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Digital Transformation

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A few years ago, the impact of digitization was only established in top industries like Banking, Insurance, and Retail. Now times have changed – the recruitment industry is also adopting digital transformation.

 

Everyone is a candidate at some point in their journey. Whether you are an employer or a candidate searching for a job, the digital transformation is helping the recruitment industry to implement smarter hiring strategies.

 

Recruiters are the brand ambassadors of a company as they are the first people with whom a candidate interacts. But getting the right people with the right skills, at the right price, has been a long-running headache for recruitment teams.

 

It’s a competitive marketplace for talent, with demand for skilled labor far exceeding the supply of qualified candidates actively looking.  This makes it more important need for recruiters, to master new digital techniques to find, reach and engage right skilled potential candidates.

 

Candidates seeking jobs in the market are also now tech-savvy and expect fast and easy application processes and communication. Their behaviors and preferences are changing. Power has transferred from recruiter to candidate.

 

There are multiple ways digital can help:

 

Assess the digital footprint of the candidate: Recruiters can use this data to get important insights into the skills of potential candidates. Correlations between social media profiles can reveal important aspects such as interests and hobbies, as well as an overview of the candidate’s personality. How suitable is the candidate to an organization’s culture can be assessed based on her/his social media sharing habits on subjects like gender, age, race, and politics.

 

Online language/skill assessment:  It is one of the easiest ways for companies to filter through the pool of candidates efficiently. Recruiters can ensure the quality of their hires via psychometric and other tests.

 

Online job portals:  Monster, Glassdoor, Indeed, Naukri and TimesJobs have helped in reaching out to candidates across different geographies and industries. They have also helped in building good candidate pipelines for recruiters. LinkedIn has started this revolution long back and has the credibility of companies as well as candidates equally.

 

Advantages of Digital Transformation in Recruitment:

  • Your website messaging can be targeted to different candidate personas
  • Candidates can easily engage with your company on social and mobile
  • Helps create the company brand in the digital world
  • Machine learning is helping is processing piles of applicants to find the right candidate
  • The organization can nurture candidates over time by relevant job alerts, talent campaigns
  • Social media presence generate the better response from talents to the brand
  • Digitization helps in ease of entire recruitment process and in turn happy candidates
  • Job seekers get an inside view of a company through a site like Glassdoor, which includes information on compensation, organizational culture, career progression, learning opportunities, etc.
  • Through the use of Big Datalearning companies can find suitable candidates, cut recruitment time and costs
  • Consolidated database of CVs becomes a powerful mining tool and cost saver

 

 

Digital is helping to convert the chaos of recruiting into “Smart Recruiting”.

‘If you are not moving forward, you are moving backward’, is a saying that holds true in the current business ecosystem. In this era of ever-changing technology and business dynamics, one doesn’t have the luxury of time and hence the ability to wait for the right occasion. If one doesn’t pace up and stride along the shifting tides of innovation and technology the likely outcome is to be left behind. While 2017 was a year of boardroom discussions about a lot of the disruptive technologies, 2018 is predicted to be the year of action where most of the disruptive technologies will see the limelight. Technologies like Artificial Intelligence, Blockchain, and the Internet of Things, etc., are all pushing us to the Edge and have become an integral part of every companies’ future goals. With no further ado let’s take a deep dive into the world of disruptive technology and list down some of the Digital Trends that the year 2018 will witness.

 

1.        IoT Gets Bigger and Better

Since 1982, when the concept of “a network of smart devices” was discussed, until today, when the Internet of Things has become a key enabler to the digital future, this technology has shown enough endurance and potential to make it to the top of this list. The year 2018 will witness IoT enter into the next stage of business, where it will not be just about ‘Connected Things,’ but more about what do we do with the enormous amount of data that these connected things provide us. Thus, giving way to the need for three most important technologies, Data Analytics, Edge Computing and 5G. IoT will now become more mainstream rather than working in niches. According to Carrie MacGillivray, VP of IoT and Mobility at IDC “By 2021, more than 55 percent of spending on IoT projects will be for software and services.”

 

2.        Data Analytics

Gartner, Inc. forecasts that “8.4 billion connected things will be in use worldwide in 2017, up 31 percent from 2016, and will reach 20.4 billion by 2020.” Given that scenario, we will have an enormous amount of real-time data streams. It is crucial to apply analytics on top of these data to unearth the only relevant information in the crowd of millions and uncover actionable insights that will help take controlled decisions for the future, thus finally harnessing the power of IoT and making it worthier for businesses.

 

3.        Edge Computing

While the companies have just accepted the fact that Cloud Computing was necessary for their business, the digital transformation now calls for a more integrated approach, and the key to it is Intelligent Edge. Driven by the sheer volume of data and speed that Internet of Things demands, it had become highly impractical to use the cloud as storage, therefore, creating a market for Edge computing that will power real-time responses and processing. It will help reduce latency, lower the dependency on the Cloud and better manage the massive data generated by the IoT. “By 2020, IT spend on Edge Infrastructure will reach up to 18% of the total spend on IoT Infrastructure,” predicts IDC.

 

4.        5G Mobile Technologies

While 4G will continue to evolve among the smartphone users for many years to come, the 5G network is specially designed to handle the hyper-connected digital world of the Internet of Things and Digital reality. Asha Keddy, the general manager of mobile standards for advance tech at Intel, says, “The 2G networks were designed for voice, 3G for voice and data, and 4G for broadband internet experiences. With 5G, we’ll see computing capabilities getting fused with communications everywhere, so trillions of things like wearable devices don’t have to worry about computing power because the network can do any processing needed.”

 

5.        Artificial Intelligence

Artificial Intelligence is no more just discussion over the coffee table. With ‘Hey Siri,’ ‘Alexa’ and ‘Ok Google’ Artificial Intelligence is already a crowd puller. From Machine Learning to AI-powered chatbots in customer service and support, to using natural language processing as a new form of human-computer interface, AI Technology is paving the way to success. It is anticipated that AI can have the power to help companies to strategize marketing and business plans by aggregating data and deriving actionable insights, helping manufacturers inefficient production, the government in deploying resources efficiently, and many more such used cases.

