Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
It may seem essential for software to become the core of a business model for a broad cross-section of companies. For example, among industrial companies, 38% say they aspire to generate over 50% of revenues within the next three years from digital technologies.
However, it doesn't mean it will be easy. There are a handful of successful cases of non-software companies building software businesses. Many companies head in the wrong direction because of common misconceptions.
20
180 reads
People may think companies become successful because of software engineering transformation.
However, product management and product organisation play a bigger role, where product managers are more like mini-CEOs for a product. The digital transition is a business-model transformation across all parts of the business.
19
110 reads
It is a misconception that a company should hire a few senior executives from tech companies and repurpose their own IT talent in software-business building.
Non-tech companies need a lot of digital talent to shift successfully to a software model. But when it comes to top performers, your company competes with leading tech firms, meaning you are more likely to lose. You risk overpaying for lower-performing talent. To get the talent you need, second- or third-tier regions may be better.
19
87 reads
Many businesses improve company performance by the consistent acquisition of small players. But in the case of a nonsoftware company buying software assets, it is not effective.
Smaller digital acquisitions often create difficulties integrating the new companies because the companies differ dramatically from one another. It is better to focus on anchor digital acquisition. When the bigger purchase has been integrated, your own organisational culture is digitally adjusted, putting you in a better position to start acquiring additional assets.
19
65 reads
You may be confident in your sales force and its good relationship with customers, but selling software is different from other products as it requires technical chops and deeper vertical expertise. Your existing sales force may lack some understanding of the software they're trying to sell and the expertise to win customer confidence.
An alternative is to pull in a set of specialists that your existing sales force can contact in the sales process.
19
57 reads
IDEAS CURATED BY
Learn more about business with this collection
How to create a strong portfolio
How to network and market yourself as a designer
How to manage time and prioritize tasks
Related collections
Similar ideas
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates