We do understand that digital transformation is happening, we need to incorporate it in our business, and how beneficial it is. But, there is one question to be addressed, how is the digital transformation happening? How can we transform as a digital business? Here are three important areas that we should ideally be transforming in.
1. Business Models
Before we jump to transforming customer experience and processes, transforming business model is necessary. Information is now being shared through both physical and digital methods. Businesses are layering their services on traditional products to bring massive change on their business models. Digital technology is bringing more flexibility and reduced risks.
2. Customer Experience
With digital transformation happening, customer experience transformation also needs to take place. Therefore, businesses are paying closer attention to their investments and understanding the customer experience and demographics. Businesses are using social media, brand promotion, online communities, analytics, technology usage, and mobile apps to get detailed insight for enriching the customer experience.
Operations—whether internal or external needs to work well along with customer experience and business models. Businesses are ditching the age-old method of automation to focus on their existing strategic tasks. Work enablement becomes better with operational transformation as it provides collaboration tools such as email, instant messaging, and video conferencing to connect with the employees better. Digital transformation has replaced the method of one-way communication and broadened the horizons for communication.
So, now that we are aware of the what, why, and how of digital transformation, what next? How are we supposed to utilize the amassed knowledge? We give you quick tips on making your digital journey successful!
Stage 1: Maximum digital transformation efforts fail because it is all the researching and talking but, where little implementing. Businesses need to identify their strategic assets to understand the transformation better, which is:
- Product knowledge and innovation
- Content and customer
- Sales and distribution channels
Stage 2: It all begins from the top. The core management of any businesses needs to decide on how to bring about the change. There have to be better KPIs, better incentives, improved engagement, and streamlined coordination. Communication is the only thing that can help any business to bring change. Therefore, the digital vision needs to effectively communicate throughout the organization. The goal is clear, and our plans need to be the same.
Stage 3: Yes, we do need to make investments for digital transformation, and that too in the right direction. The very first thing to consider before investing is finding the right skills for investment. It can quiet intimidating to find the right skills within the existing environments, but hiring vendors for this task can lessen the burden. Find the best option and start implementing.
This brings us to our conclusion of the four-part article. Digital transformation seems like a lot to grasp, but it is simply a better change and improved business for everyone.