 

6.        Augmented Reality goes mainstream

If you have ever used the new Snapchat lens or played Pokemon Go last year, then you have already had the experience of Augmented Reality. With the extensive use of smartphone apps, headsets, and glasses, this technology is growing at an explosive rate. Augmented Reality is going to become indispensable in our lives owing to its ability to create a physical world (Physical + digital) and by adding virtual computer graphics. This industry is projected to reach $7 trillion by 2027, with nearly $50 billion in expected revenue by 2021.

 

7.        Blockchain

Blockchain initially devised for Bitcoin, is not just a financial technology. It has its business application in many other sectors like healthcare, education, manufacturing, Government, energy, supply chain, etc. According to Gartner, “by 2030, the business value added by Blockchain will grow to $3.1 trillion.” International Data Corp’s Health Insights Report predicts that one-fifth of healthcare providers will have operationalized Blockchain by 2020, which means that year 2018, will see a lot of adoption of this technology mostly in the healthcare sector.

 

8.        Retail – The Amazon way!

Amazon has brought a revolution in the world of Retail. Retailers have not started realizing that going digital with their store is not just an extension of their physical store. The year 2018 will be for the brands which will go the Amazon way and start bridging the gap between digital and physical shopping. According to Bloomberg Business, “50 percent” of the shoppers in the US turn to Amazon first when shopping for a product online. Amazon’s “Day1 Mantra”, its loyalty program with “Amazon Prime,” have all worked together well to create a brand value for its customers. 2018 Retail brands are expected to work in providing an Immersive and Omnichannel experiences for the shoppers with exceptional in-store as well as online experience for them.

 

9.     Event Driven

With the advent of technologies like Artificial Intelligence, IoT, etc., business events can be delivered more quickly and analyzed in preeminent details. Thus, pushing Enterprises to think seriously about “Event Driven Architecture.” EDA is a design model of software that responds when it receives one or more event notifications. According to Gartner, “By 2020, event-sourced, real-time situational awareness will be a required characteristic for 80% of digital business solutions, and 80% of new business ecosystems will require support for event processing.”

 

10.    Digital Twin

Digital Twin is a digital representation of the physical assets, process or system. These digital representations are linked to the real-world counterparts and derive information that will add value and improve the operational efficiency of the physical entity. According to IDC, “By 2020, 30% of G2000 companies will be using data from digital twins of IoT connected products and assets to improve product innovation success rates and organizational productivity, achieving gains of up to 25%.” However, Digital Twin will not just be limited to IoT and connected things. Half of the large industrial companies will use Digital Twins in their organizations to gain 10% more effectiveness, says Gartner.

Change is inevitable, and the above-listed technologies are mere tools in the process of building smarter, efficient and well-connected World. There would be a lot of arguments about whether making the world into a technology unit is a wise decision or not. Like I said earlier, “If you are not moving forward, you are moving backward.” It’s your choice to make a strategic business move into the world of evolving technology. I believe that we should providing innovative technologies with a dash of Happiness.  Let’s harnessing the next gen technologies to create the ‘Digital Capital’ to achieve ‘digital Transformation.

Author: Rajiv Peddada

Originally Published in: TTI newsletter May 2018

Get to know us more: www.happiestminds.com

IQ…EQ…and now it is DQ! Intelligence, emotional, and digital quotient. Today it’s not enough to be highly intelligent or emotionally balanced – these are givens. The question is that in this era of digitization, what is your individual and company’s digital quotient? That is, what is your digital competence/expertise as compared to the expected growth and potential of the digital market? 

 

Look around and you’ll find that the focus of all conferences in India is on new technologies and digitization.  Since January this year there have been atleast two conferences a month exclusively on the wave of digital transformation and how industries have started to evaluate, identify, and bridge knowledge gaps. Such conferences facilitate networking, exchange of insights and best practices, and prepare the ground for new ways of collaborative working. The central themes of these conferences hinge on:

  • Effective digital strategy
  • Understanding the challenges
  • Continuous learning and adapting
  • Applying new management and technical skills

 

Books have been written on this topic. Some have alarming titles, such as Digital or Death: Digital Transformation – The Only Choice for Business to Survive, Smash, and Conquer; and Digitize or Die. But these titles make one realize the imperative to digitize strategies, portfolio, and business organization. Technologies are evolving at breakneck speed, but have not yet established rigid rules or ways of doing things. The rules of the game can be adapted and customized according to the organization’s needs.  A lot of these technologies are discussed at ARC forums.

 

The Digital Enterprise at ARC Forums

At ARC’s forums worldwide the theme for the last few years has centered on the digital enterprise. We look at the concept of digital transformation from every aspect of business, industry and infrastructure, presenting case studies of how digital transformation is under way in manufacturing today. The forum presentations make it clear that there is increasing recognition among industrial companies that new approaches are disrupting established business models; and to keep pace it is imperative to adopt new strategies and processes. Some companies already have a robust strategy for digital transformation, along with a realizable roadmap.  This digital transformation will be widespread with far reaching impact as it necessitates the collaborative convergence of information technology (IT), operational technology (OT), engineering technology (ET), and a host of other services.

 

According to a presentation at the India forum by NASSCOM, an industry body, the digital forces driving customer experience are: intensifying competition, disruptive innovation, and new technologies - all leading to a more aware customer base.  Diagrammatically explaining the challenges surrounding digital transformation initiatives -

Digital Quotient

These challenges apply across most industries in India.  A speaker from the oil and gas sector said that these challenges can be addressed by going digital and enhancing continuous improvement.  The business model has changed from “maintaining business” to “growing business.” And business can grow only through digitization, which reduces costs; facilitates faster and intelligent decision making; nurtures innovation; and provides a single version of the truth. Digitization enables manufacturers to improve the performance of their service operations by facilitating:

  • Remote connectivity
  • Predictive maintenance
  • Continuous uptime
  • Rapid service response
  • Incremental, revenue-producing products and services

 

Orlando Industry Forum

Seeing the video uploads of the presentations made at the recent Orlando Industry Forum it is evident that digitization is not just a hot topic – it is the way businesses have to be transacted to remain competitive and survive.  A few years ago, new technologies, such as cloud computing, mobility, Internet of Things, Big Data/analytics, and 3D visualization, seemed like mere business jargon; but today, these technologies are driving industrial growth.  

