Sunday, 23 July 2017

Go Digital or Die - What will you chose?

Just before 2007, we didn't have access to smartphones like iPhone or social media apps like Instagram, Whatsapp and 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. It’s a subject which keeps the CEOs awake. 

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 of out ten businesses like Blockbuster, Kodak and Borders that will become digital dinosaur because of their lack of ability to adapt.

Going digital is not about moving to a specific technology like Cloud or Big Data, Analytics but it is really about  accommodating a change of how technology enables business. Billions of people across the world are attached to a global high-speed, real-time Internet. 

There are over 7+ billion mobile connections worldwide. In 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 omni-channel, online anytime, anyplace and any device. Using Mobile first as your strategy to go digital is 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 exemplary customer experience.

Business models are changing, from products to services and have to have a sharp focus of extraordinary customer experience with digital, like Apple. To transform to digital, companies must place customer experience at the center of digital strategy.

Customers really 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 happenings. The company used the buzz around the events to lure its customer base, interact with and strengthen relationships with customers, and attract new ones.

Nike had moved on from a sports apparel company to 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 mastering 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 and more. 

Digital should not be bolt-on to home grown age old systems but must be central theme for every touch point to customer and internal processes.

Every company is a technology company today. The pace of digital is rising exponentially, making it very difficult to be the leaders in market. Your threat is not your traditional competitor but someone who comes up with innovative ideas to steal your customers.

As Charles Darvin 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 change.

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