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In this hyper-connected age, digital tools & technologies (such as social, mobile, analytics and cloud) are profoundly affecting the way business is being conducted today and disrupted many industries.
Digital business transformation is organizational change through the use of digital technologies and business models to improve performance.
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Digital transformation is also about responding to the changes that digital technologies have caused.
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Digital business transformation is about strategies to engage & nurture relationships with ever increasing digital customers.
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Transforming existing business models to offer new digital services.
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Adding digital services to existing products, digitizing processes, and re-aligning incentives.
The following technologies are most significantly associated with digital business transformation:
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Social media tools and applications
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Analytics tools and applications, including ‘big data’
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Mobile tools and applications
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Platforms upon which to build shareable digital capabilities, like cloud solutions and app marketplaces
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The Internet of Things, including connected devices and ‘smart’ networks.
Examples - Digital Transformation Strategy? New types of business models? Transform existing business models to offer new digital services
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Visual Search - Instead of keying in a search request, customers take a photo of the product that has caught their eye, which they then order. The added value: it can be fairly arduous to type in text, particularly on small smartphone screens.
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New shopping experiences - In near future customers also expect entirely new shopping experiences, with augmented virtual reality, there are many opportunities for retailers.
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Through cloud applications, in-store displays or data glasses, the customer will instantaneously be brought into the universe of a brand: one might access a wider range of offerings or develop their own design, tailored to their needs.
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WeChat & Whatsapp Integration
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Create more effective and personalised messages & offers - Customers want personalised messages and offers, by using data analytics consolidated across all touch points and assesses the results in real-time.
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Predicting customers’ purchasing behavior, presenting tailored offers, and devising personalized promotions for loyal shoppers across all of its channels.
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Orchestrate bidirectional communications through each available channel – whether this is email, website, SMS, direct mail, social media, mobile app, point of sale, call center, or emerging channels out of the Internet of Things.
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Transforming existing business models to offer new digital services — such as 100Flowers selling via Facebook
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Inventing wholly new types of business models, from virtual currencies in selling digital data.
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Adopt the Apple Pay mobile payments
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For example, restaurants worry that a bad Yelp review can hurt the business. But if each employee is more perceptive, a server might immediately respond to a customer who appears to dislike an entrée and offer something else. That certainly mitigates the chances that the person feels compelled to post a bad review.
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Rapid stream of prototypes starting with the Minimum Viable Product (MVP) and subsequent iterations in order to figure out what will make the customer experience superior across all touchpoints.
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Digital-banking business targeted at emerging-markets millennials with a hypothesis that it would be critical to allow customers to sign in with their social-media accounts.
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Omnichannel experience and believe that their needs can be met predominantly through digital channel. Digital self-service Channels. Digital Self-Service channels