What is Digital?
All aspect of business is affected by Digital: Customers, Products, Business Operations, Competition, Employees and Partners. Every company, across verticals, is in some stage of digital transformation. For some it is about “Going Mobile” or “Going to Cloud” or “Leveraging Big Data, IoT” or “Having a Social Media strategy” or a combination of all or some.
The fundamental question is “What is Digital?”
Without having a definite understanding of what Digital means, starting on a transformation path will soon lead to a place where it is a step backwards rather than forward with missed opportunities, wasted resources and most importantly lost time.
Yes, the most understandable underlying concept of Digital is technologies but it should not be seen as leveraging one or more technology but it is more of a way of doing things. The second underlying concept of Digital, which many miss to fathom, is the social revolution brought about by it. If you want a definition, then:
Digital is use of any technologies that connect people and machine with each other, gathers contextual data and uses this information to enhance customer experience or improve business process across any channel, anywhere and anytime.
Making a business Digital is a two pronged strategy:
1.Enhancing Customer’s Digital Experience across Touch Points
Today’s customer is very demanding, interacting with company and its product across multiple channels. The key differentiation for a digital business will be delivering enhanced omni-channel experience to its customers. Firms cannot focus on one customer touch point in isolation, they have to optimize and enhance the brand experience across all customer touch points.
2.Achieving Digital Operational Excellence
Digital business is, also, about striving for operational excellence. It is about increasing agility, efficiency, making employees more productive, better collaboration with partners, predictive and proactive analytical decision making, based on contextual data gathered, anywhere-anytime-any channel accessibility to information and decision making.
To be successful in implementation of this two pronged strategy, companies have to disrupt the whole way of doing business right from the culture to business model.
Those who are able to adapt will survive this digital disruption and those who are not will be a victim of Digital Darwinism or will get uberized.
Practice Head – Business Consulting