Digital Transformation Speedway
It is apparent that we have entered a new phase of
development in digital solutions. The past 10 years could very well be termed
as the digitization era, however, 2021 just propelled it by several years
faster than the projected trajectory. And industries have also responded and
adopted/ realized that if they do not transform into a digital savvy/ first
organization, it is quite likely that they would not survive the pandemic
(economically). The fig. below shows clearly the acceleration of post COVID acceleration across the globe and more specifically in the US.
© Mckinsey
Being involved in large corporate digital initiatives as
well as start-up/ small businesses leveraging digital medium to expand their
reach, I had a unique perspective of reviewing digital transformation both from
the top-down as well as the bottom-up approach. The biggest awakening for me
was when I realized that Digital transformation was much, much more than
digital transactions. Very often businesses enable digital transactions and
presume that we have enabled digital transformations.
In the 20 year of my career in digital analytics and
marketing, it was my good fortune to witness the growth of this industry. I
have at remarkably close quarters witnessed and helped large, medium, and even
small companies completely transform their business when the digital wave hit
them. In some industries like retail the digital wave hit much earlier than
industries like pharmaceuticals and manufacturing. In this attempt of a few
articles, I will try to portray my understanding digital transformations that
are continuing to happen all around us (at a much faster pace) and how we can
embrace them, adapt, and leverage it to our benefit.
Start with the last mile and work backwards:
The best success stories I have witnessed typically started with the end customer challenges and questions. If we have an idea or solution, it works very well if we are the customer ourselves and have experienced the problem firsthand. It becomes easier to work backwards from the problem or the question that needs solution. To stay close to problem assures solution that will be valuable.
Technology rearrangement:
Intelligent Automation:
Intelligent & Connected Devices:
Customer experience management and personalized experiences go beyond the web and mobile. IOT, Driverless vehicles, Drones, connected devices helps us to take the digital transformation scope to beyond the digital mainstream channels. Voice based delivery solutions get more sophisticated and can do more. This not only changes the customer/ user behavior but will change their expectations of brands and services that they use.
In future articles, I will attempt at going deeper into every
aspect that aids digital transformations and leading us on the superhighway of
change.