Digital Thinking Revolution
IT is going through thrilling times where organizations need to completely reinvent their strategic digital thinking and re-model the old ways to thrive in the ever competitive world of digital disruption which is at the cusp of a tipping point. It is no more adequate to just have a mobile app and a cool website to engage the customers, it takes much more than that. Organizations have to rethink their whole ecosystem and adopt digital as a way of doing business if they have to grip & retain the interest of the consumer.
In the greater digital scheme, SMAC and internet of things are going to play a pivotal role in shaping the modern digital enterprise: Social, Mobile, Analytics, BI & Big data, Cloud and Internet of things. Infosys has identified trends such as Plug-and-play factory, predictive asset analytics, enterprise mobility solutions, Industrial Internet, Connected cars, Digital aviation, Smart machines, 3D printing, Social manufacturing, Wearable technology etc.
Digitalization is everywhere for enterprises, be it the employees, customers or suppliers. Stakeholders expects a better experience each time they interact with the organization's systems. Digital touches every part of our life- the way we shop, communicate, socially interact with the world, experience things, explore, analyze and research. There has to be a holistic shift in mindset to address this development as the whole experience needs to be redesigned in a way which considers how a customer interacts with the products and its allied services. Organizations which are adapting to this rapid change will rule the roost in the new pecking order and the digital laggards (organizations slow to adopt digital thinking) will be devoured in this survival of the fittest episode.
Check here what some of the Digital Disruptors are doing:
- Connected racquets: These racquets come loaded with the latest sensors and are able to capture holistic second by second data of a player's game such as number of backhands, hitting areas etc. and these devices work with smartphones too. Clearly revolutionizing the game!
- Smart Aircraft Propellers: Engine manufacturers are using real time data from the jet engines to provide up to date invaluable data to airlines resulting in considerably reduced down time & maintenance costs.
- Disrupting the commute: BMW has launched DriveNow mobile app which helps its users reach the registered vehicles across six cities, disrupting the whole transport business!
- Wearable technologies: Google and many others have launched wearable devices which helps collect data of diverse nature having applications in healthcare, entertainment to retail.
- Commerce collaboration: Online retailers are teaming up with the courier service providers to enable rapid deliveries of online eCommerce purchases for its customers.
- Connected cars: Car manufacturers are coming out with ever smarter vehicles having sensors which drastically enhance driver safety e.g. if the vehicle senses an emergency situation it brakes automatically to possibly avert crashes.
Enterprises are jumping on the digital bandwagon and three clear patterns of organizations are emerging on the scene that we have observed:
• Laggards- Still undecided about the digital and for their own peril! These are the organizations in the sectors such as construction, mining etc. Organizations in this group assume that digital is not going to hit their business, but so did Kodak!
• Cautious Converts- Organizations in this group are testing the waters. Excited about the early mover's gains, these are investing in the tried & tested spaces. Needs to be a bit more adventurous though!
• Digital Daredevils- Proactively experimenting with digital customer experiences and on the forefront of the digital breakthrough. These organizations are redefining the very contours of the customer experience and capturing the market share and mind space in the process.
Mind Space: This represents the mind share captured by the enterprise through engaging the consumers by employing the digital differentiators in its armory.
Digital Maturity: Digital maturity comprises of two factors-
1) 1) Digital proclivity: This signifies the depth of investments in digital initiatives to completely revitalize the consumer engagement, operations and the partner network
2) 2) Digital Intent: This represents the seriousness of management's intent towards building capabilities (technical & managerial) in the enterprise
Digital has already disrupted various enterprises such as blockbuster, Borders etc. and it is high time the enterprises wake up to this urgency not only in the B2C but in the B2B space as well. B2B customers are also expecting same level of experience & delight that is being strived for by the B2C enterprises. Employees/ customers use various apps and productivity tools in their personal life and if the organizations are not ready to fill this gap in the enterprise space, their competitors will!
It's not anymore about just acquiring the clients but now the enterprises will have to acquire, delight and forge long lasting relationships with their customers using Digital at each step of the relationship building process, Be it using social & mobile technologies to acquire or using smart analytics to better engage client. One reality to which the enterprises will have to quickly adapt is that customer experience is the only key in this age of hyper competition!