TYPES OF BUSINESS TRANSFORMATION
Business transformation describes the different types of widespread organization change needed to deliver better customer and employee experiences. Digital advances are driving a fundamental shift in customer expectations and thus a good number of CEOs have recently prioritized a business transformation to develop new-era technology skills and capabilities.
Modern customers choose to do business with organizations that are able to provide them with a personalized, hassle-free, and complete experience.
There's just no place for laggards in business today. You don't have to be a leader, you can be a fast follower and still survive. But fall too far behind competitors that are able to operate at the speed of the customer and you'll more than likely never catch up.
Undertaking a meaningful business transformation requires a company to rethink all aspects of how it operates. This change is necessary to maintain growth in today’s highly competitive marketplaces.
To successfully transform, each business needs a unique strategy that is centered around the customer and the people within the company who get the work done
TYPES OF BUSINESS TRANSFORMATION
Three core strategies are used to achieve meaningful business transformation. They are often adopted independently, but many companies are employing all three as they work to increase the value they deliver. These include applying new technologies, focusing on solutions, and leveraging data.
DIGITAL TRANSFORMATION
A digital transformation applies new technology to improve all aspects of the customer experience. This includes developing or adopting the right technologies to modernize products and the underlying processes and services that support them.
A digital transformation includes the following initiatives:
- Incorporating technology into new and existing products. The digital-first customer expects smart, connected products that are continuously being improved with new functionality.
- Providing integrated and frictionless customer experiences, regardless of the channel. This includes utilizing self-service digital mediums, such as websites, email, social media, and mobile — while also supporting offline resources, such as call centers and physical locations.
- Replacing legacy systems and infrastructure with modern technology stacks to change the way products and services are consumed, such as moving from on-premises to cloud-based models.
BENEFITS INCLUDE:
- Innovative new products and services that create growth opportunities in new and existing markets.
- Exceptional customer experiences that are personalized, responsive, and hassle-free from end to end.
- Efficiency gains through automated workflow processes and streamlined business operations.
SOLUTION TRANSFORMATION
A solution transformation focuses on solving a customer’s challenges in a holistic way. This means rethinking how products are built, bundled, and sold to provide a Complete Product Experience.
A solution transformation includes the following initiatives:
- Understanding the problems that customers are trying to solve and shifting the mindset of the organization to think about the value or outcome that a collection of products and services provide.
- Recognizing that customers do not use products in isolation but as part of a broader ecosystem that needs to be seamlessly integrated across the entire category of solutions.
- Transforming a product as a service to provide all necessary support and maintenance as an integrated offering that delivers value as the product is in use.
DATA TRANSFORMATION
A data transformation changes the way organizations make decisions by putting information at the core of the innovation and product development process.
A data transformation includes the following initiatives:
- Increasing the use of data and analytics to better understand customer segments and what each is asking for.
- Analyzing product data to understand customer activity, identify patterns, and gain deep insights into customer desires, problems, and needs.
- Combining information from all customer interactions to understand the complete experience and identify opportunities for improvement.