Digital is in every executives’ conversation today. Can my business be Uberized? What can I do to bring more digital into my company? Could the answer be to appoint Mr or Mrs Digital or the new trend of hiring a Chief Digital Officer (CDO)? Having a project manager like this might be a good thing with a view to getting things done, but then, will it be enough?
You will have to demonstrate what your digital powers could bring. You will also have to lead the digital journey across the entire company. Again, the new black for CEOs!
What will your digital powers be? Digital will help you to provide a closer client experience, post-industrialized operations, client-centric and enhanced processes, data-based business analytics and last but least clear and continuous innovation in your company.
Will it be easy? Not at all. Let’s take a closer look at each topic.
Digital power number 1: Client experience
We are moving from a broadcast client relationship to a personalized one. Client group targeting was a good move to improve the client experience, but it’s not enough in the 21st century. Even bi-directional relationships is a late move. Today, clients are expecting a context-based conversation with valuable and relevant information. This improves the transformation rate and impacts client satisfaction. Let’s give these conversations a try! Google can push context-based ads because they are able to get all the relevant information about our needs.
Digital power number 2: Operations
Operations could be part of your competitive advantage. Tailored operations came first then industrialized ones.Then it became increasingly difficult for companies to mutualize. With digital operations it will be a matter of leveraging software! Logistics, production and flow will be mastered by software-based operations. Look at Amazon’s success, their logistics chain is astonishing. You need a school book for your daughter’s homework in less than one hour? I tried Amazon Prime Now in London, it’s crazy!
Digital power number 3: Process
Recently, I keep coming across new “lean projects” to improve processes and then automate them. That kind of project is useful for sure and reminds me of 20th-century habits. Digital will deliver customer-centric processes. Paperless, with no overheads and built in continuous improvement and iteration. An insurance company launched an iPad based solution to sign your new contract. No more paper, after your agreement you will have it in your inbox.
Digital power number 4: Data
We are creating more and more data every day, obviously in a digital world. Yesterday’s companies did not use to keep all their data. Today, you have to keep all of it and do more! You have to measure everything to improve your knowledge and find new insights about your business. Advanced analytics is the first step, think of it in real time! You might find hidden or uncovered patterns, unknown correlations, market trends or customer preferences. A retailer was surprised to uncover a shopping pattern typical of pregnant women. In their first month, they switched from scented to unscented lotion.
Digital power number 5: Innovation
I previously mentioned the Dawn of creative innovators. Innovation is the only key to survive in a digital world. And not just innovation, it has to be continuous. The good thing is, with digital, it comes at a marginal cost, thanks to the Cloud. So, keep building your continuous innovation capacity and innovate more and more all the time. The example I love most is the Solar Impulse story. This project started in 2003 first for the challenge and also to improve the partners’ pace of innovation (like Solvay). Now Solvay is one of the most advanced chemical companies with enough innovation to build a solar powered plane! Impressive, isn’t it?
Beware! Unleashing your digital powers could very well lead to success! 🙂