Go Digital or Go Bust — Digital Transformation is the new norm. Digital adoption is not optional anymore for enterprises, it is mandatory to run a successful business. The organizations that were leaders in their own industries and were reluctant to change failed to adopt Digital fast enough. So, if you are wondering why digital transformation is a necessity, the downfall of these giants would speak for itself! Following are some examples:
Customer Experience is The Key to Digital Transformation
Customer Experience is the key to any successful business. The evolution of the internet and mobile technologies have enabled organizations to deliver the best customer experience with rich digital capabilities. Following are some of the key points with enhanced Customer Experience.
- Improve Customer Understanding with Analytics — customer behavior, segmentation
- Enhance Top-Line Growth with digital products like smart Phone, iPads, real time predictive marketing
- Digitized Customer Touch Points — Social media to answer complaints, self service via Apps, increased multi-channel usage
A case study of Airline Industry that demonstrates the importance of Digital Enablement for best CX
Flight Booking — Customer Experience before Digital:
A few years ago, the following was the customer experience while booking a flight. Airlines used to issue e-tickets when a customer booked a trip. On the day of travel, customers used to take the e-ticket to the airline counter and stand in the line. Then they would get a boarding pass with seats allocated based on their seating preference.
Flight Booking — Customer Experience after Digital Transformation:
Now, most of the airlines and online travel sites started with their Digital journeys. As a result, if you book a flight ticket online, right during the booking process, you are provided with a flight cabin map with the available seating options. With this feature, customers can pick their preferred seat right when they are booking their flight online. They can also do online check-in and get an electronic boarding pass. This helps avoid big lines at airline counters for seat assignment and boarding pass during the day of travel.
Customers can now directly walk to the security check with an electronic boarding pass; it can be a paper print or displayed on a smartphone. They can get through the security process, and board the flight directly! This is a great example of tremendously enhanced Customer Experience because of Digital Enablement. Just imagine an online travel site or airline that doesn’t offer this type of User Experience. There is a great chance of prospective customers picking an alternate airline or online travel site that offers this experience. This translates to a loss of business/revenue.
Also Read: All You Need to Know about Google Apigee
Benefits of Digital Transformation
- Process Digitization with automation, adding new features
- Staff Enablement with virtualization of work space working anytime, anywhere
- Performance Management decision making based on data with deeper insights into Customers, Products, Regions
New Business Opportunities
- Digitally Modified Businesses — augment physical with digital offerings, share contents across organization
- Introduce New Digital Businesses — Nike introduced fuel bands
- Digital Globalization — use of Global shared services to promote efficiency, from multi-national to global presence
One of the key goals with Digital Transformation is to bring some of the back office operations directly to the customer for the best customer experience. As a result, it enables organizations to run their business more cost-effectively.
SID Global Solution’s Take on Why Digital Transformation is the Only Way Forward
Today every part of the business is subject to new expectations, competitors, channels, threats, and opportunities. Every business has the potential to be a digital business. As the number of smart, connected devices from phones to cars to wearables are growing, companies that quickly deliver digitally instrumented products or services, will be those who reap data from market interactions. They will use insights to rapidly optimize their value chain for gaining a competitive advantage.
Businesses that digitally transform will be able to connect more closely with customers. Consequently, they would be able to accelerate their innovation, thus claiming a greater share of profit in their sectors. Today, digitally transformed companies have an edge; tomorrow, only digital businesses will succeed.
Companies like Nike and Burberry have moved from being providers of traditional consumer goods to digital leaders. They are creating value across physical/digital products, services, and experiences.
It’s the digital lives of customers that are changing the rules of engagement. Customer loyalty grows stronger for the brands that keep pace. Most importantly. companies in all industries and regions are experimenting with — and benefiting from — digital transformation using social media, mobility, big data analytics & cloud.
In other words, Adapting quickly to this change is becoming a make-or-break proposition for many companies worldwide.
To understand how you can digitally transform your business to stay relevant and outrun your competitors, contact an expert at SIDGS now!