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Minimize risk while transforming your online business

July 6, 2018Michael Henley

As we’ve pointed out many times before, if you’re a business and you haven’t started putting your products online, then you’re behind. Making your business accessible online through a powerful e-commerce platform is a necessity to remain competitive today. We know that delving into this space can be complicated enough, but there’s no use starting at all without the right security preparations.

This means focusing on cyber security, but also on overall risk mitigation. At Luminos Labs, we believe to minimize risk is to implement a successful e-commerce platform.

How to minimize risk for e-commerce

When companies want to bring their business online, there are a number of things they’re concerned about. A huge one is risk. Businesses should be thinking: how are we going to keep our customer’s information secure? Or our product information? How can we be sure that our digital commerce transformation is carried out safely and correctly?

Here are some important things to consider when bringing your business safely into the digital landscape:

  1. Embrace current security measures. Again, without customers and their assured security, there is no business. Here are some other major reasons why cyber security is critical for e-commerce today.
  2. Leverage a reliable source to implement the required technology. If you want to build a digital presence successfully by preparing it for future scale, then you’ve got to consult the experts. Luminos Labs is considered an expert in this area, and we’d love to talk to you about the steps you can take to make sure your online business is prepared for anything.
  3. Be on the lookout for new advances in technology. There are many e-commerce platforms out there. However, the best ones will make it easy to implement new tools and technologies into the platform as they arise.

An insight into business risk mitigation: Tesla, Inc.

Of course, it’s in the best interest of every company to minimize risk whenever a big investment or company move is about to be made. To see how the pros mitigate risk, let’s take a look at a few stories from one of Elon Musk’s business pursuits. In this case, I’d like to bring up Tesla.

minimize risk

When Musk first started Tesla, he had a specific strategy in mind, and it was a risky one at that. Instead of starting with affordable cars that were available to everyone, he instead started with an exclusive, luxury roadster.

Despite this risky move, it’s clear that Musk took to hear the above 3 steps in his methodology:

Although electric cars had not been a popular option for a variety of reasons at the time of the Roadster’s inception, Musk still made sure that his product was in line with the current security measures in place. While this is common practice if you want to bring any sort of IP to market, it’s still a critical box to check when wanting to minimize risk for the future.

Within the Tesla company, Musk has always held an extreme importance on leveraging the best talent to implement his technology:

minimize risk

“Numbers will never compensate for talent in getting the right answer (two people who don’t know something are no better than one), will tend to slow down progress, and will make the task incredibly expensive” (Business Insider).

Tesla, along with SpaceX, has an incredibly rigorous recruiting process, making it so that only the brightest engineers are working to help create his vision. Musk is further able to minimize risk due to this careful procurement of excellent talent.

Lastly, Musk is always looking out for new opportunities in technology, and how he can use them to help drive his business. A great example of this is, of course, the Tesla battery plant, which is now the world’s largest automotive electric battery manufacturer and supplier.

By being ahead of the game and investing in this business opportunity, Musk has created a way through which other electric car manufacturers will seek help from him. This synergy creates a reliance between companies, and helps minimize Tesla’s overall risk in the process.

Minimize risk and safely transform your business with Episerver

In a sense, we are just like the experts at Tesla in terms of our focus on security, talent, future growth, and overall risk mitigation when it comes to e-commerce platform integration.

Episerver is one of the most powerful e-commerce platforms that makes everything simple for the user, internal or external. It checks all of the boxes when it comes to security, and what’s more is Luminos Labs is named Episerver’s Digital Cloud Partner of the Year.

Not only do we follow the 3 tips above when it comes to risk mitigation, we also have our own specific approach that helps clients reduce risk even further. To learn more about our overall approach, and how it’s been able to help companies of all shapes and sizes achieve their e-commerce goals, please feel free to reach out to us for a free consultation today!

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