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Digital transformation equals business transformation

Highlights:

The business scenario has changed beyond recognition & unconventional solutions will shape the future

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Digital transformation goes beyond saving costs by automating business processes. Its disruptive power lies in using it to re-imagine the very fundamentals of any business – markets, audiences, delivery mechanisms and even products themselves. For example, who could have imagined that digital startups would fundamentally shake up the entire retailing, hotel and taxi industries to name just a few?


Innovation driven companies are fast embracing enablers like e-commerce, Big Data, mobility, collaboration, analytics and the Cloud. Their end goals are finding new opportunities and revenue streams; and shifting the gears in customer engagement.


The opportunity/revenue spectrum

Digital transformation changes the scope of any opportunity. The cooking appliance manufacturer who diversified into recipe apps in partnership with food companies is a case in point. The brand has transitioned from selling a product to becoming an enabler for cooking convenience and nutrition. A shift that has paved the way for long-term growth.


Big data tools allow companies to easily gain consumer insights without the trouble and expense of repeated market research, by just collecting data about transactions and analysing it to understand consumer behaviour patterns. These insights can yield hitherto untapped revenue opportunities with partners, clients and suppliers.


Rewriting the customer journey

With more and more people connected to devices and platforms, the difference between online and offline worlds is blurring, and the customer journey has to be reconstructed to reflect this. From selling a product or service and marketing it via a newspaper advertisement, companies are today thinking about continuous engagement across a spectrum of platforms and solutions.


An engineering company today embeds sensors in its jet engines to monitor performance real time. Maintenance or repair is done pro-actively and automatically. The brand is firmly fixed in the customer’s mind as a seller of ‘uptime’ rather than a manufacturer of engines.


Collaborative Product Design tools involve customers and suppliers in the design process, for valuable feedback in real time. A sea change from the ‘wait till I unveil it’ model. Data points on customer habit & challenges propel the organisation to becoming customer obsessed.


Mainstream innovation

With more and more people connected to devices and platforms, the difference between online and offline worlds is blurring, and the customer journey has to be reconstructed to reflect this. From selling a product or service and marketing it via a newspaper advertisement, companies are today thinking about continuous engagement across a spectrum of platforms and solutions.


The business scenario has changed beyond recognition. Unconventional solutions, customer obsession and innovation hungry talent will shape the future.


Going digital is the first step towards this new reality.

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