 

The keynote addresses at this year’s ARC Industry Forum in Orlando, focused on the new open and secure hardware and software platforms that will play an increasingly important enabling role within a successful digital enterprise; and as companies, municipalities, and transportation networks become digital enterprises, they will need a few more digital platforms, including platforms to support the Internet of Things (IoT).  Most major automation and equipment companies will develop their own cloud platforms, which are open and able to work together.  For the first time ARC hosted an end user–driven   Digital Transformation Council  at the forum, eliciting multiple perspectives.

Digital Quotient

Developments in the Digital Space

Conferences and ARC forums drive home the fact that organizations must clearly define their digital strategies and work collaboratively to ensure success. Developments in the digital space are a good indicator of the collective rising digital quotient. But how does one constantly improve the DQ? I think it can be done by business networking, keeping abreast of latest technologies, and learning from the experience of others. In India, the government is trying to encourage the transition to a Digital India through various schemes and incentives. There has been some degree of success; but this has to percolate through the layers of bureaucracy and varying skillsets. We are all at different stages on the digital journey – but the objectives are the same – resource optimization, operational efficiency, and enhanced productivity. And as our digital quotient improves we will achieve these objectives.

 

“Reprinted with permission, original blog was posted here”. You may also visit here for more such insights on the digital transformation of industry.

 About ARC Advisory Group (www.arcweb.com): Founded in 1986, ARC Advisory Group is a Boston based leading technology research and advisory firm for industry and infrastructure.

For further information or to provide feedback on this article, please contact lkanickaraj@arcweb.com

 About the Author:

Sharada Prahladrao

Editor and Public Relations Manager

Sharada is the editor and public relations manager at ARC India. She edits ARC's Global Market Outlook studies and co-authors ARC Strategy Reports and Insights. She has the innate ability to understand complex concepts and express them lucidly.

Prior to joining ARC, Sharada worked as a copywriter for F.D. Stewart and Clarion Advertising; provided media-related work for Corvo Shandwick, a PR firm; and freelanced for local newspapers. She has been involved with two NGOs: integrating children with disability into mainstream education and rural education programs.

For rail and other transportation industries, the fourth industrial revolution promises continuing acceleration of innovation on both the supply and demand side. Digitization can enhance the railway infrastructure, maximize availability, and improve the operational efficiency of all assets. From the manufacture of rolling stock to how rail operators serve their customers, new technologies will lead to entirely new ways of doing business. Despite steady progress, the rail industry needs to continue to pursue these objectives. By embracing an integrated rail ecosystem and new cognitive technologies to acquire, associate and apply information, railways can become more efficient and effective, and can create a more responsive and agile operating environment.

 

 Digitization in the Railway Industry is Slowly Coming

Digitization in the Railway industry

Now the world is entering a fourth industrial revolution, which, in the words of the World Economic Forum, will be “characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.” The rail industry is continuously deploying emerging and cutting-edge technologies. But, both passenger and freight railways must continually improve, innovate and enhance the traveler and customer experience. The digital industry will support new applications and business models for manufacturing and disrupt all phases of the supply chain. The product development process will be fully digitized, making it faster and more flexible. Railroads and their suppliers, working together, will be able to use real-time data, digital models, and virtual tooling and testing environments to reduce time and cost for the development of smarter and more sustainable trains. In addition, streaming data from a train in operation will be fed back to improve the design and build process, as well as enable better predictive maintenance.

 

To achieve the interconnectedness that will power the near future of the railway industry, railways need to:

  • Collaborate beyond their comfort zones by partnering with adjacent service providers, creating an ecosystem of value
  • Use cognitive computing to harness data both inside and outside their enterprises to drive revenue, reduce cost, and win market share

 

Rail can be expected to play an important role in next-generation mobility, which will be increasingly characterized by a desire for access rather than ownership, technology-enabled transparency, two-way communication, and shared consumption.

 

Passenger Rail

Digitization in the Railway industryFor customers, getting from origin to destination is seamless. Railways offer door-to-door journeys, so they meet customers’ travel needs at each step. Railways enjoy a higher conversion rate and better revenue from sales and marketing efforts. Digitization will improve ticket changing and pricing, and make access for customers easier. Most major rail companies are pushing mobile ticketing solutions; this will be especially good for customers if simpler or best-price fare systems are introduced in countries that now have complex tariff systems. Further improvements can be expected in customer feedback management. Current processes are extremely slow, inefficient, and not customer oriented. Railways anticipate evolving customer preferences and offer assistance. They communicate with customers through their preferred channels—especially mobile devices—and deliver relevant, timely and personal marketing offers.

 

Freight Rail

On the freight side, products themselves will increasingly be direct users of the Internet; connected railcars and containers will provide their own streaming updates on location, condition, and itinerary. Longer term, autonomous cars, and trucks will communicate directly with dispatch centers, terminals, and even trains, ensuring their passengers and cargos are at the right place at exactly the right time. Freight railways monitor facilities, assets, systems, and shipments in real time. Network velocity, on-time delivery, customer service, labor utilization and productivity are all improved. Downtime and delays are avoided. Railways leverage their operational cost advantages and extend their services as the focal point for door-to-door transport, now enhanced by insight into their own operational performance and partnerships with supply chain providers.

 

Digitization will appropriately align capacity with a demand that requires optimization of the existing passenger and freight rail schedules and train sets to achieve increased throughput on existing rail infrastructure. It will avoid the bottlenecks to keep operations flowing smoothly and keep costs down. Rail companies are increasing asset utilization and optimization by making significant investments in digitization, partnerships, and infrastructure to meet the capacity challenge.

 

Companies are already beginning to see incremental benefits from this fourth revolution. Long-term substantive benefits will be more challenging, requiring a new level of coordination between transportation suppliers and operators, and the willingness to embrace transformation that goes beyond information technology to the continuous revamping of organizational functions and activities as new game-changing innovations emerge.

