WHAT IS ENTERPRISE TRANSFORMATION?
Enterprise transformation describes the change that is taking place in large companies to deliver better customer experiences. Customers today expect highly personalized products and services to be delivered faster than ever before and without hassle. This expectation requires organizations to make a meaningful change in the way they operate.
Enterprise transformation requires a different approach when compared to the typical innovation projects of the past. Investments have to revolve around delivering an exceptional customer experience.
Some companies are looking to new technology, solutions, or even data in order to deliver what customers really want. These are the three most common types of transformation.
To successfully transform, lasting changes are needed in the mindset, people, and processes of the business. This level of change across a complex organization requires a clear strategy and often a multi year plan to get there.
WHAT IS DIGITAL TRANSFORMATION?
Technology is changing customer expectations.
Widespread access to the internet, mobile devices, artificial intelligence, and virtual reality are a few of the digital advances that are driving a global shift in consumer behaviors. Today, customers demand products that are easy to use and hassle free. Services must be fast, responsive, and personalized.
WAYS IN WHICH CUSTOMER EXPECTATIONS ARE EVOLVING:
1. Digital
Pervasive access to the internet is changing how customers interact with products and services. Products that were traditionally analog are now increasingly incorporating technology to provide better functionality and performance.
Holistic
Customers determine their overall level of satisfaction based on the complete experience not just individual products and touchpoints.User-centric
Customers favor intuitive applications that enable them to achieve the desired outcome quickly and easily.
DIGITAL TRANSFORMATION EXAMPLES
1.] Finance
In the finance industry, customer preferences increasingly favor digital banking services.
2.] Insurance
Consumers today expect a self-service approach that lets them manage their insurance policies online.
3.] Healthcare
The concept of technology-enabled care is gaining traction in the healthcare industry as a way to improve the quality of care through better access to data. Examples include mobile health applications, wearable technology devices, and predictive analytics.
Organizations will not be able to achieve lasting success by relying on technology alone. An enterprise-wide transformation is required that changes the fundamental DNA of the business and delights your customers.
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