The article that I chose to write about was an interesting text wrote by Nick Ismail. He focuses on what is digital transformation in business. What even is digital transformation in business? Digital transformation can be broken up into many different types of initiatives but, it is mainly broken down to changing how a business interacts with customers using technology. We want to improve internal processes using technology.
There are many great examples of digital transformation in business. Now there are technologies such as artificial intelligence (AL) and machine learning (ML) which are helping brands like Burberry improve customer interactions through data insights. There has been improvement throughout companies around the world. Of course, big names like Google and Apple have focused more on developing AL systems that will increase their customers in many different ways. However, the problem that keeps companies from successfully improving themselves is the process of storing all the data they have available to them. Businesses need to focus on data quality, not quantity.
According to Nitin Seth, CEO of Incedo, he says to be successful with digital transformation “the starting point has to be the customer.” Everything that business try to change is always for the customers because that’s where they make all their money. Digital transformation allows the business to engage customers more effectively. In the article they use Fidelity for an example. They inform us that in the past the asset management company would sell through advisors. But now, they have the opportunity to sell to the investor and customer directly, so they can bypass the advisor.
Digital transformation is not as easy as some may think. It is a complicated topic because it is important for a business to understand who should lead digital transformation. The common question that is asked is should the CIO, CEO, OR CTO lead the role, or should there be a new role created? The problem about this role is that it cuts across marketing, technology, operations and finance. Once one person tries to lead the role, it will start to cause problems. Well-known companies like Google, Facebook, and Amazon have mastered it and the whole company is organized around delivering on customer problems.
Finally, if businesses do not focus on this situation, it is a question of survival and probable. Everyone has experienced stores going out of business and there is one common reason for it, online companies like amazon and Netflix. These companies are being challenged because their online companies have lower cost, higher convenience, and better customer service.
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