When science and technology meets social and economic systems, something marvelous happens known as “punctuated Equilibrium”, according to the late evolutionary biologist, Stephen Jay Gould. It is a state which has been stable for long period of time and suddenly gets disrupted radically and settles into a new equilibrium state.
We are exactly at that disruptive state where organizations are gaining opportunities and optimizing their existing operations to achieve significant business transformation. It is the perfect time where reducing the digital gap is very necessary for the organizations who wants to meet their customer’s expectations by improving their digital experience or by digitizing their manual processes.
Digital Maturity is beyond technology!
The very first step to transform any business digitally is by calculating Digital Maturity of the organization. Digital Maturity consist of series of questions that revolves around digital strategy and maps activities assessing the digital health and the gaps in vision/execution of the objective.
While there are only 25% of organizations who would rate themselves as digitally matured and these companies focus on making “digital” core to their business. They strive to create an environment that enables their maturity by cultivating a culture that supports change and attracts fresh talent, risk-taking, collaboration, agility and continuous learning.
There are many reports that have consistently found that organizations who have defined strategy is the strongest differentiator because they would be having a clear and coherent vision. However, creating an effective strategy and implementing it to the core of business remains challenge for most of the organization. The reason of the failure in implementing is lack of the understanding or knowledge of new trends and strategic directions. Digital strategies are not only related to technology, in-fact it is more about how organizations should do business differently in this ever changing market scenario. Maturity goes far beyond just by implementing new technologies but by aligning the company’s strategy, workforce and culture to meet digital expectations of customers.
Automation is the Key
There are organizations whose structures are based on legacy systems which can be a biggest reason they are lacking behind in this fast paced market. Breaking down silos of data and considering cross functional platforms are considered crucial to achieve success in digital environment. It will be very difficult to think about transformation if systems are working in isolation rather than in integration with other systems. Now the market is no longer about product engineering, but it is more about system integration, software design and all the elements that fall out of traditional systems. There are people who focus on thinking within a particular segment of business rather than working on cross functional platforms to work smoothly. Connected platforms helps easy collaboration with internal business units to work efficiently to overcome barriers of silo-ed operations. Organizations therefore need to select providers who can implement solutions that integrates with their existing infrastructure with a best of breed approach.
Analyzing Consumer Insights
Data is an enabler of future strategies due to the power of the predictive modelling and advanced data science. Harnessing the data smartly can help to achieve better fact based decision making and improves customer experience. By using big data technology, organization can evaluate the data in seconds rather than consuming more number of days. This acceleration of technology allows businesses to provide detail answer to complex set of customer data due to resisted analysis that helps them to understand their behavior and interaction throughout the journey. Traditionally, data management was disintegrated in different part of organization but big data connectors integrates data, technology and business units into a successful transformation road map. The key is to integrate big data with basic business analytics to create an ecosystem that allows business to generate actionable insights while executing on what already exists.
Understanding the anatomy of Customers
For many organizations, digital transformation execution revolves around understanding of their customer journeys. On the other hand, lot of organizations are racing to catch up with the rapid digital changes that affect those customers who use multiple device and channels to engage with brands with an expectation to have a unified experience. There are lot of organizations who wants to conduct their business activities by keeping up “in the moment” whether customers use mobile, social or web. Customers seek to do business with those who can rapidly response to their changing needs and behavior.
Customer Expectations that tops the list of digital transformation includes reduced response time rate and immediate real time access to products and services. Organizations also expect the active management of data as well as a seamless omni-channel experience so that they can readily engage with customers through mobile, web or social platforms. Therefore, omni-channel environment, hyper-personalization and a 360 degree customer view are very essential for Bridging the Digital Gap.
Organizations therefore need to evaluate their strategy, vision, service delivery capabilities and scalability of their offerings. It is very necessary to provide bench-marking and Maturity Assessment to develop a strategic road-map for Digital Transformation. This would involve evaluation of business processes to prioritize business needs and to implement automated processes with technology integration that ensure productivity of organization. Thus, a well-planned, integrated strategy is essential to strive digital transformation in alignment with customer journey and engagement.