Innovation is key for businesses that want to stay competitive and keep their customers satisfied. Consequently, many companies are now disrupting the traditional legacy model of doing business and entering into a new age of digital transformation.
Digital technology, such as artificial intelligence (AI), machine learning, and blockchain, has become mainstream and will continue to transform how we live and do business.
To illustrate the above, here are a few examples of how digital transformation efforts have been successful in many industries:
– Retailers like Zalando and H&M can adjust their inventory quickly and efficiently to changing customer demand by using data from their shop floor and social media.
– Airlines can use AI chatbots to respond to passenger questions, saving time for the staff to work on long-term problems instead of focusing on short-term queries.
– Banking institutions have implemented digital transformation solutions that connect customers with a virtual assistant to resolve customer issues quickly.
– Insurance companies have developed a new digital insurance model focusing on customer experience, improved risk assessment, and more accurate claims processing.
This blog post discusses how businesses can accelerate their growth with a disruptive approach to digital transformation centered on customer experience, technology, innovation, and strategic partnerships.
Let’s look at these four disruptive areas and discuss how they can accelerate business growth by implementing various digital transformation solutions.
1. Disruptive approach centered on customer experience
Companies these days are not only competing with their traditional competitors but also with new digital enterprises. Customers expect seamless, personalized customer service and buying processes regardless of their chosen channel. The ease and effectiveness of the entire purchasing process are becoming more important than just price points. Customers want to purchase products hassle-free and expect every touchpoint to be personalized, easy to use, and provide real value.
To transform your customer experience, you need to understand what works best for your organization based on its size, resources, capabilities, etc. However, one aspect is important and applies to across all customer touchpoints universally: speed.
Speed directly correlates with customer satisfaction and retention, especially when the purchasing process is fast, easy, and personalized. Customers expect a quick buying process regardless of their channel – web or in-store – and companies need to respond by providing fast service for both digital and traditional channels.
Wipro, an IT services company that provides digital transformation consulting to businesses of all sizes, has Integrated Customer Experience (CX) as a lever of digital transformation and is a mix of several channels, including retail locations, customer service desks, self-service kiosks, online chat, chatbots, personalized physical robots, or virtual assistants, and other seemingly unending options to engage with customers in multiple ways.
2. Disruptive approach centered on technology
It’s no longer enough to present customers with a fast, easy customer purchasing process. To compete in the digital era, organizations need to analyze and use data-driven insights to make smarter business decisions, predict future trends, and provide customized services based on what they know about their customers.
To create a personalized, tailored customer experience, companies need the technology necessary to collect and analyze the right data while delivering services customized to each individual. This means utilizing digital marketing tools to gather customer information while integrating it into existing CRM and ERP systems. Once you have a complete view of your customers, you can deliver a personalized experience across all digital and traditional channels.
3. Disruptive approach centered on innovation
The digital era has created an environment that encourages constant change and reinvention. Companies looking to maintain success need to iterate products and services as customer needs evolve rapidly. To do this, organizations need to be able to experiment and take risks on new ideas. Innovation becomes more important than perfection as you explore new products that can drive growth.
As businesses explore how they can innovate services to serve their customers better, they must also be innovating their company culture. It’s no longer enough for companies just to have an open-door policy for employees to provide feedback. Organizations need to create an environment that encourages open communication and rewards risks taken to grow the business. Businesses can do this by ensuring employees have access to necessary resources, empowering them to make decisions, and rewarding them for taking risks.
4. Disruptive approach centered on strategic partnerships
As companies focus on individual areas of disruption, they also need to look for ways to collaborate and partner with other organizations to accomplish their goals. Collaborating on digital transformation projects creates opportunities for companies to share resources, reduce costs, capitalize on a scale, and achieve milestones that might not have been achievable alone.
Collaborative partnerships allow participating organizations to benefit from each other’s strengths while working together towards the same goal. For example, partnering with a larger company can provide an organization with new technology and innovation while the partner benefits from enhanced capabilities. Partnerships across industry lines create opportunities for innovative ideas to surface by expanding on forces of disruption rather than working in silos.
By embracing the digital transformation process and solutions, companies can build a foundation to support digital initiatives moving forward. A complete customer-centric approach considers all areas of disruption and integrates them into an optimal client experience. This allows companies to achieve long-term success by staying ahead of industry innovation and continuously providing tailored services that meet customers’ needs.