But please don’t underestimate the importance of this abstract goal. New developments can change static markets very quickly and large companies are forced to chance overnight. Startups are a common reason for needed change, most of them use disruptive technologies enabling companies to offer higher value services to consumers and businesses.
Startups adjust all the time and therefore have the digital transformation in their DNA, for large companies the transition is harder. Especially if the transformation means completely changing the course of the business while maintaining their existing infrastructure and services.
By increasing their innovation pace and validating customer experience large companies are able to stay competitive in the 21st century.
1. Digital enablement
Most companies listed by Gartner are working on transforming their IT systems to become more collaborative and integrated. This phase is pretty much making existing business processes digital and potentially more productive. Still, in a world where competition is increasing, the speed of change and value for customers is personalised and optimised. It’s just not enough anymore.
2. Digital optimisation
The next step in the digital transformation process. Using tech to improve customer experience and productivity to optimise the business. This is on the roadmap of most fortune 500 companies for horizon 2020. Most of those companies aim to establish a personalised and optimised customer experience that generates more customer interaction in terms of satisfaction, conversion and engagement. If they don’t change, they will disappear.
3. Digital transformation
Industries like travel, transportation and entertainment have completely changed by three tech-driven startups: Booking.com, Uber and Netflix. They each have changed an industry for good. More and more companies have to keep up with the changes. Startups will succeed in replacing value chains with digital innovative alternatives. Larger corporations will need to act on this very soon. No talk, just act. Because there will be not enough time to anticipate to the disruptors in the market.
At this moment too many companies take the safe route and invest in adapting to the second stage of the digital transformation: Digital optimization. But if there is a new disruptive player, you might be too late. It is better to be disrupting then to see how your market gets disrupted.
Bizboard is an innovative digital production agency which understands the current market challenges and developed solutions to help companies succeed in their digital transformation by bringing customer journey development and time to market to the next level.
Like to talk with us about your state of transformation and how we could help to accelerate your efforts? Contact us!