 

Conclusion

Ultimately, with digitization, the rules of business will be different, governed by a paradigm of being shareable, accessible, reliable, and able to perform at marginal cost. Companies will need to be both integrated and decentralized, and engage both their suppliers and customers more broadly and deeply. Technology is enabling new entrants and competitors to quickly create value, threatening the traditional rail model. Rail executives should strive to develop an interconnected rail ecosystem by embracing disruption. Deploying cognitive technologies will enable railways to become more efficient and effective, and will allow them to operate with more responsiveness and agility. Railroads have a long history as networked businesses; the fourth industrial revolution will extend those networks in ways that we are only beginning to comprehend. As the rail industry embraces connectedness and cognitive technologies, this investment will accelerate new railway intelligence, enabling enhanced industry-wide knowledge and business model innovation.

 

“Reprinted with permission, original blog was posted here”. You may also visit here for more such insights on the digital transformation of industry.

 About ARC Advisory Group (www.arcweb.com): Founded in 1986, ARC Advisory Group is a Boston based leading technology research and advisory firm for industry and infrastructure.

For further information or to provide feedback on this article, please contact lkanickaraj@arcweb.com

 About the Author:

Pranav Misal

Analyst

Pranav’s focus areas at ARC include Industrial Internet of Things (IIoT), Transportation (Railways, Marine, Aviation), Smart Technology, and Asset Performance Management.

Pranav joined ARC after graduating with an MBA Marketing degree in June 2017.  Prior to ARC, he worked for three years as a technical marketing engineer at Forbes Marshall in Pune, India.  He was responsible for product marketing of condition monitoring systems, and his target industries were oil and gas, power, defense, and transportation.  At Forbes Marshall, he conducted market research and competitive analysis to identify potential markets and effectively used value-based pricing strategies for market penetration.

Which famous business brands do you use daily & give you happy moments? Top names come to our mind are Apple, Disney, Coca-Cola, McDonald's, Cadburys which are occupying most part of our lives.

 

Company’s brand is the summation of all the experiences and interactions business has with their customers. In the digital era, there will be even more brands to choose from. Perceptions of the brand are based on the simple user experiences. and to stay relevant, it needs to be managed very effectively.

 

Today’s digital consumers do not have the brand affinity. They switch from app to app and from brand to brand when it is convenient. They have endless options at the click of a button, which makes it easy to switch when they are unsatisfied with a brand.

 

Customers want quick, easy access to information across channels without needing to enter conversations with product sellers before they are ready. At the same time, they also expect businesses to personalize their experiences with the first interaction and to be available the moment they are ready to learn more or buy.

 

As a result, many brands struggle to keep a competitive advantage. They have to re-think their strategies for attracting and retaining customers.  More than ever before, brands are turning to the power of digital technologies like Analytics in an effort to attract, engage and retain customers.

 

For CMOs it is important to bring the power of human relationships back into the entire brand experience that will create more lasting loyalty. They need to look beyond optimizing lead generation to nurturing relationships throughout the entire customer lifecycle, from creating awareness through acquisition, service, and recommendation

 

The success of digital transformation depends on the CMO-CIO partnership. Today CMOs need the support of the CIO to connect internal systems that translate into customer experience and brand performance.

 

It is extremely important to leverage digital technologies and bring your brand to the minds of prospects and deliver seamless and meaningful experiences for current customers is extremely important.

 

Brands need to embrace mobile-first as a strategy not only for customers but also for staff and partners. Consumers use mobile as a key tool for research, so having relevant and the easy-to-access information is essential. Several brands are using emerging technologies like chatbots, AR/VR to make customer experience a memorable one.

 

We know the top global brands like Amazon, Apple, Samsung, Coca-Cola, Disney, Nike & BMW for the experience they give when we interact with them.

  • Ikea uses an Augmented Reality app that works like a virtual interior designer and allows customers to visualize 3D versions of its furniture in their homes.
  • Zappos created a brand by focusing on what customer wants and is considered the gold standard for online customer care.
  • Louis Vuitton was one of the first luxury brands to develop an active presence on Snapchat.
  • Gucci & Burberry have exploited digital to reach their customers wherever they are.
  • L’Oréal’s ‘Makeup Genius’ app allows women to virtually try on its cosmetics products using augmented reality technology.
  • Dollar shave club knows how to grab the attention of their target audience with digital technologies.
  • Airbnb created their brand by digital marketing using user-generated photos and videos.

The ultimate aim of any digital transformation initiative should always be the strengthening of your company’s brand identity.

Omni comes from the word Omnis which can mean all or universal.

 

Omni-channel is about true continuity of your experience and has become heart of Digital Transformation.

 

Today, we live in an Omni-channel world where we often flip channels to complete a single transaction. We research a purchase on the internet, check social media for peer reviews or friend’s suggestions, ‘showroom’ the products in retail stores, then complete a purchase online or in store and then in case of issues, contact service provider with whatever channel possible.

 

These Omni-channel customer journeys are complex, but if understood properly, offer limitless opportunities for brands to engage and influence customers in new and exciting ways.

 

Customers now expect to receive service from your organization on the channel of their choice, which might be voice, email, SMS/text, web, mobile or social media. Companies are beginning to provide service on all of these channels – but too often, those channels may exist in silos. This multi-channel service can be taken to the next level with an Omni-channel solution that integrates channels to provide a consistentcustomer experience.

 

Top retailers understand their customers in even greater detail such as gender, demographic, location, website browsing habits, search habits, and where they shop in-store. They track the customer's journey through each channel, like TV, display, search, email, and direct mail providing a holistic view of how a valuable customer makes a purchase.

 

By measuring these valuable actions beyond clicks, phone calls, cross-device conversions, and even store visits, retailers can see how their digital efforts are affecting in-store sales.

