Digital Transformation – different people have different understanding of this word and different versions are doing rounds in the market. However, most companies don’t know the right approach or how to get their companies Digitally Transformed. I have gone through certain case studies and found out that the focus has shifted from the basic to evolved technologies in the workplace.
As per a report by the Altimeter Group, 88% companies are going through Digital Transformation which is a huge number. Among these companies, 85% of decision makers have said that they have a time frame of two years to make significant inroads into digital transformation or they will suffer financially and fall behind their competitors as per PWC. Now that’s a big challenge and companies are realizing this fast! However, only 25% of companies have a clear understanding of new and underperforming digital touch points as per Altimeter Group, and that’s alarming because the need is evident, but there is little or no clarity as to how to get it addressed. Digital transformation imparts ample benefits to different organizations. Some of them are listed here:
► Assess real learning experience
In today’s digital era, companies are expecting to see the rise in learner engagement (75%) and customer satisfaction (63%). In addition, 44% of the market share is expected to grow. The learner-centric training approach helps to drive maximum attention, thereby improving overall learning experiences.
► Impact on the bottom line
Effective digital learning strategies have a great impact on business growth. Strategists aim to enhance traffic (52%), improve sales (50%), optimize conversion (46%) and the organization’s share of voice (46%).
► Better collaboration
Apart from external benefits, digital transformation also offers few internal benefits such as business productivity, collaboration and customized approaches are also an important metric (41%) in measuring business progress.
Here are some interesting case studies of successful digital transformation that have reaped business benefits:
◈ Amazon Business
It is an elite example of modern learner expectations transitioning to the B2B world. Some of the features encompass exclusive pricing, free two-day shipping on orders above $49, availability of millions of products, tax exemption for qualified customers, order approval workflows, shared payment modes and more.
It completely revolutionized the way companies sell vehicles, with the advent of innovative showroom concept launched in 2012 titled Audi City. Audi City enhanced the overall brand value in the market, allowing customers to explore the complete range of Audi’s model range.
◈ General Electric
GE’s Digital Wind Farm is an efficient wind energy ecosystem that blends with turbines with digital infrastructure. GE provided a solution, Wind PowerUp technology, which has already been installed in 4000 units, improving turbine efficiency and generating around $50 billion of revenue.
The company observed a huge transformation in consumer behavior. For instance, in the year 2015, McDonalds installed kiosks where customers could leverage the benefits of customizing their hamburgers. The effort was a success which drove over 1.2 million tweets over social media, including high-profile celebrities.
The main innovations due to digital transformations in Starbucks were Mobile Order and Pay App. It was an entirely customer-oriented approach, focusing on basic needs of customers including line avoidance and convenience.
These case studies conclude the solution that is required to define a clear roadmap for Digital Transformation. The pace at which new-age companies find a digital transformation strategy will define the market leader in each domain and the leader is then going to rule the segment for a very long time. The companies must identify and work on different approaches. Merely regular or standard approach may not work, as you may want to segregate your entire company into different groups, as per their needs. This will help create a custom Digital Transformation process for each of them.
The one major challenge which is still unanswered for most of the companies is the scalability of the entire exercise. Everyone must go through change management and we are talking about millions of people – an entire generation getting transformed and stepping into new age technology which requires scalability. Thus, companies must be cautious while choosing the right partners for Digital Transformation to make it an organization-wide success.