Like various glorified and big word jargons, Digital Transformation is the new big jargon around the globe. With growing competition and the demands of the consumers, it is almost impossible for a business to remain out of the digital league.
Digital Transformation is undoubtedly the way forward for any business — not just for adoption due to its fascination or the buzz but rather for improving upon the organization-wide efficiency, service delivery, and most important of all the delivery of adequate customer experience.
Understanding Digital Transformation for our Business
As rightly pointed out by Shri Mukesh Ambani, Chairman of RIL, that “In this new world, data is the new oil”. We all are surrounded by a huge amount of data around us.
Digital Transformation in a very simple format would mean proper collection and utilization of this data which otherwise is being dumped and not being mined properly. It is a simple adoption of new changes across your business to enable better methods of operations and better methods of delivering services to our consumers.
Said simply, but it could rather be a very challenging task at hand to ensure that everyone in your organization understands and embraces this new change but if rolled out properly would ease the lives.
From every aspect of your business right from management of supplier, ordering of goods, logistics, quality checking, order fulfillment, service or product delivery to the consumer, digital transformation requires the attention of all.
Digital Transformation talks about adopting tools and methodologies to bring a data-driven approach for delivering services to internal and external customers.
Stakeholders of Digital Transformation
As with every new adoption, it is very important to understand the target who is getting benefited from the adoption of digital transformation.
Digital Transformation affects Customers in enhancing their experience with your business. It brings a defined system for our Internal Customers helping them to increase their operational efficiency. A more clearer and transparent Leadership organization-wide supports in effective enablement of the workforce giving true value to the Investors.
Why Digital Transformation
(I) Know Your Data (KYD)
Running a SMART business means that you have defined measurable analytics to be looked upon while you plan to grow your business.
But what do you mean by growing your business? It simply implies looking at numbers and understanding the benchmarks.
Taking a real case scenario of a customer who visits your stores during the evening on a particular day of a week buying set of grocery items can be made more loyal by just establishing a personal message for him.
Implementing a simple ERP & CRM System as per the scale of the business can help you execute these tasks without any intervention.
Establishing a personal bond is ever more important these days to maintain and retain your loyal customers. A small message to him will capture a slight mind space in your customer (although for the slightest of time) but it’s a very small price for obtaining the extremely important space.
(ii) Quality Experience
Everyone is selling products from its store and yet not everyone is growing as fast as big giants like Walmart, Amazon. Obviously, they are doing something different.
What is that one different thing that businesses do in order to attract more and more customers? Quality Experience.
The experience that you give to your customers, the vibe that comes from your store is what pulls your customers over and over again and tempt them to always buy from you.
Delivering the correct experience at the correct location, at the correct time is very crucial for your store. Utilizing optimum location-based technologies in a small space to help your customers will earn a lot of trust and moments of enjoyment while shopping.
(iii) New Customers
Though it is very important to retain the existing customers, it is equally important to keep adding new customers. Identification of new demographics, new trends, the new territory becomes critical. If this strategy is properly supported by your own data analysis it will make it easier to fetch new customers.
Multiple stores come out with multiple offers on their products and services but how do you ensure that this message is correctly passed so as to help you get new customers. Well defined digital platform can help you a big time to spread your message to the correct audience at the correct time.
Remember, a slightest of change if thought properly can help you reap enormous of benefits.