 

How retailers are exploiting Omni-channel for revenue generation:

  • Measure cross-device and online-to-store shopping behavior
  • Provide Omni-channel shoppers with relevant, local information
  • Create an organizational structure that supports Omni-channel marketing

 

Further organizations have to take care of consistency, transparency, internal alignment & measurement to make Omni-channel experience as breeze.

 

Here are some great examples of great Omni-channel integration:

 

Disney: Disney's Omni-channel starts with your initial experience on beautiful, mobile-responsive website. Even their trip-planning website works well on mobile, which is a rear phenomenon. Once you’ve booked a trip, you can use the My Disney Experience tool to plan your entire trip, from where you’ll dine to securing your Fast Pass. In the park, you can use your mobile app to locate the attractions you want to see, as well as view the estimated wait time for each of them. The Magic Band acts as a hotel room key, photo storage device for any pictures taken and a food ordering tool. Plus, it even has Fast Pass integration. 

 

Starbucks: free rewards card that you can use whenever you make a purchase. But unlike traditional customer loyalty programs, Starbucks has made it possible to check and reload your card via phone, website, in-store, or on the app.

 

A fully implemented Omni-channel solution creates -

  • Cost efficiency 
  • Reduced customer frustration 
  • Better issue resolution when customers can quickly resolve basic issues via the self-service channel of their choice, 
  • Freeing up your staff to dedicate their efforts to resolving more complex customer queries.

 

With Omni-channel, it’s all about making the customer’s life as easy as possible.

In this Digital age, Superheroes are becoming more popular…. Iron Man, The Hulk, Thor, Captain America, Avengers Superman, Batman, Spiderman, and many more…

 

There are a lot of superheroes and it is up to you to decide in which character and style you fit in. You don’t need masks, tights and a cape to qualify, but a zeal to demystify the role of the truly transformational leader, superhero style!

 

“With great power comes great responsibility.” We have heard this quote, in Spiderman. This quote can also be used as a mantra for Digital Transformation.

 

A CEO should be like The Hulk, who when angered or provoked, would transform into the uncontrollable, green-skinned monster. CEO should be giving a very strong message of Digital Transformation to the entire organization, which everyone should take seriously. He or she runs the company and does this from a digital-native perspective, by personally taking up the digital agenda.

 

CMO is like a Thor, having a legendary hammer with immense power in his hand, called Marketing.  She understands the real power of digital channels because her department was the lead for most of the online activities that were developed over the last two decades. She owns the customer-facing touch points of the company which are increasingly becoming digital.

 

Just as Tony Stark built an armored suit to protect his human core and transform himself into a hi-tech superhero, the CIO is protecting the core technology and systems of an organization and can transform the company into technological advances. He understands technology better than anyone else.

 

It is important to note however that even Iron Man had to continue evolving his technology, as his opponents adapted to his capabilities so do the CIO has to innovate with new ideas and adopt new technologies & trends like IoTRobotics, Artificial Intelligence & Blockchain to name a few, in order to stay ahead.

 

A Chief Digital Officer was not existing for so many years, is like Captain America who was trapped in ice for 70 years and revived in the present day. Like the super patriotism of Captain America, CDO has only one goal – becoming Digital.  CDO is a permanent part of the team with all the skills to manage a lot of internal and external change.

 

Digital transformation has to be taken like a team of Avengers and is a permanent process. It will never stop. Once you digest one wave of disruption through the proper transformation, you will face another one.

#Digital transformation has led to soaring the investments in the automotive industry which are forecasted to go to $82.01 billion in 2020 from $19.57 billion in 2015. With the advent of the technology, today, mobility on demand has become a reality in the cities and developed countries. #Digitization is all set to change the face of today’s #automotive #industry in more than one ways.


Digitized customer experience

Buying a car is no more stressful as it was considered a few years ago. Today’s customer is ready with his research even before stepping in any dealership. There is a range of websites available where one can get to know the nitty-gritty of the buying at few clicks. Even the look and feel of the showrooms is slowly changing with virtual reality capabilities. These virtual showrooms are designed to give the consumers closest to real experience with all the actions and effects relevant to the traditional showroom like opening the door, getting 360 degrees peak inside out with relevant sound effects.


Connected Supply Chain

Dealer Management Software is facilitating the connected supply chain resulting in cost optimization, effective consumer engagement and collection and use of data for better customer service and satisfaction leading to more customer loyalty. Social media and Internet Of Things assists the instant feedback to reach the OEMs who can take respective actions and use advanced algorithms clubbed with the artificial intelligence to create schedules and workflows. It leads to significant reduction in turnaround time leading to business profitability.

 

Today’s dealer management system providers highly invest in Mobility and Cloud Solutions. With cloud-based dealer management software that provides centralized control and the real-time spares data, today’s dealers can efficiently manage the minimum inventory without getting any parts obsolete and thus, save on the unnecessary safety stock cost. Electric Vehicle Management Software is aiding the optimization of the business processes for the emerging electric vehicles market.


Autonomous Vehicles

With the flawless coordination between various technologies, Autonomous Vehicles (AV) is expected to manage all scenarios by themselves causing a significant reduction in the auto accidents and deaths. The more accepted ‘Assisted Driving’ in the present day is targeted to be available in the less expensive models. It is predicted to save customers of one trillion dollars over next ten years in terms of insurance cost due to reduced accidents along with saving about 90,000 lives.


Infotainment 

With a break away from proprietary software, OEMs are focusing on open-source, mobile friendly platforms to provide location and condition-based services based on consumer preferences. It includes end-to-end efficient routes across all modes of transportation.

 

Technology development has facilitated the DMS for Digitization. Digital transformation is providing new alternatives to accomplish the traditional tasks in a simpler and efficient ways making everyone’s life easy.

To know more, visit www.excellonsoft.com

Digital transformation for business is no longer optional but is on the top of the minds of most of the CEOs.  From global companies to local Mom & Pop stores, everyone is gearing up to enter on this digital bandwagon. As digital is bringing all the latest technologies into the game, keeping the human relationship is equally important to interact with customers.

 

In the end, Digital Transformation is for people. Social media is such an integral part of our everyday lives today, that we share our thoughts, pictures, videos with our family and friends.

