How Can Digital Business Improve?
Organizational agility at scale. Adapting to ecosystem-induced changes. That’s the new battleground for digital businesses. Embracing analytics. These are key components of digital transformation. You can’t ignore them, or you’ll find yourself left behind. This article provides some perspective. The following is just a taste of the kinds of things you need to keep an eye out for. Adaptation is key.
Organizational agility at scale
Today’s global economic pandemic is accelerating the pace of transformation projects. As a result, organizations have turned to remote working almost overnight. Consumers and employees are changing their expectations from the way they interact with companies. Businesses need to be future-ready, continuously disrupting themselves and adapting to change. As they stay ahead of the competition, they may even become disruptors themselves. To stay ahead of the game, they must embrace organizational agility at scale and develop a digital innovation culture.
Traditional enterprise software can help organizations adopt Agile practices at scale and support a more efficient, flexible way to execute. In particular, scaling Agile aims to increase visibility across the enterprise so that strategy and execution are aligned. It also aims to eliminate cross-team dependencies and foster feedback loops that allow for continuous improvement. Here are five ways to scale your organization’s agility and stay competitive in the digital world:
The first step is defining the organizational culture. For example, when a startup spans two cultures, it is likely to face internal tensions, which hinders innovation and organizational agility. One study showed that companies with the same organizational culture as the competitors had high organizational agility, despite their contrasting value systems. The influence of cultural values on organizational agility is also crucial for innovation growth. For this reason, organizational agility and culture are closely related.
In order to become a digital business leader, an organization must understand its customers and the environment in which they operate. Changing customer needs and the way they interact with businesses has become critical to the success of a company. By using an agile mindset, companies can adapt quickly to rapidly evolving business environments and meet the challenges of a fast-moving market. Organizational agility requires a shift in the way the company thinks and works.
Customer experience as new battleground in digital business
In today’s fast-paced business world, customer experience has become the new battleground. The speed of technology is one of the driving forces. Many companies think they can stay relevant by simply doing business the way they have always done, but that is not the case. Rather than focus on price or product features, companies must now think about the entire experience of a customer. In a recent study from Gartner, 89% of companies said that they plan to compete primarily on customer experience in 2017.
Customers have become more empowered and demanding than ever before, and smart brands are taking the lead by putting their customer’s experience at the center of their operations. Some even have appointed a Chief Customer Officer, whose sole responsibility is to focus on the customer’s needs and expectations. Companies should be prepared to make this shift, but they should invest in R&D and leadership. A well-rounded digital marketing team can help companies make their customers feel loved and loyal.
Digital customer experience management requires companies to consider the customer’s experience across every touchpoint. The best digital experience does not stop at the point of purchase; it continues beyond the sale and turns customers into brand advocates. Social media can be used to foster customer advocacy and loyalty. Mobile apps can serve as hubs for how-to guides and use-case ideas. Food manufacturers can benefit from sharing recipes on social media. The next generation of customers will be able to identify their preferred channel and choose which experiences they prefer.
In the coming years, customer experience will take the lead role in financial empowerment. As more consumers are turning to mobile and digital platforms for communication and business, lenders will need to manage their expectations and evolving technological capabilities. With this in mind, they can focus on meeting the needs of consumers and their needs. That is the future of digital business, and digital mortgages are here to stay. Customers have never been more empowered or demanding.
Analytics as a key component of digital transformation
The goal of digital transformation is to maximize operational efficiencies and transparency. The most important ingredient for success is actionable insights. These insights are the holy grail of digital transformation. Unfortunately, many companies still struggle to obtain such insights. This type of data includes non-insightful metrics such as customer churn, license expiration dates, and more. To avoid these problems, companies should focus on generating actionable insight.
Digital business analytics can provide nuanced data that can show if your digital transformation strategy is working. For example, if you’ve implemented a new sales process, data analytics will show whether it’s working. You can measure how well your transformation strategy is working by looking at KPIs, such as average order value. And if you’re trying to understand how to improve customer experience with a new marketing campaign, data analytics can help.
In addition to generating actionable insights, analytics can also help companies improve the customer experience. Using complete data can help businesses improve the customer experience by capturing customer support interactions and identifying areas of dissatisfaction. By leveraging this data, companies can create better products and services that make customers happier. The next step is developing processes and organizational structure to leverage the data analytics. Ultimately, analytics can help companies realize ROI much faster than ever before.
Advanced analytics can help businesses harness the power of data and make smart decisions. Advanced analytics, such as AI and machine learning algorithms, provide businesses with actionable insights and data. With data analysis capabilities and a flexible platform, businesses can tailor data analysis configurations for specific business needs. This gives them the power to react quickly and respond to risks as they arise. So, what do you need to do today to get the most out of your analytics program?
For example, GE Cyber Security works with Sisense, an enterprise-grade platform for internal analytic needs. These two companies integrate their tools with a growing list of third-party applications. GE Cyber Security’s data and analytics team has also transformed their on-premises infrastructure to the cloud, and has transformed their data-management processes to the cloud using Amazon Web Services (AWS) and Redshift. The result is that analytics are becoming more accessible to employees and reduce the bottlenecks of BI analysts. The time to generate a dashboard is now reduced from weeks to minutes, and data can be stored in the cloud.
Embracing ecosystem-induced changes
Embracing ecosystem-induced changes is an essential part of digital transformation. Businesses are part of larger ecosystems that include the people, technology, and data that make up the entire system. Moreover, these ecosystems are subject to constant disruption, which impacts not only the business, but also the economy and the broader ecosystem. To succeed in digital transformation, businesses should consider scenario planning. Using ecosystem analysis will help them understand the impact of unexpected events and identify ways to adapt to these changes.
The emergence of mobile and embedded cameras is a clear example of ecosystem-induced changes. Smartphone cameras have virtually unlimited “film rolls” that do not require developing prints. In addition, the rise of social media coincided with this digital transformation. Users can now post their photos to the internet, allowing friends and followers to view them on a global scale. Instagram has over 40 billion images published every day, and its user base is rapidly growing.
In addition to changing the operating model, enterprises should adopt a suitable platform to aggregate external resources and boost the efficiency of their supply chains. Moreover, organizations should also adopt organizational management practices that will help them define their roles, responsibilities, and powers. Many leading enterprises have focused on the development of a blueprint of a digital organization and empower their digital businesses with appropriate resources. This will create a firm foundation for future digital transformation.