How Can You Make Digital Transformation Work For You?
In today's fast-paced business landscape, digital transformation is no longer an option but a necessity. This blog post explores the ways businesses can leverage digital technologies to develop new value propositions for their customers and make digital transformation work for them.
- The pressure to transform into digital organizations is mounting for established companies due to disruptive startups and tech behemoths.
- Leveraging a diverse range of digital technologies, such as social, mobile, analytics, cloud, artificial intelligence, blockchain, and the "internet of things" can help businesses develop new value propositions for their customers.
- To make digital transformation work for you, it is crucial to embrace change, foster a culture of innovation, and continually adapt to new technologies and trends.
“In 10 years of research, we have seen digital transformation grow increasingly complex, with a new wave of technological and competitive possibilities arriving before many companies mastered the first,” writes Westerman and collaborator Didier Bonnet, an affiliate professor at IMD Business School, in “The New Elements of Digital Transformation.”
As the business landscape becomes increasingly digital, companies of all sizes and industries are feeling the pressure to transform.
With disruptive startups and tech giants vying for market share, it's no longer enough to rely on traditional business models. Instead, businesses must embrace the latest digital technologies, including social, mobile, analytics, cloud, AI, blockchain, and IoT, to create new value propositions for customers.
But how can you make digital transformation work for you? In this blog post, we'll explore strategies for successful digital transformation and how to navigate the challenges that come with it.
Embrace Digital Technology
Digital technology has revolutionized the way we do business. From cloud-based software to automation tools, digital technology has the potential to transform your business in countless ways.
According to a study by Accenture, companies that embrace digital technology can increase their productivity by up to 40%.
To make the most of digital transformation, you need to identify the tools and platforms that can benefit your business, integrate digital technology into your operations, and invest in the necessary infrastructure and talent to leverage digital technology effectively.
Now consider this…
What sets innovative companies like Amazon apart from their competitors?
They can fully integrate digital technology across their entire organization, rather than confining it to specific departments...
For example, Amazon's success in the e-book market can be attributed to its strategic launch of the Kindle reader in 2008. By the end of the following year, Amazon had already surpassed sales of paper books with their e-book sales.
This shows the significant impact of leveraging digital technology throughout a company, rather than limiting it to a particular segment.
Focus on the Customer Experience
“Employee pain points can be valuable cues on where you can improve the business.”
George Westerman, Senior Lecturer | MIT Sloan
In the digital age, customers expect personalized and seamless experiences across all touchpoints.
It is my firm belief that no matter how much technology advances, at the end of the day, we are all human beings with innate social needs and a deep yearning for emotional connections. As much as we rely on technology to streamline our lives, it cannot replace the value of genuine human interaction.
Research by Salesforce revealed 80% of customers say that the experience a company provides is as important as its products or services. Additionally, a whopping 95% of customers claim that if they trust a company, they’re more likely to be loyal patrons.
As a business owner, it is crucial to recognize that your customers are not just another number in your sales funnel but are human beings with unique stories, emotions, and desires.
Recognizing and catering to their humanity builds trust and loyalty, leading to a thriving business.
As such it is essential to understand your customer's needs and preferences, use digital technology to deliver personalized experiences, and invest in mobile-friendly websites, personalized marketing campaigns, and chatbots for customer service.
Break Barriers Through Digital Culture
Cultivating a digital culture that prioritizes innovation, encourages experimentation, and invests in digital skills training for employees, is crucial for fostering digital culture.
Stanford’s Erik Brynjolfsson noted that a major reason for the lack of productivity gains from new technologies, including AI, is the failure to invest in skills — especially the lack of reskilling and upskilling once employees are in your workforce.
To make my point clear, I often draw a comparison to a sports team.
A dedicated team owner understands that innovation is the key to success, and they are committed to exploring new frontiers in their quest for victory. Pushing the boundaries of what's possible in their sport or industry. They seek out new technologies, approaches, and ideas. Basically, anything that would give their team a competitive edge.
As a CEO, COO, or CTO, you must have a similar mindset. Stop at nothing to foster that digital culture.
Understand that digital transformation is not a one-time event but an ongoing process that requires continuous learning, adaptation, and improvement.
Emphasize Data-Driven Decision Making
According to the Salesforce survey, 70% of the customers say connected processes are very important to win their business (such as seamless handoffs between departments and channels or contextualized engagement based on earlier interactions).
Each department within the organization including sales, IT, and even marketing must work together to provide a seamless experience across all customer touchpoints.
Data is now the lifeblood of your business!
By collecting, analyzing, and using data to identify opportunities for improvement, optimize processes, and make strategic decisions, you can ensure that your business is operating at its full potential.
Tomas Chamorro-Premuzic wrote in an article in Harvard Business Review that the essence of digital transformation is to become a data-driven organization, ensuring that key decisions, actions, and processes are strongly influenced by data-driven insights, rather than by human intuition.
Stay Agile and Adaptable
In today's fast-paced and constantly evolving digital landscape, it's essential to stay agile and adaptable. But...
Agility goes beyond having agile teams and team-level practices. To be a truly agile organization, you must first optimize your operating models across processes, strategy, people, and technology.
Reimagine your entire organization as a network of high-performing teams, each equipped with the necessary skills and going after clear, end-to-end business-oriented outcomes.
Follow the principle of Learn. Evolve. Adapt.
According to a study by McKinsey, highly successful agile transformations typically delivered around 30 percent gains in efficiency, customer satisfaction, employee engagement, and operational performance; making the organization five to ten times faster; and turbocharging innovation.
In conclusion, digital technology has transformed the way we do business, and it is crucial to embrace it to stay competitive in the digital age. To make the most of digital transformation, UniAspect Digital has been helping businesses focus on the customer experience, break barriers through digital culture, emphasize data-driven decision-making, and stay agile and adaptable.
By implementing these strategies, we have optimized their operations, increase productivity, build trust and loyalty with customers, and stay ahead of the competition. If you’re looking for the same results Contact UniAspect Digital today.