 

Today most of the businesses are using Social Media to their advantage for this human relationship. They know the significance of social media platforms such as Twitter, Facebook, LinkedIn, YouTube, Instagram, WhatsApp and Google+  in reaching prospects, customers, and partners.

 

More than 3 billion people are now online, and they are spending more time there than watching TV. They are making and watching videos about products they like and tweeting enthusiastically about customer service they do not like.

 

Social media can help build a vibrant brand, allow global reach & create and maintain better relationships with customers. Research says that Twitter is the most powerful communication tool, which shows real-time updates about what world is saying.

 

Here are top benefits of Social Media:

 

Search Engine Optimization: When someone searches for your business on Google, the social profiles are likely to be amongst the top results. For instance, when you search for Ferrari, their Twitter profile appears as the 2nd listing. In addition, the Ferrari’s other social media profiles are displayed on the right-hand side of the page.

 

Customer Service: Today, we see many people turn to social media to vent their frustrations with organizations. Consumers ask questions, provide feedback on a brand’s customer support team or seek assistance. Many big companies have recognized this, and have dedicated social media customer service agents employed to actively engage on platforms such as Twitter and Facebook.

 

Brand Recognition: Using social media also helps to boost the business visibility with both current and potential customers. It gives you the perfect platform to share your brand's voice with your audience and spread the word about your products, services, offers and more. Burberry used social media to directly stream their fashion shows, which generated millions of dollars for them in new customers.

 

Marketing: Advertising on Twitter, Facebook, Google +, LinkedIn and YouTube goes viral today and helps great global marketing. Engaging with your brand’s loyal consumers bring more business and spread word of mouth publicity.

 

Business Insights: The best way to listen to your brand mentions in social media. It shows what your customers are saying about your competitors and discovering your competitive advantages in the process.  With Big Data, businesses learn about customers, their demographics, interests, preferences, etc. Using further helps marketing to improve the relevancy of messaging and build targeted campaigns.

 

One positive impact of social media is in the distribution of information in today’s world. If you don’t have a dedicated social media team, create one. If you do have one already, then make it even more efficient. If people are the soul of digital transformation, then social media is the heart.

Being fueled by the latest wave of technology: advances in artificial intelligence, data analytics, robotics, the Internet of Things, and new software-enabled industrial platforms, digital disruption is changing how businesses are being conducted worldwide. Boardrooms across the country are today dominated by conversations of transformation, as the data driven economy increases competition.

 

Organisations of all shapes and sizes are sitting at crossroads, as digital, cloud and emerging technologies flood the market. As disruption is taking place everywhere, with change comes opportunities.

 

The question is, how do you embrace this change and make the most of the opportunities?

 

  • Think about the customer

For business, it’s time to raise the game to meet customer-centric requirements and the best way to begin challenging these disruptive insurgents is by digitising their operational processes that help incumbent players rise to the challenge posed by platform-based pricing models and remain competitive. They also need to seize the value-generating opportunities that the application of new technologies delivers.

 

Customers are now more accessible than ever across a range of platforms, meaning there is unprecedented potential to connect with them. For customer-facing businesses, it’s, therefore, crucial that digital innovation is geared towards enhancing the customer experience. There is little point in investing funds and resource into technological change if the front-end experience isn’t also improved or refreshed. Businesses need to ask themselves: how will this technology not only improve internal processes but deliver our services in the best way to our customers? What brands like Uber have done is bring a new level of convenience to customers, as well as revolutionising the whole taxi-booking process.

 

  • Keep up with start-ups

The advantage that start-ups have is they can learn from the lessons more established brands had to learn the hard way and can enter the market at an accelerated pace. Customers are empowered and adaptable and have the power to switch between brands and businesses with ease. Incumbent businesses are at risk of losing customers if they do not respond quickly to keep up with challenger brands. But marketers of long-standing businesses have the advantage of leveraging their existing status and refreshing the experience they offer customers.

 

  • Empower employees with the right technology

Of course, businesses have a bottom line to maintain and limited budgets within which to invest and execute change. Too often, skilled, highly engaged marketers are let down by the technology they rely upon to do their jobs. Marketers need to build a relationship between the business and the customer, by delivering a great experience which keeps them happy and loyal.

 

  • Get the basics right

Behind every innovative leap forward towards digital transformation should be a solid back-end system that contains customer data in a consolidated and easily accessible way. Businesses need to break out of the silo mentality and think of the customer experience as one that is consistent across all departments. This means all customer-facing teams (sales, marketing, customer service and so on) need to have the right tools to identify their customers amidst a sea of data. Having complete control of customer data and confidence in how to decipher it will all help to deliver a seamless customer experience.

 

We’re living at an exciting time, with digital innovation transforming how we connect with the world. For businesses, the first step towards transformation is having the right mindset and infrastructure to enable disruption. Marketers need to be open and agile to change to not only keep up with their competitors but lead the way in their industries. I look forward to seeing more industries shaken up by brave businesses forging a new path for customer experience.

Consumers are at the heart of the digital transformation, in every industry starting Retail, Financial services, insurance & Health Care. 

 

Consumers are most concerned with getting quick, easy and effective results from any interaction in their professional or personal life.

 

Consumer Packaged Goods companies are typically relied heavily on traditional media like TV and display advertising to drive brand awareness among consumers. You will see multiple advertisements for toothpaste, detergents, and dairy products and so on.

 

They have so far relied on mass marketing; focused on physical brick & mortar sales. They still have to catch up on online ordering like electronics, books etc.

 

The physical store still enjoys a major share of the market: customers like to feel a product before they buy it.

 

CPG companies are quickly adopting digital to connect with millennial consumers.

