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The C-suite of an enterprise does not enjoy the monopoly in decision-making, thanks to digital disruption. The consumer is the future of every successful business nowadays.
Digital helps you remain Agile
Experts have repeatedly said that enterprises must go digital and adopt new technologies to remain agile. A thriving business, commencing 2017, needs to embrace emerging technologies to stay ahead in the digital race.
Today, enterprises follow the upside-down approach of and the customer stays at the top of the ladder, in order to maintain pace with the technological curve.
It is the consumer that holds power; hence, businesses are focusing more on understanding what the end customer needs. It also leads to crowdsourcing efforts wherein consumers suggest ideas of business growth. At the same time, employees – who are at the heart of your business, can act as guides since they have first-hand experience of customer needs.
The strength of a business is reflected by its following; success no longer depends on the brilliance of few intelligent visionaries on the top of the ladder, but from appreciating how decisions percolate through to the lowest tier of the organization.
It’s the consumers who help enterprises arrive at major business decisions. In this era of millennials, it is crucial for enterprises to hire and retain high quality talent. The staff is very crucial for organizational success, since they engage in direct interaction with your customers. The approach needs to change; interacting with customers, understanding their requirements, and suggesting a personalized solution, is what enterprises are doing.
Readjusting Priorities
The C-suite must execute bottom-up strategies for organizational success. It is here, and many successful enterprises are embracing it. Digital disruption will help you change your business approach seamlessly. Automating repetitive tasks and utilizing resources for devising and contributing to a growth strategy is a good strategy. Below, you will find more alternatives as to how you can embrace the digital revolution.
Explore Possibilities with Big Data
One of the greatest facilitators of adopting digital disruption the ever-growing importance of Big Data technologies. An enterprise’s ability to devise patterns/trends of buying behavior and customer interactions leads to developing a consumer-centric business model.
Optimizing for Mobile
With the rise of connected consumers, companies need to provide real-time information continuously. Secondly, it is highly important for enterprises to understand what their customers want, and when. Mobile technologies across the globe have initiated a shift towards customer-centric approach in the real world.
Consumer Feedback
The Internet offers full suite of opportunities to hear what customers say about the brand. Review websites like Yelp, Hubspot, Amazon, provide customer feedback on online websites. Even customer testimonials hold great value when it comes to fueling a new organization structure. As the customer is king, it is important for enterprises to keep them happy.
Rebuilding/Discarding redundant systems
In the process of changing the organizational structure to a down-top approach, enterprises are propagating a collaborative working atmosphere wherein employees will have a say.
Revamping Business Models
Digital transformation is not merely reengineering business processes. Transformation takes place internally by integrating functional aspects and using data analytics intelligently to derive smarter insights and arrive at well-informed business decisions. Every enterprise is being involved in big data analytics for decision-making processes.
Building Customer Loyalty
During the sales process, enterprises are trying to enhance the value of customer experience that they deliver. Time has come to outthink the customer.
For example, earlier a person used to travel by yellow taxis/cabs. Now with the help of Uber, he/she can book a cab from the smartphone or mobile device, and the cab arrives at the user’s doorstep within few minutes. This is how digital transformation has changed the way we live.
Offering digital experiences, across several industries, helps enterprises retain loyal customers. The aspects of digital transformation are applicable in the manufacturing and service industry as well.
For instance, GE uses 3-D printing to manufacture new parts of the Leap Engine; in 1 print, around 19 parts are produced that are 5 times stronger. By 2020, the company plans to invest $3.5 billion in additive manufacturing.
Another company in the US, namely Eaton, uses ‘eNotify Remote Monitoring’ service to enable round-the-clock monitoring of connected Uninterrupted Power Supply (UPS) systems. Users can avail free service for up to a year after purchasing the product. Following which the service will be charged in subsequent years.
Digital Skills Development
Implementing digital transformation has become the core principle of a company’s organizational policy in the modern era. Few initial pain points might occur such as loss of jobs; however, the top management does not step back.
First, the enterprise clearly understands its objectives, market scenario, industry position, and efforts that it will take to retain loyal customers.
Post that, the company decides what needs to be done i.e. the approach to be incorporated along with its ROI. Currently, enterprises are implementing digital disruption in stages, while few are transforming digitally in a full-fledged manner. However, the outlay will be based on the level of automation you desire.
Enabling Digital Transformation
Global market changes, accelerated by continuously evolving technologies and user behavior, give enterprises the opportunity to develop their capabilities to gain a competitive edge. However, it becomes irrelevant for slow-moving firms that are unable to cope with the lightning speed of digital disruption, and fail to reinvent business functions or fully leverage the SMAC stack to provide omni-channel customer solutions.
The challenge is made complex by fragmented and ever-evolving technology landscape; lack of digital skills will hamper an enterprise to develop a strategy tailored to its objectives and needs.
With a deep understanding of business needs, enterprises are designing customized end-to-end solutions to help customers in their digital transformation journey.
The need of the hour is to develop an extensive partner network comprising of the world’s best IT companies as well as cloud platforms along with niche specialists in the digital frontier.
How Digital Disruption impacts Customers
Shifting focus to customer’s journey will help businesses align their technical capabilities. Now, enterprises will be able to address customer needs effectively and achieve desired outcomes.
Customer-led enterprises not only listen to what customers want, but also try to find out why they need a specific product/service. This aspect enables product teams, marketing staff, and customer service teams to provide better service. Employees will now be able to identify the best ways to leverage digital means to achieve business goals.
The customer-led approach presents a wide range of opportunities for customer interaction, analysing user behaviour, and enhancing customer experience to win more loyal customers.
Using the right tools for digital transformation will help in reimagining business processes; it provides enterprises to become efficient and prosper. In addition, enterprises will be able to identify necessary changes from informed analytics, and taking immediate action on these priorities will create a bigger impact in putting technology and people at the heart of your enterprise.
Industries currently Adopting Digital Disruption
Harvard Business review, March 2016:
The annual survey conducted by Russell Reynolds Associates studies above 2000 C-level enterprises about the impact, structure, enablers, and barriers of digital transformation across 15 major industries.
The graphic below shows the percentage of executives surveyed who responded that their business would be moderately or massively disrupted by digital in the next 12 months, industry-wise.
Industries facing maximum disruption face two primary challenges: low entry barriers leading to agile competition, and legacy business models that are huge sources of revenue. Hence, to keep pace with digital transformation, these enterprises address cultural as well as organizational challenges collectively.
Industries having least disruption are subject to higher entry barriers since a minor aspect of their business can be digitized. In reality, these enterprises are less affected however they are not completely immune. Technological advancement such as EdX and 3-D printing, a joint venture of Harvard and MIT, has led to digital disruption of the education industry.
So how are you planning to digitally transform your enterprise? This is how you may try. Hire specialists and subject matter experts to bring about this change. You may create a culture that adopts data-based decisions. In addition, you can fully commit to making your organization digitally adept, which will start at the board level. Enterprises failing to do so will undoubtedly lag behind.
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