If there is something philosophers could be of one mind about the question of life is—the reality of change. Be it our personal lives or can be a reality in business.
The disruption due to phenomenal changes in the technology, market, competition and customer expectations are urging companies to reinvent their business models, core capabilities and customer experience (CX). This scenario is especially true for well-established and larger organizations.
In this technological age, specifically in this app-centric economy, consumers have multiple channels of communication to reach the organizations. When it comes to the consumer, user experience and interface are crucial and majorly influence their purchasing decisions.
Consequently, businesses started realizing the importance of digital technologies to revolutionize their current legacy systems, steering business growth to really innovate for consumers and staying ahead of the curve. Digital transformation is nothing but transforming the business models from core legacy to digital business. This change is directed towards prioritization of future needs without losing focus on present needs.
The transformation process is exhaustive for larger companies, yet underrated endeavor, and can be categorized into three key factors:
It’s easy to know about the technological updates within the market. However, the difficulty lies in embracing and implementing them. This is true in case of innovating ideas that are overshadowed by complex organizational structures. By the time you embrace these changes, it is too late.
The research has revealed some surprising facts: Forbes 2016 report states that “only 1 out of 8 companies have become successful in driving their organizations towards digital transformation.”
The department store and retail industry are the most remarkable examples of digital transformation failures. While companies like Uber and AirBnB are using the disruptive nature of technology to provide superior customer experience. Well, how do you think you can embrace digital transformation? Here are some key success factors that could help you achieve a smooth digital transformation journey.
1. Innovation Innovation is the industry’s buzzword today. Many organizations say they embrace it, yet only a few of them could innovate successfully. To become truly innovative, business processes need to be agile and fast to incorporate an emerging market need. Also, truly embracing innovation as a central business practice is imperative.
2. Business Strategy & Culture An organization’s culture is vital, yet fragile. If the organizational culture is reluctant to change, be it resistance to embrace new technologies or towards transforming consumer experience—it is a sign that the organization needs disruption.
3. Data & Analytics To successfully surf the digital transformation wave, data and analytics are quite important. Data that evaluates engagement, consumer behavior and capability related to a service or product. It can help identify new revenue streams and business units.
4. Stakeholder Engagement For any business, understanding workforce and consumers is vital. It is most commonly discussed and yet frequently ignored. Using digital and latest technologies especially with social platforms to initiate the engagement could be the solution and provides organizations with more reliable feedback on their business strategy.
5. Technological Implementation There is no scope for digital transformation without the right technology to implement it. Though it demands some initial short-term investment, but staying updated with the technology trends and using that technology to fulfill customer expectations could be beneficial on long-run.
So, what’s your plan for digital transformation? For any assistance in digitally transforming your company, click here to reach out to us.