What is digital transformation?
Digital transformation is characterized as the joining of advanced innovation into all regions of a business, powerfully updating how it works and providing worth to clients. This is a drastic reconsideration of how an organization can employ technology, personnel, and processes in order to drastically improve its financial performance.
Businesses all have differences when it comes to digital transformation, depending on their challenges and needs; however, there are a few factors that any company should contemplate when beginning the process. Transforming business to align with digital advancements is digital transformation.
Different factors shape the extent of digitalization for something. It includes the following:
- Technology – It influences businesses with significant benefits on the operations, as well as certain complexity levels of its integration.
- Demand – Customers are the ones who demand and they now expect a shopping experience that is seamless and intuitive.
- Behavior – Consumers directly impact behavior, who have expectations while shopping when it comes to your integrated technology.
Key elements of digital transformation
Technology is rapidly evolving, and “Digital Transformation” is used to describe how businesses shift away from conventional practices to incorporate the latest advancements. It may include new forms of communication, data management, and product development. Nevertheless, there are crucial components that can assist firms in developing superior examples of digital transformation strategies.
These are the essential qualities that make up exemplary digital transformation cases.
- Plan a digital business strategy – It is vital to outline an effective digital transformation strategy that defines the end goals of your business.
- Proper customer engagement – Your business should engage with customers by understanding their needs and aligning service to their requirements.
- Define the process – A process plays a very important role in creating successful digital transformation examples.
- Implement the right tools & technology – It is essential to adopt the right tools and technology based on your business needs to deliver an excellent customer experience.
- Make data-driven decisions – Using data and analytics provide actionable insights that help in evidence-based decision-making.
How digital transformation impacts businesses?
Digital transformation can be advantageous by leading to higher conversion rates, promoting stronger interplay between customers and the company, and allowing the business to gain an advantage over rivals. However, there are key areas where digital transformation has a significant impact as follows:
Increased revenue
It is essential to revise the sales procedure when implementing technologies related to digital transformation. By utilizing digital technology, a company of any size and in any industry can access a larger market and reach a greater number of people.
Unified customer data
Making the customer experience smoother is a shared objective for the digital transformation platform. When all of the relevant information is aggregated and organized, it makes it quicker and more efficient for customer service representatives to address customer requests in a timely manner.
Optimized workflow
Digital transformation is all about efficiency and connectedness. Companies that are really pushing their digital transformation strategies will see improvements in areas such as increased collaboration between employees of different ranks and better management of performance.
Improved customer experience
Customers are the most important stakeholders of any organization. Digital transformation aids companies in providing outstanding interactions with customers, thus assisting them in a superior manner. Data Transformation (DT) helps to streamline the process of linking customer data across the entire organization into one central source.
Decreased operating costs
Firms are always attempting to increase the productivity of their operations. Through the digital transformation of the business model, tasks can be finished more quickly, unneeded steps eliminated, and additional features added, resulting in a decrease in operating costs.
Best digital transformation examples and key takeaways.
When companies properly engage in digital transformation, they can reach unprecedented levels of expansion. If you don’t have any plans for digital transformation, take a peek at some of the most successful instances of digital technology and discover how they stay ahead in the international market.
A lot of organizations have demonstrated the potential of digital technology by utilizing the current technology to accomplish their objectives. See what strategies businesses have implemented for digital transformation and the successes they have had.
1. BFSI – Commercial Bank of Kuwait (CBK) use of video chat
Digital transformation is completely revolutionizing the entire BFSI industry. They are placing a lot of emphasis on using video collaboration in order to generate enduring connections between businesses.
The Commercial Bank of Kuwait could be seen as a prime example of digital transformation.
The bank implemented REVE Chat’s face-to-face video chat solution. The objective of the team was to raise customer involvement via internet banking activities and provide a modern digital banking service.
The bank has observed more users accessing their services remotely and cutting back on the amount of contact required to answer queries.
Key takeaways
- For communicating the technical concepts and complex form fill-up, combining video chat and co-browsing can deliver effective solutions.
- You can develop friendly communication with customers that positively impacts customer relationships and deliver faster responses in real-time.
2. Virtual Collaboration – Use co-browsing to improve CX
Utilizing the advanced co-browsing feature makes it possible for agents to avoid the tiresome back-and-forth inquiries that are necessary when the representative is attempting to discover what the customer is actually seeing. Is it the wrong link? The wrong tab? Is it the wrong website altogether?
These are the most recent innovations occurring in the area of co-browsing.
- Co-browsing for mobile apps – Worldwide, 75% of all internet usage originates from a mobile device. Co-browsing technology is being adopted by new markets where mobile apps offer real-time customer support.
- Visual customer assistance – When a customer needs assistance, co-browsing allows the agent to see what is visible within the customer’s browser. However, visual support goes a step further by allowing the agent to see the customer’s physical environment via their smartphone.
- Enhance interactions with AI – In case a customer reports billing issues, AI bots can interact and collect basic information & needs and then refer to the live agent. With co-browsing, the agent can view the customer’s bill within the browser and guide to the billing page.
- Cobrowsing for field services – Using the solution mitigates the training gaps of novice technicians, allowing remote experts to walk them through complex repairs.
- Cobrowse in between customers – Customer-driven community is useful for CSP subscribers who need help with technical issues. Adding co-browsing technology to these forums would boost engagement and provide a higher level of assistance to customers.
