The world is growing and advancing digitally day after day, and this is driving organizations at all levels to digitize their business processes and models. However, the process of digitization is challenging. Even those who have already undertaken a surplus of digital transformation initiatives have to focus on multiple aspects to stay on top of their game. In order to keep competition at bay, businesses today have to guarantee a positive Customer experience (CeX) which leads to higher degree of customer satisfaction, also acquiring customer loyalty with value added services, boost up revenue and profit figures, as well as technological disruptions for smooth traction.
To stay competitive, businesses must stop experimenting with digital and commit to transforming themselves into full digital businesses. Here are traits that successful digital enterprises share.
Yes, the age of Digital experimentation is over. Stop doing business like it’s still the year 2014-2015. After Consulting approx. 300+ businesses from multiple domains & seeing the common problem of them struggling at the very root level due to their inefficiency of achieving even 10% of their set objectives from Digital and ultimately losing finances, resources, time and energy either due to unrealistic objectives or Digital strategy wide of the mark. Businesses need to move beyond experiments with digital and transform themselves into digital businesses. Digital transformation is uniquely challenging, touching every function and business unit while also demanding the rapid development of new skills and investments that are very different from business as usual. To succeed, management teams need to move beyond vague statements of intent and focus on “hard wiring” digital into their organization’s structures, processes, systems, and incentives
Challenge the existing
Digital leaders examine all aspects of their business—both customer-facing and back-office systems and processes, up and down the supply chain—for digitally driven innovation. The leaders of incumbent companies must aggressively challenge the status quo rather than accepting historical norms. Look at how everything is done, including the products and services you offer and the market segments you address, and ask “Why?” Assume there is an unknown start-up asking the exact same question as it plots to disrupt your business. It is no coincidence that many textbook cases of companies redefining themselves come from Silicon Valley, the epicenter of digital disruption. Think of Apple’s transformation from struggling computer maker into (among other things) the world’s largest music retailer, or eBay’s transition from online bazaar to global e-commerce platform.
We see digital leaders thinking expansively about partnerships to deliver new value-added experiences and services. This can mean alliances that span industry sectors, such as the Energy@home partnership among Electrolux, Enel, Indesit, and Telecom Italia to create a communications platform for smart devices and domestic appliances.
Be Data Driven
Rapid decision making is critical in a dynamic digital environment. Twelve-month product-release cycles are a relic. Organizations need to move to a cycle of continuous delivery and improvement, adopting methods such as agile development and “live beta,” supported by big data analytics, to increase the pace of innovation. Continuous improvement requires continuous experimentation, along with a process for quickly responding to bits of information.
Integrating data sources into a single system that is accessible to everyone in the organization will improve the “clock speed” for innovation. P&G, for example, created a single analytics portal, called the Decision Cockpit, which provides up-to-date sales data across brands, products, and regions to more than 50,000 employees globally. The portal, which emphasizes projections over historical data, lets teams quickly identify issues, such as declining market share, and take steps to address the problems.
Be obsessed with the customer
A healthy obsession with improving the customer experience is the foundation of any digital transformation. No enterprise is perfect, but leadership teams should aspire to fix every error or bad experience. Processes that enable companies to capture and learn from every customer interaction—positive or negative—help them to regularly test assumptions about how customers are using digital and constantly fine-tune the experience.
Rising customer expectations continue to push businesses to improve the customer experience across all channels. Excellence in one channel is no longer sufficient; customers expect the same frictionless experience in a retail store as they do when shopping online, and vice versa. Moreover, they are less accepting of bad experiences; one survey by Oracle found that 89 percent of consumers began doing business with a competitor following a poor customer experience. On the flip side, 86 percent said they were willing to pay more for a better customer experience.
Social Business Maturity
|Have a presence in social media (for example: a company Facebook/Orkut account)||2|
|Have multiple functions operating in social (for example, you have both a corporate Twitter account and a customer service account)||3|
|Have begun integrating social media activities as well as coordinating social efforts across channels||4|
|Have begun using social media tools to improve internal operations (for example, social collaboration for improved productivity and performance)||5|
|Have embedded social media into business processes or are conducting business processes over social media/networks (for instance, managing customer issues via Twitter)||6|
|Have incorporated social analytics into your decision making (for instance, using social insight to make marketing investment decisions)||7|
So How are we going to define whether we are going the right direction?
There is no blueprint for success, but there are plenty of examples that offer insights into the approaches and actions of a successful digital transformation.
“The most important thing is to have a clear view of your strategic objectives, are you doing things for efficiency or are you doing things for growth?” Having that clarity makes is easier to identify appropriate metrics for digital efforts.
Finally, the agencies, businesses and marketers must set realistic expectations for the business about the potential hurdles in digital transformation. “Some of these challenges are bound to come up, it is important to anticipate them and be prepared instead of expecting things to change overnight.”
As the strategic force behind GlobalHoneyBee, I create the marketing stories that define Brands & Businesses- helping my clients and their story – why ‘They’ matter. I love to work with my clients as a ‘partner in crime’. As the thought leader, I believe in making the business work, whatever it takes to achieve business goals through Marketing and we often brainstorm ideas that might even fall out of the ‘scope’ of marketing.
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