In one of My Past Article, We discussed the various Revolutions helped us to reach the Digital Revolution through the Continuous Learning & Improvement across various phases of this Evolutionary Change. An ongoing journey to reach the next level of excellence.
Digital Revolution
The Digital Revolution also is known as the Third Industrial Revolution is all about evolving for better tomorrow. Revolution refers to a sudden transformation of human endeavor. This transformation can have a major impact in different ways on different cultures, economies and above all mankind. The widespread progress of computer technology paved the way towards the prime concept–Internet, which led to technology becoming the central axis for extensively redefining digital technology.
The Digital Revolution has never been about technology, but more to do with people and how they get impacted in their day to day life. This also led to the widespread transition of telecommunications creating innovative ways of working and socializing. Digital Revolution completely transformed the way information dispersed across various sectors of the globe; providing grounds for businesses to move beyond the national markets to other markets, thereby reaching international markets, increasing the interconnection of the world.
The Digital Revolution has surfaced two noteworthy characteristics across organizations–creating various products and services, embedded with digital technology, and through the use of digital channels target their desired audience. The Digital Revolution is more of people-centric transformation, as they are the key to enhance the value of these transformations while ensuring the sustainability of the same. Organizations need to be more informed and prepared to evolve quickly and make sure that every employee has an equal scope of participating and achieving goals.
Digital Transformation
The Digital Transformation is the process of using technology to radically change your business. Rather than focus on a single IT project, Digital Transformation describes a series of projects that, together, change every facet of an organization, from back-office operations to customer interactions, often with the end goal of making these different processes intrinsically linked.
When Digital Transformation is done right, it’s like a Caterpillar turning into a Butterfly, but when done wrong, all you have is a really fast caterpillar.
Why Organizations Should Care About Digital Transformation?
- The Digital Transformation offers big payoffs for Organizations who do it right.
- Based on various recent Surveys & Reports, Digital Transformation could add $18 trillion in business value worldwide.
- Digital Transformation Demands Rapid IT Modernization, and it can generate more revenue.
- Digital Transformation can help Organizations to get additional business via digital channels.
- Digital Transformation will Empower Employees by introducing New digital tools
- Digital Transformation will Reduce costs through Automation, Business Process Re-Engineering etc.
Move from product to Customer Centric Organisation
Your Organizations consumers are not a moron. She is your Wife that changes every day, and you better learn to adjust. Marrying the changes that will come in our business models with the adage that the fundamentals remain the same, leads to a few key areas of change/ action.
How do we achieve this?
- Clear identification of potential customers (Target Market)
- Determining their needs and value to the company
- Interacting with customers to learn about them
- Tailoring products and services, and communicating it to them.
Build Your Brand:
- Salience — Top of the mind recall is key. Promise and deliver meaningful and differentiating benefits which improve customers’ lives in some way.
- Trust — Deliver on brand promise again and again and again, leading to subconscious branding. Consumer, when confronted with too much choice, falls back on trust. It is an established principle that our emotions influence our thinking more than our emotions.
- Build Customer Relationships — Meet customers’ needs at a value price point, be a trendsetter with a friction-less delivery of services coupled with the wider product range backed by trust.
What Technologies Organizations Should Focus On?
Best Practice to adopt technologies that help organizations harness and make sense of the vast quantities of data they are sitting on, as well as preparing for trends like the Internet of Things (IoT) and mobile.
Top Items in Your list include Analytics, Cloud Computing, Collaborative tools, like a file -sharing, Mobile Devices, and Apps, that let your employees work wherever they are, and which give them instant access to information — especially useful for salespeople visiting customers, for instance.
Designing the Right Digital Transformation Strategy
Digital Transformation Strategy building is a very interesting but absolutely beyond the scope of this article, But if in case you are specifically interested to hear/learn/discuss this, Please feel free to write to me through dileepav@diaame.comor Whatsapp or Call @ +91 914 802 6666. I would love to share my Transformation Experience using Lean Principles, Kanban Method & Agile Practices. But I am just adding just 2 Cents below:
The success of Digital Transformation is designing the right strategy. The companies don’t look at technology as an end in itself, but rather a means of transforming your business.
The business should give first priority to investments that benefit their customers and generate business value. The organizations should embark on two parallel paths:
- Launching quick projects that can offer fast payoffs
- Chart for long-term transformation that takes longer to pay off.
The long-term path will ultimately have a bigger payoff. In this path, You can define, select, and implement a modern platform to deliver long-term agility and capabilities. The cloud is also your friend here: It’s the future of digital experience platforms.
Food for Thought
Do You Think Digital Revolution is Responsible for the rise of Netflix, Amazon and the demise those fell by the Way Side?
How did Facebook beat Myspace & Google beat Yahoo?
In my view, This is due to a secular business shift in the industry. This was coupled with a secular shift in technology, mobility, social computing, and analytics. Those who have acted still sustain in the market and those who were inactively impacted badly or fall down or even vanished.
- Amazon, Apple, Facebook, Google, Netflix, etc., have created market values of trillions of dollars.
- They really leveraged this change and, in the process, transform customer expectations, create a new operating model and blow a few mature companies out of the water. Others slept.
- The new masters have created the ability to use the networks and information that it creates around their customers, products, and services to produce a highly personalized customer experience.
- Historical sources of competitive advantage, brand, consumer relationship, distribution channels, size, money –do not hold up unless you change, i.e., interface with analytics and the data/software that surround our products to create a new experience.
Closing thoughts
The Digital Transformation of business is a new phenomenon and No Organization has yet reached the End State nor definitively defined it.
Digitally maturing organizations behave differently than their less mature peers do. The difference has Less to do with Technology and More to do with Business Fundamentals. Digitally matured organizations are committed to trans-formative strategies supported by collaborative cultures that are open to taking risks. Equally important, leaders and employees at digitally maturing organizations have access to the resources they need to develop digital skills and know-how.
Let us compare the Barriers, Strategy, Culture, Talent Development & Leadership of the Organizations have different levels of “Digital Maturity (Early, Developing & Maturing)”:
Please feel free to write to me through dileepav@diaame.comor Whatsapp or Call @ +91 914 802 6666. I would love to share my Transformation Experience using Lean Principles, Kanban Method & Agile Practices.
“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.”
“Coherence improves business flow; resilience makes business robust and anti-fragile.”
“Taking the multidimensional hybrid models for going digital is all about how to strike the right balance of reaping quick wins and focusing on the long-term strategic goals.”
“The purpose of digitalization is to make a significant difference in the overall levels of business performance and organizational maturity.”
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