Digital Transformation- Realignment of Business Models

Wisely said, “Change is the law of nature”. Following the same, businesses need to change the way they think to keep up with the pace of upcoming technologies. Digital transformation should be the foremost step to achieve the same. Moreover, it’s not because every other business is transforming to digital, it’s because of your audiences who have completely turned digital. 88% of the companies are undergoing digital marketing efforts as per the surveys.

Digital Transformation

Entrepreneurs, knowing the fast pace of digital technologies; need to pay attention to redefining of their business models. In a recent survey of about 3000 CIOs at Gartner Symposium and ITxpo in Orlando, the firm discovered that a flexible business model is more willing to survive. This can only be achieved when Vision and Leadership, Digital Customer Experience, Digital Transformation Team become the core elements of business model. Professionals need to think in terms of platforms and networks. Changing trends from Vegetable market to Malls to e-supermarkets, shops to e-commerce stores, banking queues to net-banking, ticket booking queues to online booking, etc. are the best examples of digitally transforming era.

For businesses to make success stories, there is need to transform 3 key elements: Customer Experience, Operational Process, and Business Model
Transforming Customer Experience:

A Brand, at the foremost, should understand its customers. Where they are coming from? what’s their closest reach?, what are their interests? And much more. This could help a brand to achieve its objectives and goals effectively through digital media. Companies are now building online communities to interact and gain trust with their customers. Engagement through digital media if on one hand is the easiest way to connect then on the other hand it’s also helping companies to keep track of their customer’s data such as interests, age, mail id, name, gender, other social network presence etc. This opens up a path to interact and reach all social networks where your audiences are and at the specific time that they hangout there to increase brand visibility. Through a well-structured program, Brand can ensure that the consumers are well aware of the brand and its uniqueness. Progress through this funnel to convert this relationship to a customer and then also use digitally run surveys and after-sales information and follow-ups to convert the customer to a brand ambassador.

Transforming Operational Process:

Transforming Operational Process relates to the benefits of transforming internal processes. This can be achieved through process digitization, worker enablement and performance management. Process digitization aims at automating as many processes company can automate to embrace radically improved processes. For example, a telecom company evolving from Network Provider to Digital Service Provider. This facilitates the growth of company to match the speed of technology and focus on new upcoming advancements. Moreover, the tools or software that enable virtualization in individual’s work are the most important asset of digitally transformed organization. This not only helps in work enablement but also reflects a global view of company’s network. Hence, digitization of operational processes leads to strategic planning through the use of collaborative tools and ensures performance management.

Digital Transformation Levers
Transforming Business Models:

Entrepreneurs need to understand that it’s not about changing technology, it’s about changing business model or strategy. Digital technologies entangled with social media, analytics, mobility or enabled devices are allowing businesses to gain global business presence and impact. Once a business redefines its model, it needs to undergo testing of business model. This means to check whether the model ensures security in terms of privacy of data and whether it is really benefiting the Target consumers for which and from whom your business actually exists. Once the business executes this whole cycle, then business model is undoubtedly ready to bring success.

Enterprises should take digital initiatives such as becoming mobile or making their presence on other digital networks in priority to improve digital connection with their consumers and customers. Few examples for organizations which engaged consumers via its websites, mobile and other digital networks are Nespresso, Starbucks and such others. The time is now for professionals to change the vision and undergo digital transformation in order to ensure business continuity and growth. Remember, you are not alone in achieving this; there are companies which can provide cutting edge digital solutions to your business.

3 thoughts on “Digital Transformation- Realignment of Business Models”

Leave a Reply

Your email address will not be published. Required fields are marked *