| Digital transformation (DX) is the adoption of new technologies to improve an organization's processes, products and services. According to a recent survey by Executive Perspectives on Top Risks, the biggest concern C-suite leaders face today is how to compete against organizations that were 'born digital.' The goal of digital transformation is twofold: to serve customers and to serve corporate stakeholders, including employees. To accomplish this, it's important for an organization to use digital technologies in strategic ways that support corporate goals. This includes: - Increasing speed to market.
- Enhancing employee productivity.
- Improving interactions at customer touch points.
- Analyzing data to gain insights into customer behavior.
- Managing distributed supply chains.
To be effective, every DX initiative should have an executive champion who has the full support of other C-suite managers. The most effective champions have proven to be comfortable using a data-driven, iterative approach to change management. This not only encourages a 'fail fast' mindset, it has the added benefit of mitigating problems caused by institutional change fatigue. Nespresso, the maker of specialty coffee machines, is often mentioned as an example of a company that has successfully transformed digitally. After the company deployed a cloud-based customer relationship management system, they were able to aggregate data and build a single view of each customer, which in turn gave them the insights they needed to improve sales.
Domino's Pizza is another example of a company that has successfully transformed itself for the digital age by launching innovative tech-driven services to improve customer experience, like the Domino Pizza Tracker. Continue reading...
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