As a business-owner, what would be your strategic priority for the year ahead? Would you focus on profitability, customer experience, increased speed-to-market or employee engagement? What if you could derive them all by simply prioritizing Digital Transformation for your business?
In today’s highly competitive world, lack of a Digital strategy could take you towards extinction.
Don’t believe us? Here’s what Gartner has to say:
By 2017, 20% of all market leaders will lose their number one position to a company founded after 2000, due to lack of digital business advantage.
This means that Digital Transformation is no more a choice, but a pre-requisite to business success. Using an innovative approach, you can script success in your business with Digital Transformation.
Digital Transformation – Why Should It Be Your Strategic Priority?
As businesses languish amid competition, Digital Transformation is no less than a Superhero that helps businesses scale increasing competition and emerge victorious. Here’s a lowdown about the role of digitalization on different factors affecting your business:
1. Customer Experience
Modern consumers value nothing more than their personal convenience, productivity, time and flexibility. They’re more likely to conduct research before buying, rely on consumer reviews, seek quicker resolutions and move to other providers if their expectations are not met.
Digital technologies enable an end-to-end sales cycle, right from opening conversations with prospects to closing a sale. Customers are spoilt for choices, and they engage with businesses on channels of their choice. Businesses need to have Omni-channel presence so that they can cater to the needs of their customers with lesser response time, thereby gaining customer loyalty.
We reduced online complaints from 15 cases per day to none within just 3 months for the India’s first large-format specialist retail chain for consumer electronics and durables. Click here to read how we helped them retain high-value customers by implementing digital technologies for complaint closure. The Digital Age is hence, the age of customers and it has become all the more important to ensure your customers are happy. Digital transformation as a strategic priority can enable you to shift towards customer-driven communications, which can maximize your reach and delight your customers too.
With an increased focus on Digital transformation, businesses are likely to reach Digital Maturity, with an effective strategy in place. This could translate to increased productivity in the form of:
- Streamlined operations
- Effective marketing
- Stronger customer interactions
- Greater focus on innovation
- Lesser room for error
- Increased speed-to-market
No wonder, studies show that by 2018, 67% of the CEOs of Global 2000 enterprises will have digital transformation at the center of their corporate strategy!
3. Talent Management
The millennial generation is fascinated by digital technologies and wants to work for digitally-enabled organizations where they can get the best opportunities, well-suited for their digital inclinations. In order to attract the best talent in the industry, businesses would need to step up their digital game.
In addition, digital transformation can help you with marketing & promotions, while also helping you engage your employees and motivate them to do their best.
How to Make Digital Transformation Your Strategic Priority?
Businesses need to implement strong digital strategies that can drive growth in their businesses… But how do you attain that growth? Here’s how digital transformation as your strategic priority can help you make massive waves in the ocean of opportunities:
1. Digital Maturity
Despite having spilt barrels of ink just to emphasize on the importance of being digital-savvy, just 15% businesses are at the early stages of digital maturity. Among the digitally maturing, more than 80% have a clear and coherent strategy.
Digital maturity helps you:
- Focus on transforming business, rather than focusing on technologies
- Provide your employees with skills to realize your strategy
- Become more comfortable in taking risks
- Integrate your digital strategies in the right direction
- Build greater confidence in your digital motives
In order to truly excel in the times of Digital Ubiquity, combining digital activities with strong leadership to fuel transformation with technology is highly important! Being digital mature is a prerequisite to scripting success in these challenging times.
What were your thoughts when you first created a web property for your brand? Did you think about aesthetic elements or the webpages you should add? As you go on to climb the ladder of digital maturity, you start taking your business from static webpages to engaging digital activities that leave your customers hooked to your brand.
When you start viewing technology as a tool for transforming business, you’d come up with digital activities that take your business to newer heights!
2. Digitally Fluent Leadership
Digitally fluent leaders may not be masters of technology, but they need to have a mindset conducive to digital growth. Here’s how a digitally fluent leadership can help an organization:
- Develop a digital workforce with greater potential for value creation
- Translate technological shifts into business impacts at industry, organization and individual level
- Promote fresh ideas that can be utilized for experimenting & promoting better growth
- Ensure a connected, collaborative environment to help attain strategic business goals
Digital leaders are willing to embrace the digital world and have the ability to articulate the value of digital technologies to the organization’s future.
Prototyping, a cost-effective method to test digital products or interfaces with users and stakeholders, encourages iterative product development cycle involving building, testing and improvement.
With prototyping, you can enjoy the following benefits:
- Agile development of product that enable lesser time-to-market
- Collecting stronger human performance data
- Deriving actual insights on market needs
- Early visualization of alternate design solutions
- Innovative ideas stemming from earlier prototype versions.
We have used prototyping to help a Premier Healthcare and Fitness Products Company in USA maintain customer satisfaction scores of 95%. With prototyping, their escalations went as low as 0.00005% and order processing time reduced from 8 minutes to 6 minutes. Click here to read how we helped many more businesses by prototyping.
We are living in times where it can get difficult to know what strikes the chord with your customers, and a digital prototype is much needed for ensuring a better final product, steered by innovation.
4. Analytics & Big Data
High-performing digital companies make data-driven, informed decisions by recognizing importance of data as a strategic asset. You can make optimum use of analytics to automate and optimize your business processes by using insights for:
- Data mining to grasp customer preferences and strengthen relationships with them
- Evading errors and explaining occurrence of certain outcomes by making use of:
- A/B Testing – Method of comparing two versions of digital properties against each other to determine which one performs better and testing factors involved in comparisons
- Multi-Variate Testing – Determining the best combination of variations out of all possible combinations.
- Predicting future results with Predictive Analytics
- Measuring impact of digital strategies to see how far you’ve grown
It is time to incorporate analytics in your digital transformation strategy, so as to get positive results!
Digital Transformation – What Does The Crystal Ball Say?
Digital transformation can help businesses bridging the gap between now and the future by reducing ambiguity and making processes more agile. When we hold the crystal ball and look into the future of digitally transformed businesses, here’s what we see:
- Rise of Digital Revenue Streams with creation of more digital capabilities and initiatives
- Better visibility and Omni-channel presence with greater reach
- Stronger connectivity by adoption of IoT (Internet of Things) that strengthens enterprise relationships
- New digital opportunities with analytics
- A digital vision that reduces disparity in the industry and promotes positive growth
- Streamlined operations with automated processes
We are excited about the future… What about you? Why wait any longer to make use of Digital Transformation! Jump onto the Digital Bandwagon with a bang by partnering with our leading digital transformation experts. Share your experiences on Digital below.