Digital highways lead industry still unexplored for “Success”

These days we wake up in to a totally new digitally transformed world. We start our day checking for the daily activities, office emails, alerts on the smart phone. World is at our hands and we feel everything is possible with the advent of digital transformation the world has experienced in the recent past. The experiences we have in our daily walk of life are renovating into an interactive digital world.

Organizations are struggling to get in terms to the digital extravaganza the market has been experiencing. The in house business models are not serving the purpose. They are not engaging enough to cater for the digital needs of the customers. Recent trends indicates that 43% of the exiting organizations use digital ways of marketing and the industry has witnessed a 5% paradigm shift towards digital thought process in comparison to 2014.

The emphasis on mobile, social networks and analytics has been revamping the customer

preferences. We are currently in the digitally engraved world where your personal

preferences turn out to be the business opportunities for the organizations you interact

with in your daily walk of life. Gmail pops up advertisements of your interest based on your

emails, banks offer credit cards with attractive incentives based on the spending patterns.

Organizations across the globe are making huge strides reading into the customer’s choices.

The analytics empowered authentic probing techniques peep into the life style of the

customer’s right from hair style to foot wear. The social networking comments made, the

apps installed on the smart phone, the stores visited, the multiplexes used, the cab services

availed have unique patterns. Analysis of each and every pattern is a potential business

opportunity. Consequences are the personalized credit cards, discounts on cab rides;

redeemable reward points etc., the diversified interests of the customers could instigate a

business thought process. Digitally enlightened organizations have been monetizing their

analytics driven pattern studies pretty efficiently.

Organizations are in a desperate need to refurbish the business model and operational

process based on the needs of the customer’s customer. We need to evolve a framework

which has the basic building blocks to create appealing, relevant and

reliable digital experiences across all the possible avenues of enhancing the user experience.

The barrier to entry in any market has significantly reduced, and the focus is on time to

value.

It is pretty evident from the recent evaluation performed that the call for the digitally biased

outlook is mandated for each and every organization. Revisiting, renovating and reinforcing

the business models to capitulate the most populous pet area for any industry right from a

grocery store to an IT firm is the digital arena. Research by Capgemini substantiates this.

Organizations investing in digitally driven business opportunities are amassing 9% extra

revenues in comparison to their digitally paralyzed competitors.

To get the right speed on the digital-highway, the leadership should provide the right

strategy and consider the aspects of Culture, Skills, Technology and Data as the four wheels.

As per Forrester’s report passive reporting was more preferred while active search is a game

changer. Investment in new technologies like data analytics is highly preferred as it

enhances customer experience. Likewise quality changes in the skill set of IT wherein value

creation is more preferred and leads to a long term benefit. Finally, Safety and security is an

integral part of our d-highway and creates the faith factor in the customer. A bad experience

will be a big loss in the digital world as this will deter customer to adopt digital platforms.

Positive futuristic approach, envisioning the changing trends, novel thinking with a digital

mindset and re-strategising the basic ploys of the organization has turned dismal

performances into industry benchmarking achievements. Starbucks has recruited a VP

(digital ventures) to galvanize the zeal of the company which was witnessing a severe down

trend. His brand new idea of free Wi-Fi and free content from reputed publications has

instilled life and turned the tables in terms of the monetary fortunes of the company. Adam

Brotman is now the CDO of the company. Industries across the globe may have to think in

terms of recruiting digital think tanks into their strategic initiatives.

Customer is a gullible commodity as long as you make legitimate choices in engaging him.

Winning the trust of the customer would be corner stone of any successful firm. A new

culture needs to be woven with the help of cutting edge technology, thought leadership and

a precise understanding of the customer needs across the organization. Inquisitive mindset,

competitive thought process, real time experience, a window into the recent happenings

into the digital world amalgamated with robust leadership can work wonders and help us

thrive in the global digital arena. Making the right choices of skill set, comprehending the

customer needs to precision, etching the business cases to perfection and implementing the

requirements using robust technical platforms would build best in class user engaging,

enthralling and enriching applications via which the lives of customers are digitalized

impeccably.

As the world embarks on a cardinal journey which alleviates the human intervention and enhances a self-driven experience in every aspect of life, we need to transform ourselves to the hassles this amendment is going to bring about. I am obliged to leave as my smart phone threw an important meeting alert, the thing we have to remember is that “Change is the only thing constant in life and we need to equip ourselves to get in terms with it”.

Source: Digital Customer Experience