The object of importance to any business is its
product or service that it provides. But what is more important to a business
than what it started for in the first place? It’s to make sure that the
potential customer/consumer is aware of them as a company and their product;
this is where BRAND comes in.
Digital Transformation takes Digital Literacy to a
whole new level. But is it the next big thing for brand building?
Why is a
brand important in the first place?
Firstly it helps people relate to your
organization. Secondly it leads to increase customer leads. It also increases
the first time customers.
According to study conducted by the MIT
Center for Digital Business and Capgemini Consulting,
“customer services can be enhanced significantly by digital initiatives”. This for a business implies:-
·
Quicker solution to consumer
faced problems.
·
Ability to know what the customer
wants and provide them a better customer experience.
·
Better communication with your consumers
and employees. In fact
according to study by Deloitte 93% employees want digital transformation.
What are
the advantages of Digital Transformation for a business?
It will give access to new markets, and increase
opportunities of business expansion. In most organizations CIOs will lead
digital transformation. The boon of digital transformation is that now the CIO
is closer to the customer and the market through ‘paperless’ , organised and
analytical record of the market, sales, and customer management.
What does
digital transformation mean for a brand?
According to the study by the MIT
Center for Digital Business and Capgemini Consulting
“Companies with a strong brand are
able to leverage it in related offerings. Through mobile web, social media, new
digital businesses and other digital initiatives these companies can extend and
strengthen their brands, building additional points of contact with customers”.
Additionally even if the brand is not a strong
one, such digital initiatives can empower it.
How to
get Digital Transformation?
According to an article by Mckinsey there are nine
basic questions you must know to get grasp of it:
1.
How well do you know where change
is occurring?
2.
Do you know which customer
journeys matter?
3.
Are your teams collaborating
across functions?
4.
Do you have a disciplined ‘Test and Learn’
approach?
5.
Are your budgets tied to progress?
6.
Do you have mechanisms to challenge ideas?
7.
Are your people empowered to act?
8.
Is your IT operating at two
speeds?
9.
Are you coordinating a portfolio
of initiatives?
Based on this article in my opinion these are the
major question you must know answer to for a digital transformation of a
business to a brand:
1. Do you have a plan for the
digital initiative?
There is no guarantee that a plan will always work
even if it is well thought of. Which is it is important to be well aware of the
market and sectors with revolutionary changes, so as to seek the opportunity.
It also helps to have a team of Digital and business professionals to help
mould a successful initiative.
2. Do you have the budget?
From the inception of a digital initiative to its
execution, the expected investment will often exceed the realized investment.
Thus a thorough analytical study of data must be done to ensure that the return
on investment of the initiative is plausible.
3. Do you have the IT skill set?
According to the MIT
Center for Digital Business and Capgemini Consulting,
50% firms have ineffective IT for digital transformation. This organizational
skill gap is barring several companies to opt for digital transformation.
Digital
Transformation is the Future for Brand Building
According to a study conducted by Deloitte 45%
feel that their organization has gained ‘digital maturity’ with digital
transformation.
Another study by Accenture suggests that customer
experience is the heart of digital transformation, creating more aware products
and services. With 40% organizations believing that they are ready for Digital
transformation.
With a more educated approach available for
product awareness, customer experience among several other advantages, digital
transformation is going to take brand building to a whole new pedestal.
No comments:
Post a Comment