 

They are using Big Data Analytics:

 

  • To identify consumers who will convert with less spend on marketing.
  • Trying to identify the best and most profitable channels to sell select products and pack sizes.
  • To gain deeper insights into price-sensitive consumers
  • To be able to send unique offers to every consumer with extreme personalization
  • 360 degrees customer views to build loyalty

 

Here are some innovative ways CPG industry is using digital for excellent customer experience:

 

  • Social media to understand the needs, gaps, brand performance, and purchase behavior leading to significant input for targeting, positioning as well as new product development.
  • Using geo-fencing to provide real-time deals when a consumer approaches the store.
  • Stores like Amazon Go has come up with cashless checkouts. When the customers have the Amazon app installed on their mobile device, any product added to the cart gets billed to the customer’s account automatically.
  • Mobile payments: most of the physical or online stores are accepting mobile payments like Apple Pay, Samsung pay, PayTm etc.
  • Beacons: to ease finding products in a store, a customer can download the retail store app, and be able to connect to the store’s “beacons” and get details of the best deals available
  • Smart Shelves: these indicate inventory levels, and instantly update product prices on display.

 

The future is digital and CPG companies are adopting it with an open heart.

NASSCOM's latest report “Digital Customer Experience Services – How India Can Lead the World” in collaboration with NelsonHall is based on interviews with CX Services providers and customers with delivery operations in India. The purpose of the study is to identify the client requirements and providers’ best practices to deliver CX services across the different stages of the customer lifecycle; the development and use of digital channels and technologies including omnichannel delivery, analytics, automation, and RPA; and co-creation for digital transformation delivered from India for domestic and international markets.

 

Key Findings & Highlights:

Digital transformation is having a major impact on CX services, and the level and scale of analytical and technology expertise in India provides the country with a natural advantage. The move to digital channels and the increased need for digital transformation and analytics skills are likely to drive more work from onshore to India.

 

In particular:

  • Organizations’ requirements are changing from voice-enabled, low-cost handling of simple customer care and technical support queries to customer-centric shifts to digital channels, with increased emphasis on customer retention and sales
  • Organizations are looking to introduce new digital customer service models with increased customer-centricity and a greater focus on customer retention and sales. India’s CX value proposition is moving from agent scalability to digital customer experience centers of excellence
  • Key success factors for vendors include the improved ability to identify and map key customer journeys; their capabilities to design the UX; their expertise in new customer service technologies and channels; and their ability to enhance customer service agents
  • To take advantage of the digital transformation opportunities, India’s CX delivery needs to move to a model of continuous co-innovation with its clients in the introduction and management of new digital delivery model

 Roadmap for Growth in Digital CX

The scope of the report includes:

  • The market size and projected growth of the CX Services market delivered from India
  • The market size of the CX Services marked delivered from India by end user location, by service line, and industry
  • The changing client requirement for CX services, both internationally and within the Indian domestic market
  • Expected changes in the levels of voice and digital customer interactions over the next three years
  • Expected changes in the level of use of CRM, domain-specific platforms, and NLP and cognitive technologies over the next three years
  • The new approaches and the best practices to deliver enhanced value from CX services in India, as well as the expected levels of benefits
  • Level of maturity of new CX business models and technologies in India
  • Roadmap showing how India can lead the world in next generation digital CX services.

 

Download details.

Digital disruption has turned the telecom industry upside down. New digital technologies are entering the market forcing telecom operators to adapt to new business models.

 

We went from analog to digital few decades back and then GPRS, Edge & came 3G, which brought data and web services to us. With 4G and smartphones now customers have the power of the supercomputer at their fingertips.

 

After iPhone, smartphones are penetrating deeper in many countries. Carriers now have to focus on customer churn more than on acquiring new ones. Today telecom operators are leveraging big data technologies to analyze call pattern data to better understand their customers’ habits and predict their requirements and thus offer better services at right time and price.

 

Operators are using analytics to identify customers at risk of default in bill payments and optimize their outreach for higher collection.

 

Today with so many disrupters, telecom companies have to think of survival. SMS or text message & MMS were some of the core services just a few years back, and then came WhatsApp, which changed all the communication paradigms. Further Skype, Viber, WeChat have entered the market to pressure the prices down for text and voice.

 

With the digital age, telecom companies have to:

 

  • Add new services to capture consumer’s attention
  • Accelerate time to market these new services with technology advancements
  • Map end-to-end customer journeys  from acquisition, engagement, retention
  • Use Big Data Analytics to focused market segmentation and hyper-personalization
  • Automate customer care and digital self-service options
  • Revamp website and give customers access to personalized information, offers and buying options

 

Leaders like Vodafone, Verizon, AT&T have leveraged all the digital technologies to reach out to their customers in a most efficient way.

 

Digital payments via mobile wallets have become a boon for telecom, as mobile payments are generating tons of Big Data on shopping behavior & preferences, enabling more sales opportunities via targeted marketing

 

Many technology players such as Apple, Samsung, and Google are collaborating with telecom players to make consumer’s life easy.

 

A good customer experience is now essential with help of digital. We live in a time when convenience, personalization, and speed are the bare minimum people expect and telecom companies have to take aggressive measures to exceed these expectations.

Digital transformation consists of multiple interdependent and intersecting changes driven by technological disruption. An organization’s ability to not only survive digital transformation but thrive, is dependent on its ability to manage complex change with a cohesive strategy. Research data from multiple sources indicates that slightly more than half of major change initiatives are viewed as successful. That means that nearly half fail to achieve their goal, a clear indication that organizations will need to sharpen their change management skills to transform to the digital state. Does your organization have a plan in place for managing digital transformation?

“Lead, Follow or Get Out of the Way”

When it comes to the unstoppable force that is the Industrial Internet of Things (IIoT), this is sage advice from US General George Patton as these are the three choices available to organizations. Leaders will thrive, followers will survive, and those that choose to get out of the way do so at their own peril. The leaders will be those that excel at implementing disruptive technology and leveraging the data it provides to strategic advantage. A few years from now, when we study this initial wave of IIoT adoption, this analyst expects that the leaders will have also excelled in managing change.

Strange perhaps to discuss management of change (MOC) at a technology conference, but ARC did just that last week at its 22nd Annual Industry Forum in its “Digitization of Asset Performance Management” workshop. As the initial IIoT killer app, asset performance management will transform the who, what, when where and how of maintenance and operations. According to workshop moderator and ARC Sr. Analyst Paula Hollywood, “All the technology in the world will not successfully and sustainably transform an organization without including the people who perform the work and the work processes they employ.” Check out a blog written by my colleague, Greg Gorbach.

