Digitalisation is generally associated with technology, even though the most important feature for business is its ability to manage change. In manufacturing, the product was sold to the customer; in the digital age, services are purchased from the supplier, and the biggest problem with management is knowledge lost in information.
Like industrialization a hundred years ago, this time also technology is only an enabler, as the driving force behind real change is the change in business models, practices, and thus management change. The industrial age organizational models were created to support management and communication in efficient production, while the productivity of digital organizations is based on customer and employee experience, as well as organizational agility. In the digital age, the world is also servitizing; individual needs are met with services, and the value to the customer is produced together with them. Products serve as service delivery tools.
In this worldview, communication has new meaning. Digital channels are common to everyone. The boundaries between customer communications (marketing), internal communications and investor communications are blurred and disappear. Knowledge is democratized, and organizational structures are no longer needed for communication.
“The company must have a clear strategy, but especially a clear communication strategy that supports it.”
In the digital age, the challenge is to bring information at the right time and in the right format to those who need it, and for it to stand out from the ever-increasing flood of information. The traditional hierarchy slows down and weakens communication, and thus the entire organization’s business. The company must have a clear strategy, but especially a clear communication strategy that supports it. Capability to change means engagement capability, communicating the relevance of doing things supports commitment to change.
In these times a company can have only one truth; its worldview, its place in the world, its competitive factor and its business model. These make up the company’s story to share across digital channels for all stakeholders, constantly updating the story as it progresses. The story must be in harmony and true, promises must be redeemed and credibility earned.
Internal communication is the most important tool for management, just as employees are the company’s most important resource. The company’s story and core messages must empower employees and attract the best manpower to the company.
The role of marketing has also become increasingly important in the digital age; the former data collection phase happens nowadays without the knowledge of the company, and therefore a clear description of the products and services must be able to convince the customer alone, and specifically the customer.
Investor communications change the most during the transition, integrating with customer communications and internal communications.
Good investor communications bring company credibility to customers, pride in employees and visibility in different stakeholder groups. Most of the smaller companies in particular should accept the fact that their business is not interesting outside their own network, but a good investor story will be of interest to everyone who follows the financial media.
Investor communications open new doors for the company, expanding the interested stakeholders, whether it be customers, recruits, networks or investors. Investor communications are of particular interest, especially from listed companies, whereby financial media also have an obligation to distribute company-related information to those who have invested or are planning to invest in them.
Properly implemented, investor communications are a megaphone that strengthens the company’s story for all stakeholders and their networks. Company visibility brings pride to those involved and eliminates fear from prospective players.
“Communication is the most important tool for good leadership, and good leadership is a prerequisite for profitable business.”
I’ve been involved in building converged channels and convergent information platforms, and for that reason I believe strongly in the convergence of contents. Communication is the most important tool for good leadership, and good leadership is a prerequisite for profitable business. At Bravura we know and understand business-oriented communication.