Today we are living in an age where customers have extremely high expectations from businesses. Businesses are beginning to understand that customer experience is gathering increasing importance, with many believing that very soon it will become even more important than the product.
What needs to be understood is that varied services across the spectrum are what customers are looking for. Interactive experience is what companies should be giving attention to. Consistent positive interaction is important for businesses to succeed. What we are talking about are millions and billions of interactions and users. Businesses should learn from every step of the navigation path. The insights gained from this are valuable when they are coupled with effective data analysis.
Digital businesses must be able to place themselves in such a position so as to be able to engage well with customers – customer experience should be well-managed. Business models which are new and emerging should be given attention – it is important to recognize the strategic importance of these models. Monetization options like mobile payments should also be looked into. A balance needs to be struck between crafting the future and utilizing the past.
It is to be understood that regardless of whether it is systems of engagement which are outward-facing or systems of record which are inward-facing, data reigns supreme. Closing the loop easily should be the target of digital business efforts. The proper integration of business functions with IT function is necessary for success. Agility of the digital ecosystem can be enhanced using process redesign. For transformation, the examination of processes needs to be carried out by organizations.
For success, digital businesses need to be people-centric and not just focus on IT and processes. Being able to provide great customer experience is extremely important, along with management of monetization. Cloud and mobility are also key factors for success. Agility is also a factor – for a business to be agile, it has to go through agile development.
At the centre of digital transformation is Customer Experience Management (CXM). Experience is even more important than the product’s/service’s value in the digital world. Being customer-centric and achieving digital success is all about knowing how to engage with customers the right way and providing a great experience.
New business models for engagement with customers will have to be looked into by digital companies. This might involve the active breaking of current business models for engagement with customers. One need not stick to ‘standard options’ – one can actually craft unique solutions and make a digital signature. This will require the business to stay committed to the approach and feed it with investment and research. Businesses should also be able to adapt with lightning-speed.
The past is a huge reservoir and so is the future – the right balance of both will lead to great success. Cloud, mobility etc offer a spectrum of opportunities and chances for experimenting with fresh models. In short, a business should be able to easily roll out, test, followed by a launch and a re-launch. Development of services-oriented digital solutions is important for success. The digital transformation may take some time – therefore commitment and focus should be consistent throughout the journey.