3. Food & Beverage – Domino’s chatbot implementation
Chatbots utilizing Artificial Intelligence (AI) are accelerating companies to unparalleled heights of food safety, providing increased trackability and cutting down costs in the various food production steps. Exploiting the advantages offered by digital transformation, the Food and Beverage sector can ascend to its maximum potential.
Domino’s Pizza has become a premier pizza carry-out chain worldwide and has demonstrated an impressive digital transformation. The objective was to provide individuals with fresh, hot pizzas directly.
Here are 10 examples of companies from different industries that we think are making an interesting digital transformation:
1. Fitness
Barry’s Bootcamp began in Los Angeles, California in 1998 and they proudly consider their workouts to be the greatest in the world. The company now has a presence in 12 nations throughout the globe.
They are proud of their eco-friendly studios, each of which possesses its own distinct features, as well as their renowned “Red Room” for high-intensity and weight-lifting exercises.
The people who join Barry’s are just as significant as the exercises, and without the chance to work out in person or connect with one another, they have thought of different innovative strategies to keep their fellowship.
The people at Barry’s have begun a novel endeavor known as “Barry’s At Home” that provides daily exercise classes regularly through both Instagram IGTV and Instagram live streaming.
Working together with different fitness instructors and mentors to offer these complimentary sessions to people helps keep up connection with their locality, pulls in new likely customers, and also advances the brand understanding and reputation.
Source
2. Art
The Courtauld Institute of Art opened its doors in the 1930s in London, England, with the intention of offering instruction and scholarly instruction to those in the art industry.
The institute located at Somerset House is a hotbed of artistry and education, with an art gallery, a variety of courses for both undergraduate and graduate students, and short workshops for both children and adults. Additionally, there is a library and research forum.
Due to the lockdown, the institute was forced to shut down their building, so it transitioned their workshops and teaching to an online format. The Library has changed to provide a digital service, giving students and faculty the ability to utilize digital resources such as electronic periodicals and digital book selections.
The Library department is offering assistance and direction electronically, in their Virtual Learning Environment and also a new chat option on the Library website, helping individuals find the materials they need as well as increasing the digital resources available in the collection.
Source
3. Travel
Blue Bay Hotels & Resorts is one of the early Spanish hotel companies to reach customers beyond Spain’s national borders, with more than 60 properties located in Europe, the Middle East, North Africa, Latin America, and the Caribbean.
Given a large number of people coming and going, the cleanliness of any hotel must be a priority, especially going forward.
As a result of this, the Blue Bay team has taken action toward implementing a digital transformation to decrease the possibility of microorganisms being passed on through the use of advanced contactless tech.
The hotels now have self-serve reception kiosks for check-in and digital menus that can be accessed through a smartphone QR code.
We are installing an RFID electronic lock system instead of using room keys, and the amenities within the rooms can be accessed by voice commands.
Source
4. Beverages
Anheuser-Busch (AB) InBev, the biggest beer producer on the planet, has put a lot of effort into modernizing its entire operation over the past 12 months.
They have designed a B2B mobile app for the benefit of their retail store collaborators that utilizes an algorithm to advise when re-stocking should be done, facilitating simplicity for convenience store workers and store administrators to make new orders.
At Beer Garage, a tech innovation lab from Silicon Valley, artificial intelligence, machine learning, and the internet of things are all employed to improve the customer experience. This includes the utilization of these technologies to keep track of quality, quantity, temperature, and numerous other aspects for each batch of beer brewed.
In answer to the limitations brought about by the COVID-19 pandemic, AB InBev implemented several internet-based initiatives to maintain a sense of cheer among those who use their products.
This involves real-time physical fitness classes funded by Michelob Ultra, virtual culinary lessons brought to you by Stella Artois, and an online country music concert series organized by Brahma.
Source
5. Finance
Nomura Bank, the Japanese financial holding company, offers to finance and investing services to their patrons in not just Japan but also in different parts of the world.
A lot of the established finance sector still works in an analog way; for instance utilizing physical paperwork, paper-borne strategies, and antiquated regulations that necessitate tangible signatures.
Nomura is taking steps to fix this by putting their data concerning markets and customers onto digital forms and using artificial intelligence and machine learning to gain an understanding of the market.
They implemented a private cloud solution and worked together with other companies to merge digital resources with established investing strategies and substitute ancient systems.
Source
6. Education
New Oriental offers educational services in China by having a great number of schools, bookshops, and learning facilities spread out over the nation.
The institution provides teaching services starting from primary school up to high school, with courses such as foreign language, prepping for exams, and extra-curricular lessons.
After shutting down their physical classrooms, New Oriental teamed up with Agora.io’s interactive streaming platform to be able to switch over easily to their virtual version, called the “New Oriental Cloud Classroom”.
The cloud-based classroom is capable of adjusting according to a varying level of usage, is dependable, and is able to accept large amounts of data and sudden surges in demand.
This gives educators the ability to communicate with their students in individual or group settings, and also allows the students to collaborate in smaller groups, just as they would if they were to tackle a group assignment in person.
7. B2B Sales
Located in Sydney, Australia, Perenso focuses on providing sales solutions and regular tradeshows with an eye to helping their customers optimize their selling practices and maximize returns.
At the Perenso Trade Show, big distribution companies and vendors can meet, converse with other participants and buyers, highlight their items, engage in agreement and win new contracts.
The inability to host a trade show would cause a decline in proceeds, so Perenso put together the Perenso Cloud Show quickly as an alternative.
By taking this route, distribution companies will still be able to extend their reach and enhance their visibility, vendors can communicate with participants remotely, and revenue can still be produced, leading to a gain in investment.
Leave a Reply