4 Pillars to the Digital Transformation Journey
October 28, 2020
Did you know that 88% of global banking firms have either begun or will start their digital transformation journey by 2021?
That’s a large number, but these firms understand that if they don’t, they may become irrelevant to their customers and their customers will take their business elsewhere. The digital transformation journey, I believe, has 4 pillars. Let’s take a closer look into each of these.
Digital transformation isn’t just about implementing a new technology stack and calling it a day. Digital transformation has a pillar that involves how consumers interact with your brand and products. Consumers are mandating a personalized, unique experience for their specific pain problem. Companies that have taken advantage of innovative technologies to guide consumer behavior and drive ongoing digital engagement are seeing higher customer retention and satisfaction.
Companies are having to shift to treat employees like consumers and use consumer technology as a blueprint on newer infrastructures and technology that will be adapted and used by employees. The companies that are succeeding in Digital Operations understand the need for people and businesses to evolve and realize that employee adoption can’t be forced. These organizations understand this is the way to drive business forward.
Digital innovation is at the heart of every organization. From operations to how you bring your product to market, companies are innovating ways to do things better, faster and cheaper. We are living in a digital Darwinism world, where if your business can’t digitally evolve, it will become irrelevant.
A digital ecosystem is similar to a coworking space, but utilized computerizes spaces and tools rather than physical. Organizations are digitally transforming their ecosystem by using technologies like containers, machine learning as a service and serverless computing. By transforming their ecosystem, these organizations are able to move their business faster, maximize productivity and decrease their on-premise costs, if not rid of them completely.
Companies, now more than ever, will need to make sure that the overall automation journey is a company-wide initiative. Gone are the days where you can focus on the vertical pillars of automation.
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