Digital transformation has become essential to staying competitive in today’s world. Companies that embrace digital transformation as an ongoing operational development are better placed to stay ahead of the curve, increase efficiency, and remain agile.
Staying up to date has never been more critical. The world seems particularly volatile, with markets and industries that once appeared safe havens for growth, reduced by disruptive new technologies.
In addition to disruptive technologies, since the 1970s we have experienced successive cycles of economic austerity, reducing public spending, increasing taxation, and stifled economic activity. Previously buoyant sectors have been crippled by budgetary pressure.
The message is clear, and as one well known business leader put it, “Disrupt your own business, before someone else does it for you.”
As with most transformations, the delivery of the benefits appears more straightforward once the objectives are clearly defined.
Looking at examples of successful digital transformation, most create a competitive advantage by engaging customers differently, following these six objectives.
“Digital transformation should mean that…….
- Products or service information is freely available to customers in a way that they can engage with easily.
- Customers are enabled to do things for themselves through engaging processes and systems.
- Customer service becomes more specialised, adding high value to engagement.
- Customers become more knowledgeable and expert about the products and services and how to access them.
- Transactions within the process are automated.
- Customers become more engaged with a supplier, which creates more loyalty and less willingness for a customer to move suppliers.
These six objectives form a continuous cycle that can have a profound effect on an organisation’s relationship with their customers. Customers become closer because they are more knowledgeable, making more informed decisions, and having deeper conversations with customer service.
As a rule of thumb, and to keep up with competitor businesses, companies should continuously ensure that their services are always up-to-date and can anticipate customer needs and trends.
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Most of the CEO’s, Board Directors and Executive Leaders I speak to now are experiencing a rapid increase in the pace and intensity of their working lives. Most have had to adapt to constant disruption in their organisations. Your aim should be to thrive in these fast-moving times.
We are going through massive changes, which will accelerate in the coming years, so the way we build relationships, work, manage and lead organisations will also change.
As leaders, you need space and time to think strategically more frequently than ever before.
Having a trusted partner can help you clarify your thoughts, motivations, and actions, allowing you to stay focused and on top of your game.
If you are planning a transformation programme, I offer a 30-minute free consultation to establish your needs and next steps.
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