Make it an habit
A true digital transformation requires a complete assessment of a company’s products, services, processes, and strategies on a cultural, customer, and business level. Done right, a digital transformation means better customer engagement, stronger employee relationships, and more profitable vendor interactions. The main goal is to revolutionize an organization’s IT department to make the company more competitive and productive while discovering new ways to improve efficiency, deliver value, increase competitive advantage, and, above all else, raise revenue and profitability.
As with most business scenarios, early adopters reap the biggest rewards, and the digital transformation movement is no different. Early adopters have shown some extraordinary successes, and most of these accomplishments have occurred in the following six areas:
A digital transformation is about streamlining a business’s processes and utilizing data from platforms like social media and the IoT to help design and shape customer experiences. Trustable customer data in CRM and marketing systems make personalization marketing much more useful and increasingly effective.
DATA STRATEGY QUICK CHECK
Check your data maturity with our free tool developed by leading business analysts and get actionable insights.
As IT systems have grown increasingly complex, so have the support systems needed to ensure these systems work properly. Business Process Management (BPM) systems that aimed to improve a company’s business processes by analyzing, optimizing, and acting in self-healing ways. Artificial Intelligence and operations (AIOps), which added AI and machine learning to the process, evolved from early BPM systems. AIOps applications can consume huge amounts of data types, then analyze the system data, and learn about a company’s day-to-day IT operation, ultimately reducing system noise and accelerating root cause analysis of problems that arise within a business’s daily operation. It then proactively fixes any operational issue it finds while also providing end-to-end visibility into the company’s systems and applications.
Automation benefits include:
- Improved performance monitoring
- Increased productivity
- Noise reduction
- Reduced operating and labour costs
- Increasing employee collaboration
- Breakdown of data silos
- Simplified root cause analysis
- Seamless customer experience
- Predictive and proactive IT self-healing
Another tool in the automation arsenal is robotic process automation (RPA). It can help a company reduce its labour needs and increase productivity by allowing users to configure one or more scripts that activate specific computer keyboard functionality, resulting in software that mimics selected human tasks. These can include data collection, data manipulation, response triggers, analytical model building, and a host of other internal IT processes. RPA replaces a human in an “outside-in” way, turning a computer into a functioning human responding to a set of strict, repetitive procedures.
With the use of AI, machine learning, and Natural Language Processing (NLP), highly intelligent chatbots that respond to customers with smart responses in a natural, human language and tone have been introduced to business on a massive scale. Today, chatbots are everywhere. The public has embraced them because they can mimic human intelligence by interpreting a consumer’s questions and then answering basic customer service questions as well as much, much more. They can offer product recommendations, provide stock detail, help users book tickets to a flight, a train, or even just an event, as well as order and pay for a whole host of items.
Chatbots can help businesses in the following ways:
- Improve the customer experience
- Increase customer engagement
- Improve up-selling and cross-selling
- Increase intelligent customer recommendations
- Quickly answer customer and product queries
- Create one-to-one marketing experiences for each customer
- Help customers find products they want
- Increase customer service efficiency
- Reduce customer churn
Today, Big Data’s potential is finally being realized because improvements in data collection, data cleansing, data governance, metadata management, data integration, data visualization, and data modelling have made Big Data much more accessible and actionable. The cloud, real-time processing, the IoT, AI, machine learning, and deep learning can utilize Big Data in previously impossible ways.
Customer analytics can expose patterns and trends hidden in customer behaviour data that can help with personalised marketing. The resulting analysis can help companies predict future marketing outcomes. For example, customer analytics can help determine which of a company’s advertising campaigns will have the highest landing rates. This is extremely useful information when creating marketing plans and budgeting for the plethora of campaigns and channels offers can be sent through.
Analytics can be used to:
- Understand sentiment drivers
- Identify characteristics for better customer segmentation
- Measure a company’s share of voice and brand reputation compared to a competitor
- Attribution analysis
- Anticipate customer problems with products and/or services.
AI and machine learning make it can be useful for customer recommendations, security, voice recognition, fraud detection, predictive asset maintenance, sentiment analysis, and website search engine optimization, among many other use cases. AI can review vast amounts of documents in a fraction of the time it might normally take. AI tools can evaluate large IP portfolios and provide recommendations at a fraction of the cost of hiring expensive consultants or legal representatives. Machine learning and NLP can analyze contracts or requests for proposals in seconds rather than in days, which can help speed up the negotiating and hiring process.
The Digital Transformation Process
Build a strong team
Choose your tools carefully
Keep the momentum
The digital transformation is here for good and kicking into high gear. Just about every business will be touched by it whether or not they want to be. But wouldn’t they? A digital transformation can help a business in a multitude of ways. It can help companies gain a competitive edge over their competitors as well as strengthen the company’s relationship with its customers, vendors, partners, and employees.
Digitally transforming a company is a highly ambitious goal, but it is necessary. Companies that jumped on the digital transformation bandwagon are now some of the most successful companies, many worth billions. A lot of the companies who ignored it aren’t lamenting their lack of vision anymore because they are no longer around to worry about a lack of foresight.
HOW WE CAN HELP YOU FURTHER