Financial and consumer ROI demands that business leaders understand the drivers and dynamics of digital transformation and big data. Kevin Sigliano explains why disrupting value propositions and continuous innovation are critical if you wish to dramatically improve the way your company engages customers and creates value and maximize financial results.
Today, all consumer journeys are vastly dependent on digital touchpoints and require companies to develop digital excellence strategies if they wish to grow and increase financial return. Leading companies must take a data-driven, omnichannel approach with a customer-centric scorecard or they risk facing disruption. Over 50% of Fortune 500 has suffered this digital tsunami in the past 15 years. However, digital leaders must embrace the opportunities of the cognitive age and understand the hypervalue of data and real-time insights. In most sectors, companies are implementing greater predictive capabilities for brand, customer, and business development, using advanced metrics with digital traceability.
Today’s customers are worth much more than the mere transactional profit; they also build brand reputation, attract new customers, and increase the value of future customers. Business intelligence means understanding every stage of the consumer experience. But knowledge alone is not enough. It must be accompanied by the right strategy and execution. Your digital transformation strategy must review the entire value chain throughout all stages of the customer journey. The chain has to be solid, and agility is imperative. It cannot take 24 or 48 hours to identify an area of friction with the customer because the profitability of the business cycle depends on speed and efficiency.
In addition to enabling greater operating efficiency, streamlining the value chain, and delivering true business intelligence, the new technologies will enable the leap to new business models. Defining metrics for each decision and action undertaken is fundamental to maximizing the business and obtaining competitive advantage. Today, technology makes it possible to trace, interpret, and cross-check everything with other data in real time.
In short, leading companies must embrace the full breadth of the digital transformation process. Only then will it be possible to overcome the current poor ratios that, according to studies by Forrester, indicate that only 37% of companies really understand their customers’ needs and only 10% of companies have smart real-time strategic capabilities.
Kevin Sigliano is a professor of digital transformation and entrepreneurship at IE Business School. Kevin is also managing partner of digital transformation consulting firm Good Rebels. He has over 15 years of corporate experience in management consulting firms including PwC and IBM BCS. As an entrepreneur, Kevin has launched numerous startups; over the last 10 years, he has been involved in the international development of a smart cities and the digital signage company, Admira. He has always reserved a part of his time to do pro bono and educational work.
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