Management of Change Basics (MOC)

What’s the big deal? Change is all around us. It seems simple enough, so why aren’t all major change initiatives successful? Obviously, the process failed somewhere along the line. Perhaps it was in building the business case; drivers were not accurately identified or weaknesses and threats understated. Did an unanticipated change in regulations have an impact? A leading cause of failure is the inability to clearly communicate change to internal and external stakeholders. Timely communication to employees, partners, and customers is critical to obtaining their acceptance and collaboration. Technology can be the easy part. Getting people to change can more challenging, making workforce engagement a critical factor to success. Was the workforce not fully engaged in the process? They must implement the tactical aspects of technological disruption and deserving of a seat at the MOC table as their feedback is essential to sustaining change. Managers must identify the workforce leaders who will guide their peers and hopefully bring any resistors on board. Most importantly, failure to properly train the workforce in the use of devices, software, and work procedure jeopardizes success. Biting off more than can be chewed, so to speak, is another leading factor to change failure. Pilot and scale is a familiar term to IIoT implementers, meaning test on small scale, prove success, and grow it in size. For APM purposes, user case studies indicate this approach to be successful. However, this phased roll out approach becomes much more complex in large-scale deployment of new business models. Regardless of pilot size, the intended strategic objective(s) must be the impetus of the endeavor.

The consequences of failed MOC are enormous! Unlike previous industrial revolutions where machines displaced human work, the IIoT revolution replaces brain power with artificial intelligence. The challenge for digital transformers is merging humans and AI. The very nature of AI can create distrust between humans and the data generated artificially. That could be a demotivator for the workforce and potentially negatively impact productivity. It could also lead to increased turnover as unhappy workers seek to change their environment. Resources dedicated to the effort are essentially wasted due to the inability to leverage or scale. Ultimately, all these factors crush the bottom line.

Keys to Success for Managing Digital Transformation

In successful MOC, the most important responsibility for executives is to walk the walk, and talk the talk. They need to demonstrate the behavior they desire to implement. They must communicate the change loudly, broadly, and clearly throughout the organization with defined goals that set the vision for the organization’s desired state with a sense of urgency. They must establish a cross functional team representative of all constituents in the organization impacted by the change. The feedback from this team will have tremendous impact on change tactics. This team along with management should define the change milestones with KPIs that are both measurable and achievable. Last, but not least, celebrate the wins to instill a sense of achievement and nip resistance in the bud.

This is the first in a series of blogs dedicated to the Digitization of Asset Performance Management and MOC. Check back soon for more.

 

“Reprinted with permission, original blog was posted here”. You may also visit here for more such insights on the digital transformation of industry.

 About ARC Advisory Group (www.arcweb.com): Founded in 1986, ARC Advisory Group is a Boston based leading technology research and advisory firm for industry and infrastructure.

For further information or to provide feedback on this article, please contact lkanickaraj@arcweb.com

 About the Author:

Paula Hollywood

Senior Analyst

Paula's focus area is Asset Lifecycle Management and Asset Performance Management, specifically Plant Asset Management and Asset Reliability. She also contributes to ARC's Process Automation and Field System teams.

Paula's focus is on Asset Lifecycle Management, specifically Plant Asset Management and Asset Reliability. She has authored Worldwide Outlook reports in both of these areas of the Asset Lifecycle Management domain. Other areas in which Paula has been involved include Field Devices (Flow, Level, and Pressure), Process Analytical Chemistry, Intelligent Pumping Systems, and Laboratory Information Management Systems.

“Every generation needs a revolution.” – Thomas Jefferson.

 

Needless to say, technology has always given infinite revolutions for humans at every stage. Adapting to the changing technology has now become very important for all the business units in order to strike the competitive edge. Amidst this competition, we have also witnessed business that lately have adapted to this change. No doubt that this change will only bring a positive affirmation to success, it is imperative too, to understand the impact that it has on every single step.

Many new technologies like cloud services, augmented reality, machine learning, big data, Virtual reality etc. has completely changed the way the business and organization runs these days. There are many sectors who have become prone to use the updated technology in their day to day business.

 

Few such sectors are mentioned below:

 

Retail

The increased craze and sales through the online stores have left retailers to acclimate to the newer approach and serve the customers with what they want. In a first, the retail business are now choosing to go digital with touchscreen inventory, automated data store of all the products, easy information to the customers, new product placement design and the list goes on. The retails sectors have well embraced robotics, e commerce platform, drone delivery and many other technologies for better operations. The advancement has also reached to a level where entrepreneurs are using the latest heat map technology that will help them read the consumer behavior and measure the maximum time where the customer is focusing on.

 

Hospitality

Food is bliss. However, restaurants that just offer food and basic facilities now a days are not something that we choose for. There lies a greater degree of customer experience with smart technology. Many of the restaurants are choosing digital options like, digital menu, easy ordering of food, easy billing, and much more. While, food no doubt is the primary look out, the technological touch would certainly make a big difference. High end technologies like drone, food waste trackers, and hackathons are also being used to make things much easier.

 

Financial Services

There is a lot of scope for the technology to play around in the financial space. Owing to the criticality and accuracy of the work, hands down, technological interference to make the process easier is much required here. Lot of companies are now adapting to various technologies spanning from cloud services, financial software’s that can perform complex operations, digital signature to investments tools and you name it. In addition, usage of bitcoins, API’s, automated identity system etc. has taken the industry to the next level.

 

Manufacturing

Manufacturing is on the go. All the areas that operated manually without much technological touch, can now do wonders with the support of technology. This doesn’t just save a lot of time but also has a positive effect on the cost of production leading to increased demand. The usage in this field, is a win- win situation to both the manufacturers and the consumers.

 

Construction

What was once thought to be have required great manpower can now be done easily with the technology at minimal efforts and time. You can just play around with the supplies data and estimates. There are tools that gives predictive analysis, direction to work etc.

 

Life has only become easy with the technological revolution. However, this is not the end. There is much more to be witnessed and many more wonders to experience.