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Surprisingly, this does not begin with technology. Instead, it involves formulating strategies along five dimensions – customers, competition, data, innovation and value. These form the building blocks of a holistic digital transformation strategy, which are connected and enabled using a technology platform.
Customers have gone from being passive, faceless entities in the past touched, only by one-way advertising to being active participants in all stages of the sales cycle. Customers today have access to a wide range of digital platforms that help them to communicate – with peers and influencers as well as with the organizations from whom they intend to buy. Thus, a business needs to be able to provide information, interact and influence customers across all these digital platforms. This requires a fundamental reset from the traditional mass market advertising model that companies have pursued all these days.
Today, the most difficult part of handling competition is understanding what competition looks like. In the past, competitors tended to be organizations similar in business model and offerings. The advent of the platform model, which basically connects demand and supply, fuelled by the ubiquity and reliability of the cloud is transforming the contours of the competitive landscape. And it is doing so in more dimensions than one.
Even the smallest of businesses today has IT systems that capture structured data. However, the primary use of business data has been in measuring, reporting, forecasting and planning – in short, to optimize business operations. Further, different business systems have captured data in silos, with little or no correlation or intelligence applied. Businesses have struggled to extract value from data beyond the obvious uses stated above.
Innovation is the key to continued business growth, but it is also the most elusive element in a business. Traditionally, innovation has been an expensive, long drawn process. It was difficult to test new ideas in the absence of real time responses and systems that could gather these data points. Hence, the fall back to more traditional, hit-or-miss methods was the only alternative. Innovation was thus the domain of the highly paid professional and based on his or her intuition and experience.
A unique value proposition is the foundation of any successful product or service. We are moving from an era where a value proposition was constant over time, and defined by the industry the business operated in, to an era where the value proposition is constantly evolving, as it is buffeted by external forces, as well as fast changing customer expectations. In order to survive for the long term, a business needs to constantly evaluate its value proposition to ensure that it stays relevant to customer needs and expectations.
Customers have gone from being passive, faceless entities in the past touched, only by one-way advertising to being active participants in all stages of the sales cycle. Customers today have access to a wide range of digital platforms that help them to communicate – with peers and influencers as well as with the organizations...
Today, the most difficult part of handling competition is understanding what competition looks like. In the past, competitors tended to be organizations similar in business model and offerings. The advent of the platform model, which basically connects demand and supply, fuelled by the ubiquity and reliability of the cloud is transforming...
Even the smallest of businesses today has IT systems that capture structured data. However, the primary use of business data has been in measuring, reporting, forecasting and planning – in short, to optimize business operations. Further, different business systems have captured data in silos, with little or no correlation or intelligence applied...
Innovation is the key to continued business growth, but it is also the most elusive element in a business. Traditionally, innovation has been an expensive, long drawn process. It was difficult to test new ideas in the absence of real time responses and systems that could gather these data points. Hence, the fall back to more traditional...
A unique value proposition is the foundation of any successful product or service. We are moving from an era where a value proposition was constant over time, and defined by the industry the business operated in, to an era where the value proposition is constantly evolving, as it is buffeted by external forces, as well as fast changing...
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