The nature of work has changed, with technology automating routine tasks and digitizing workflows. It has also connected co-workers to form virtual teams and empowered knowledge workers with personal productivity tools. Embedding digital capabilities into work processes helps businesses maximize productivity, intellectual property creation, and the value added by teams. Most digital capabilities enable remote access to applications and self-service provisioning, as well as communication. Increasingly, digital capabilities are also crucial for organizations that seek to differentiate themselves from competitors.
Successful business/IT partnerships are critical for a successful digital transformation. They must work towards the same goals, yet not neglect the role of IT. There are some traits of digital leaders that transcend industries and sectors. These traits are shown below. However, context is key in identifying the right partnership. Businesses need to make an effort to develop a better understanding of the impact of digital technologies on their own industries. The pace of change is too fast for customers, employees, partners, and competitors to wait.
A business’s digital transformation capabilities depend on the IT-enabled culture. To be truly customer-centric, organizations must adopt a hyper-aware, agile, and customer-centric culture. This culture overlaps with the IT-side of the transformation process. IT and OT must be re-engineered to work in harmony. Here are some strategies for transforming your business to take advantage of digital capabilities.
Unified customer profiles
Using unified customer profiles as part of your digital transformation capabilities can increase your relevance across your customer journey. Unified profiles enable you to create hyper-specific messaging for each customer, improve your brand’s overall customer experience, and measure your insights and actions based on these insights. With the right tool, you can make this goal a reality, too.
A single customer view (also known as a golden profile) is a unified view of your customer. It helps you generate relevant insights and offer personalized products and services. It pulls together data from different systems, including demographic information, purchase history, and other data. By connecting all of this data, you can create a single, dynamic profile of your customers that is constantly evolving and accessible. This unified view enables you to make better decisions based on this information.
CDP’s power to orchestrate
As the foundation for a comprehensive digital transformation, a CDP serves as a central martech that unifies customer data and orchestrates strategic initiatives. By connecting your entire tech stack, a CDP provides a single source of truth that allows all the infrastructure to operate from the same customer perspective.
CDPs can capture and operationalize customer data from various sources, including third-party sources. This data can be used to optimize customer experiences and inform real-time decisions. The power of a CDP lies in its ability to handle larger volumes of data and leverage IOT devices to augment your customer view. With this, CDPs help you create a more personalized and relevant experience for customers.
While digital transformation has many benefits, companies should not forget the human element. By embracing technology, companies are often neglecting this essential element of the business. This can be a costly mistake when it comes to digital transformation.
Managing the data, managing people, and embracing new technology are all part of Digital Transformation, but there are also many other factors that must be considered. In the first place, companies must embrace the technology and its tools. They must also consider the cultural resistance that can arise when companies try to adopt this new way of doing business. The digital workplace will impact HR practices, skills, and culture. HR needs to consider these factors when adopting new technologies.
Return on investment
Often, the return on investment (ROI) of a digital transformation project is based on a project’s market value, total revenue, and year-over-year growth. This measure is particularly effective for determining the ROI of a new digital strategy or technology. To calculate the ROI of digital transformation capabilities, a business should create a roadmap, including milestones, and track its progress over time.
ROI is a measure of the efficiency of capital. A high ROI indicates that the business investment strategy is on track. To calculate ROI, leaders must combine analysis with comparison with other measures of success. Once they know the ROI of their new digital transformation capabilities, they can start to design and execute the appropriate strategy. Regardless of the type of digital transformation project that you implement, it is crucial to know your objectives and how to measure them.