Digital Transformation
Do you see evolving customer preferences and behaviours and/or do you like increased customer engagement?
Do you want to seize new growth opportunities in new markets OR increase your market share?
Do you want to address increased competitive pressure OR increased customer revenue?
Do you need to meet and implement the new standards in regulations and compliance?
If you answer YES to one or more on the above, then “Digital Transformation” i.e. “DX” should be the strategy for you!“
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Forecasters say spending on digital technologies may cross $2Trillion by 2019. Watch out, Journey just started.
What it may mean to you ?
It could improve your operational agility by 80%. You could be reaching your customers by 90% faster. The list would be endless truly.
Digital transformation is really the first step in building an implementation plan bringing digital eco system to add real value to your business.
Today, organizations are embracing the digital transformation to the full extent possible, disrupting their own business in a continuously changing/ developing market conditions.
A common example could be, implementing a work load automation system which would support complex, event-driven job scheduling and integrates with your business-critical applications, saving huge amount of manual efforts, time and cost to the enterprise.
Research says business executives are transforming three key areas of their enterprises through digital transformation: Improving customer experience, Streamline and/or optimise operational processes and Enhance/develop new business models.
Let’s talk more on each area in detail..
Improving Customer experience:
Enterprises are using digital technologies (media mostly) to learn and understand more about customers. Typical ways are building online communities engaging the users, customers, suppliers, vendors exchanging views seamlessly in a common place. Many of them revamping their branding though digital/ social media. Data Analytics capability is helping business across sectors. An insurance company improved their portfolio by deploying analytics based pricing very competitively. A hotel or restaurant may change the pricing and offers in real time, effectively building on profiling based on availability, time of the day/ month/ year, weather conditions essentially catering to changes in the demand. These digital transformation initiatives are helping organizations understand customers better allowing changes to their offerings dynamically, thus leading to increase in revenues.
Operational processes:
Transforming operational processes have been a key outcomes of digital transformation. Many operational manual tasks are being optimised and automated as much as possible. Benefits realised are, economies of scale while employees deliver value add activities focusing on innovation with creative energies, instead of repetitive (boring?) tasks.
Some good examples are,
A large organization built a self service portal, servicing many queries related to HR, policies, benefits etc in turn freeing those respective functions to focus on more value added activities and ofcourse employee satisfaction.
A automobile manufacturer does the design till prototyping digitally, including non-destructive testing, saving huge amount of manual work and reduce the product development time to go to marker by 30%-50%.
A company deployed collaboration and networking tools which allow employees including senior management to talk with anyone in the organization from any location in the globe. This enables true globalization and a powerful enabler for knowledge sharing within the company and outside.
Enhance/ Develop new business models:
As someone very aptly said, digital transformation is not only about how you use technology but enabling the change in the way “doing the business itself”.
Examples are businesses using ecommerce. Traditional shops are now doing business online as well to increase their revenues and market share. It is worth noting that companies who didn’t embrace these business models are either lagging behind (with the wrath of shareholders) or on the verge of closing down. Companies are introducing new products rely on digital technologies in addition to traditional products for example, sports apparels, devices which monitor and tract physical activities etc.
Summary:
Companies are increasingly embracing digital transformation as a way forward doing business – for better customer experience, improved revenues organically or otherwise. The opportunities are endless and vision with imagination & innovation are the drivers for the changes to come. It will change the way individuals engage, work, collaborate locally or globally and the way companies are executing their business processes, serve their customers in a truly global area.