Challenges of digital transformation
1. The times- they are a changing. Customer is thenew king!
Gone are the days when you could feel happy about owning a factory that produced huge volumes. Those were the times when the populace meekly accepted the identical goods that you dumped on it. Not anymore. Stiff competition has forced industries to utilise the advances in communication to actually have a dialogue with the consumer. So ‘customise’ is the new mantra.
2. Twenty-four seven, I think of you!
Much like a pampered child, the customer wants things that will drive you crazy if you do not take measures in anticipation. For example, the Indian Railway Catering and Tourism Corporation (IRCTC)has had to facilitate online cancellation of reservation tickets purchased in hard copy from offices. The trouble with counter-cancellation was that the offices closed at 8pm. However, widespread internet access had enabled travellers to make or cancel plans at the last moment.
3. Business models are not static anymore
Those who have monitored the descent of Nokia, the number one manufacturer of mobile phone instruments a decade ago, into irrelevance- know this harsh reality. Today, business models are evolvingexponentially and redesigning markets. No matter how sturdy the Nokia handsets were, the customer got hooked to touch-screen phones
4. Fishing for the right data
What with the plethora of market research, data is readily available. However, the wise approach would be to identify those data points which are would yield results. For example, while Nokia kept itself busy recalling handsets for doubtful batteries, thinking it was earning customer goodwill, the customer defected to smart-phones.