We’re just about to welcome 2021 and the world knows that digitization is already a part of our lives. The COVID-19 pandemic has led to an inevitable need for digitization. Considering the situation, we can no longer state that businesses still have time to postpone devising their digital transformation strategy.
Before businesses embark on the digitization journey, it is important to understand the following three pillars of digital transformation.
- Shopper Experience
Virtual universe connects businesses and customers more closely than ever. To keep up with this always-connected trend, businesses have to embrace technology. By digitizing and connecting with your customer on online channels, you can win chances over the traditional players in the industry.
Know your customers’ expectations, behavior, and customize a digital journey that stands out in every way. This would help you win chances over your digital competitors.
According to a report by Segment, 44% of buyers claimed to become repeat buyers after personalized experience and 71% buyers expressed frustration if experience was not optimized.
- Operational Process
After enhancing the customer experience with digitization, businesses need to take a close look at operational efficiency. From manufacturing a product/service to its delivery and after sale service – these processes form a chain. They must be optimized to deliver increased value at each stage of the chain.
AI-enabled digital transformation tools are leading the way in improving the surveillance over processes, flow of information, coordination, and more. They can effectively help in improving the operational processes.
A report by PWC reveals that out of 1300 CEOs across the globe, 77% confide in the fact that working on operational efficiencies would drive revenue growth.
- Business Model
You must keep track of your competition’s moves to make surethat your business model is not obsolete.
Having an outdated business model is a common mistake.Innovative industry leaders keep trying to come up with the most disruptive innovations and overlook the most important of all, keep updating your business model. The full potential of Digital transformation is only realized if your business model is updated.
A report by PLM revealed that 60% of businesses came up with new business models while transforming their businesses digitally.
The above-mentioned 3 Pillars are the most important pillars of digital transformation. However, the list of pillars doesn’t end here. Professional digital transformation experts can help you realize other important factors, tailored to your specific business needs, to build out the right strategy for success.
Leverage Digital Transformation Advisory to Devise a Perfect Strategy
Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.
Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.
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