It is a remarkable changes of rapid adoption of Digital tool,technology & platform in last couple of years. Nowadays it has played amazing role to adaption and changes of customer experiences.Take the example of world population of 5.1 billion mobile users,4 billion internet user,3.2 billion social media user out of 7.6 billion.
Internet of things (IoT), Internet of everything (IoE), Web of Thing (WoT),Big Data, Artificial intelligence(AI), Machine learning, Deep Learning and Block Chain these technologies are enabled with multiple technology that can be remotely monitored,controlled and most important in the customer centric age, digital technology have become surprisingly powerful in couple of years.
Digital Transformation
It is about changing our thinking or way of thinking towards an organization/s (Customer experiences,Operation process,Business Model,Implementing new Technology), just like People develop own way of thinking, based on their experiences.
Integrated system to turn this Data insights, insight into outcomes, Digital transformation requires to focus on business value, not just technology changes, creates website, and social media post,likes,share, but its empowering team,creative marketing strate
How does the business transforms in digital age?
1. Understanding the customer behaviour:
Earlier customers as mass market focused on efficient scale of Mass production that mean one product serve to many and mass communication, use a common message at same time to many customer.But now in digital age customer networks, dynamically customer connected, interacting and influence each other.Now digital tools is changing how the customers discover, evaluate, purchase and use the product/service and share experiences , interact and connects with brands.
As in digital age customers have expecting customized, personalized and meaning full experience or more than that. We have to understand the customer psychographic in digital age, rethink the traditional market to modern market approach and understand the customer buying behaviour,most important, find out what are the things motivate to customer.
Earlier customers as mass market focused on efficient scale of Mass production that mean one product serve to many and mass communication, use a common message at same time to many customer.But now in digital age customer networks, dynamically customer connected, interacting and influence each other.Now digital tools is changing how the customers discover, evaluate, purchase and use the product/service and share experiences , interact and connects with brands.
As in digital age customers have expecting customized, personalized and meaning full experience or more than that. We have to understand the customer psychographic in digital age, rethink the traditional market to modern market approach and understand the customer buying behaviour,most important, find out what are the things motivate to customer.
2.Competitor:
Those who have in same products/services can be your rivals businesses such as Flipkart and Amazon. Sometimes different industry, company can be your rivals and giving service alike you.Sometime your business partner can be your competitor and start giving service direct to your customer.At same time you have to co-operate your direct rival business.Competition give the chance to survive, and also give lesson to learn.
3.Big Data:
Previously data taken from internal only such as production,operation,
Nowadays data taken from different sources (internal and external) known data from different sources such as online media, social media comments, mobile app data, market research, feedback etc.But these data is unstructured and not generated without planning.
4. Innovation:
Competitor plays a very pivotal role in innovation. For long term success, "INNOVATION" is playing a crucial role for any industry/ organisation. Innovation isn’t solely represented by new ideas or methods, but also by the process of uncovering new ways to do things. In the early 90s, “Innovation” known as technology, but in digital age it’s known as “DESIGN”.
"Technological innovations designed to save energy".
INNOVATIVE CHALLENGE:
- Market expectations
- Global competition
- Volatility in structural change
BENEFITS OF INNOVATION:
- Improved productivity & reduced costs
- Better quality
- Building a product range
- To handle legal and environmental issues
- More added value
RISKS OF INNOVATION:
- Competition
- Uncertain commercial returns
Examples: Product innovation by a business might include a new product's invention; technical specification and quality improvements made to a product; customer friendly. With the rapid change of digitization in each & every sector nowadays ,innovation is happening under conditions of much greater uncertainty. Now firm can rely on expensive and incremental improvements to its existing business.
5.Value proposition:
Previously value was constant for their consumer and It also define by company.In digital age, what and how motivates customer.Product might be innovated; marketing campaigns should be refreshed to viewer.
(Example: Amazon's value proposition as: "Amazon is a super-aggregator of vendors and customers, giving people a compelling, one-stop online shopping experience with easy access to products, information, and friction-free delivery& return-refund experience".)
"Digital transformation strategy, is not about Implementing the new technology, but it is more about overall strategic thinking for an organisation and find out what are the things motivate to customer."
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