DIGITAL TRANSFORMATION - What Successful Organizations Do?
Talk of Digital Transformation is everywhere - at conferences, at cafeteria and in the boardroom. And organizations are at various stages in the process. But does one really realize what they mean by *Digital Transformation*, because modern day’s digital transformation is not about transforming a part of the business.
According a survey report, for 87% of business leaders’ digitization is a priority. While many innovations have seen success almost across the entire spectrum of sectors, leaders need to raise their understanding of the Digital Quotient. Digital Transformation, hence, is not just about adopting newer technologies, but about a cultural shift, be prepared for disruptions, bringing in new business models, and use of digital capabilities (scientific, data-driven, quantified, measured or automated) resulting in achieving a business vision for the organization touching upon the experience of all stakeholders (Customers, Employees, Suppliers, and Partners).
So, how are those organizations that are successfully leveraging this initiative different from others:-
Focus on Customer Experience - Harness the key digital forces - access to Cloud, Big Data, Internet of Things, and social media, to deliver customized products and services leveraging the new Smart/Mobile devices era, to the customers.
Mobility is an integral part of digital transformation, and can transform all aspects of customer experience – new promotions, transactions, and customer service. Also organizations are now adopting Smart Bots with a view to provide an enhanced customer experience, by virtue of almost zero waiting time, bots which are AI enabled and recognize linguistics (Speech Recognition).
Improving Operational Efficiency – On the operational front, organizations are moving into process digitization with automation, employee enablement through virtual workspaces (working anytime, anywhere) and deep focus on real time data analysis especially in areas of customers, products and services. Though mostly seen in Logistics, FMCG and other Retail sectors, organizations are now keenly adopting AI enabled technologies to reduce their Turn Around Time, when it comes to delivery, thus lowering the costs (over a period of time though) in delivering to their customers. This can most importantly be utilized as an economic growth strategy of the organizations.
- Newer Business Models – this includes not only the conversion of Physical assets to digital, but most importantly opening up new digital business models. These may include new products, new services, augmentation of existing services and thus increasing the reach to the customer i.e. bringing customer near you. Mobility plays an important role here, but ties back to delivering an enhanced customer experience. Many organizations take an all-inclusive approach where they promote the in-store kind of services over Digital platforms and ensure seamless customer delivery, even if customer walks into a store. This also includes new Service Delivery Models, where customer’s preferences are managed through AI enabled Analytical platforms, and Service representatives, identify and deliver seamless services in stores.
So, while Digital Transformation has been and remains a buzzword from last few years, successful Digital Strategy is what takes it home, else you may end up being disappointed.