Just before 2007, we didn't have access to smartphones like iPhone or social media apps like Instagram and Whatsapp. Even email was much more limited only to desktops. Zoom in to Today - Digital Transformation has revolutionized everything we do. It has been one of the hottest topics for every business, and it's a subject which keeps the CEOs awake at night.
Today it is Digital or Die.
Digital is happening fast and forcefully, whether businesses are ready for it or not. You can’t hide from it. There is a possibility that five out of 10 businesses - like Blockbuster, Kodak, and Borders - that will become digital dinosaurs because of their lack of ability to adapt.
Going digital is not about moving to a specific technology like Cloud, or Big Data, or Analytics, but it is really about accommodating a change in how technology fundamentally enables business. Billions of people across the world are attached to a global high-speed, real-time Internet, and companies need to exploit this.
There are over 7+ billion mobile connections worldwide. In a couple of years, Millennials will make up half of the working population. They expect highly personalized products and services, they want instant-gratification, and they are omnichannel, online anytime, anyplace on any device. Using mobile-first as your strategy to go digital is a no-brainer.
As technology becomes an increasing part of our everyday lives, it also becomes a vital part of business strategy to become more efficient in customer service and disrupt the market with an exemplary customer experience.
Business models are changing, from products to services and they all have to have a sharp focus on extraordinary customer experience with digital - like Apple, for example. To transform to digital, companies must place customer experience at the center of their digital strategy.
Customers want access to support via digital channels without the intervention of customer reps, unless they don’t find what they are looking for at the first point of contact or something goes wrong with the product which needs to be fixed quickly.
Burberry was one of the first players to turn their fashion shows into digital events. The company used the buzz around the events to lure its customer base, interact with them, and strengthen relationships with customers, all as well as attracting new ones.
Nike had moved on from being a sports apparel company to a fitness-driven, personalized wearables - like FuelBand - manufacturer.
Apple, Disney, Nordstrom, and Nestle are just a handful of the household names that have mastered digital.
It’s a never-ending program of improvement. As important as the technologies and channels are the employee training and the mastering of the skill set that empowers them to thrive in this more integrated and ‘digital-first’ environment.
Working from home is adopted by many organizations, and moving to cloud based systems enables your employees to do that more effectively. They can access all relevant work content remotely.
Every company is a technology company today. The pace of digital is rising exponentially, making it very difficult to be the leaders in the market. Your threat, therefore, is not your traditional competitor but someone who comes up with innovative ideas to steal your customers.
As Charles Darwin once said - It is not the strongest of the species that survives, nor the most intelligent that survives, it is the one that is the most adaptable to change
It is Digital or Die. You are an easy prey if you don’t adapt.