifying the product-market fit.

To confirm that the basic presumptions behind a concept's attractiveness and feasibility are genuine, we conduct research and experiments.

We develop to quickly uncover value and design to delight.

We create the Minimum Viable Product (MVP) and test it to determine whether the product and market are a good fit.

To optimize value, we scale and change.

By utilizing active insights to drive efficiencies that permit future expansion, we assist clients in considering their development potential.​

Product and Growth Theories in Action 

Allow businesses to develop and innovate in repeatable ways.

Driving development demands inventive abilities, fresh ways of thinking, and the ability to maximize the core. We don't see growth as a singular event. 

We form teams focused on products.

We facilitate the establishment of growth-ready organizations, which also includes supporting processes and procedures, for our corporate partners. This enables us to accelerate implementation and validation.

We build cultures that encourage innovation and expansion.

We create a business culture that fosters development through relevance and a mentality that places the focus of goods and services on improving people's lives. A cultural mentality that encourages life-centric innovation is the desired outcome.

We support scaling and repetition.

We work with business partners to develop and expand their product lines using cutting-edge finance and governance mechanisms. With de-risked go-to-market strategies, the objective is to assure repeatable innovation and continuous growth.​​

Bottom Line

It is feasible to transform technology into ground-breaking innovation.

We are at a turning point; the time has come for businesses to make use of emerging technologies to build a digital core and gain profit from the newest technological developments. We are motivated by the numerous instances of new technology in software development and ground-breaking breakthroughs that have already occurred, as well as by the capability of technology to support ongoing business transformation. Business leaders need to fundamentally alter their organizations by giving up a mindset of incremental innovation and adopting breakthrough strategies.