Digital Transformation - Is it the right time for my business?

by Raja Sujith

Digital Transformation - Is it the right time for my business?

by Raja Sujith

Businesses are looking at embracing Digital Transformation in order to survive or outplay competition. The Digital transformation itself never defines a fixed target or horizon for you. Implement it right, you will keep achieving newer heights every day.

In this article, we will see a narration of how a small traditional business grows big by going digital. If you are able to map yourself at any stage based on your own business, you are ready to start and move quickly. As newer businesses have the advantage of starting directly at later stages, the existing businesses also need to be fast enough to catch up with the innovative digital ways of running their business.

Stage 1: Basic Level

This an old-fashioned shop. I am a normal customer for your shop. I make random visits to your shop and get what I require, pay my bill and go. You are manually writing bills. I usually wait in the queue to get things done. The shop does not have any special offerings to get my attention.

Stage 2: Digitization and Digitalization

You started using computers to improve your process. Moved all your inventory details to digital means. This is the Digitization stage.

Stage 3: New business model. Paying attention to the customer and what his requirements are.

Suddenly one day you started giving me reward points for my visit to your shop! Cool! You were able to get my mobile number to track the reward points and to use as my customer identity.

Stage 4: Improving Customer Experience

Without much delay, you offered me a mobile app to pre-order my items even before I visit your shop. Sounds great! I do not have to wait. You will get my things ready by the time I reach your shop. This is an exciting Customer Experience offered through Digital Transformation!

You also know what I usually buy, and you have the items always in stock! (use of Digital Enablers including Predictive Analytics)
Stage 5: New offerings. Improved Revenue.

You enhanced the mobile app to help me order many other items I used to purchase from outside. You are offering me all those goods from all those different shops, that too at my doorstep. These are new Business Models for you that bring More Revenue.

Stage 6: Embracing Innovation as a Culture

You started offering more! Your employees are finding better ways to offer business. There is a new Digital Culture in place.

As a new step, you are currently offering me cabs and movie tickets through your app! I get many offers to start using it and get used to it. (new Business Models)

I can offer these rides and tickets to my family and friends as well. They just need to install your mobile app. I can easily invite them all :). All of us will be rewarded once again. Ensures Customer Delight & also brings in New Customers.
Start your journey, if you have not. It’s not about where you are right now, it’s about the start and keeping pace. Your journey does not end at any stage. There are even more transformations to come. You will keep growing and achieving new heights.

All these are possible with strong customer-centric business models and operational process agility with Digital Backbone. You should either master them or partner with Digital Transformation masters to enable you to traverse this journey.