Today’s digital economy promises to lead an unprecedented convergence of people, business and things that transforms existing business models and creates a new business opportunities. Organizations need their business processes and applications to adapt to changing customer demands and changing market conditions. It is therefore the best to take the best possible advantage of Digital Revolution. This age is probably termed as Digital Age.
Business have no other choice but to re-think their business models and try to think and innovate to offer the right product and service at the right time and at the right place.
Definition of Digital Strategy
To proceed and succeed with this digital transformation and fight a tough competition, business needs to identify the starting position and plan a proper path or goal towards the right path. Each and every business should define a digital strategy that aliens with the business strategy.
Gone are the days when technology played an alien role without much of the business involvement. Since the internet became the part of our day-to-day life, the fine-line between technology and business have disappeared. Digital transformation has only made this integration much intertwined.
Digital strategy must also include the middle office and back office functions of the business. These both are very important to meet the customer expectations.
Definition of KPIs to Alien Digital Strategy with business Strategy
Business must define its KPIs so that it become the success of the digital transformation can be far more better and can be measured in the best way. These KPIs should be aligned with the KPIs of the business.
A business must have two kinds of digital business KPIs- one that describes the optimization of current business model and the another one must measure transformative growth. Unless the business organizations stay updated with the current technology and business solutions, they cannot meet the success in digital transformation and the defined KPIs. Business should update and re-engineer the under-performing applications and systems in order to manage the digital transformation.
Re-create an organizational model and embed a Digital Culture
Business need to focus on the nature of the disruption along with who the disruptors are. The future of business survival increases demands radical changes in business practices and procedures.
Digital transformation is re-defining the business. Organisations must reinvent to serve the digital customers on the run. Actually strong and successful digital transformations require a good quality of leadership , alignment between IT and business units and a culture that really celebrates the risk taking and rapid action.
Teams need to be equipped with right skill sets and entrepreneurial mind-sets. Digital culture should not be compromised or diluted.
Build New Analytics
Analytics has matured to become a become a business practice necessary to sustain competitive advantage. Change is mandatory to carry out the changes in customers demands.
Days are really gone the business launch products and expected customers to accept the product. Analytics help better insight to take right step towards the digital transformation and it helps to build more personalised connection or relation with customers. While building analytics, business must concentrate on the following:
- Descriptive analytics: It depicts the current situation where business rightly stands now.
- Predictive analytics: It is used to predict the customer behaviour in the future.
- Prescriptive analytics: It actually suggests ways of growing business and profits and future fore-sight of course action.
Analytics helps business to have strong and unique competitive advantage, grow the sales and retain customers, meet customers demand and expectations with proper offerings and gain strategic insights and fore-sights.
So in order to be successful and keep up with this constant movement, organisations need to create a solid foundation that allows them to capitalize on changes and the new opportunities these changes create.
Digital transformation for the accommodation for the business is the new normal in this digital age. It helps to reach a mass customers at a time and get a view of insights of its customers.