"Digital Transformation" means a lot of things to a lot of different people. If "Digital Transformation" is anything, it's complicated.
In the interest of "demystifying" it a bit, I wanted to write what effectively will be one of my most "deliberate" blog posts to date but hopefully one of my most helpful / useful as I get this question A LOT..."What exactly is this whole 'Digital Transformation' thing all about?"
The word "Transformation" has to do with "becoming" something else aka modernizing the way F1000 businesses operate, market and drive growth given the available tech, data, digital tools etc.
To modernize their companies, C-Level executives focused on "Digital Transformation" turn to us when they need help answering the following 12 questions:
- Data Strategy: "How do I make sense of all available data and increase the velocity of 'insight to action to value creation' for our customers?"
- Growth: "How do I acquire more customers, increase accounts per customer and reduce customer churn?"
- Personalization: "How do I modernize my approach to telling stories and creating meaningful connections with customers to deliver 1:1 personalization across all physical/digital touchpoint at scale?"
- Descriptive --> Predictive: "How do I transition our focus from descriptive to predictive and implement a real-time feedback loop to guide 'Next Best Action' (NBA) across my marketing organization?"
- Cost Reduction: "How do I reduce costs of BAU (i.e. servicing existing customers), especially repetitive and time-consuming "human" efforts so these folks can focus on higher impact work?"
- Growth: "How do I scale my business without adding headcount and doing so in a way that pays for itself?"
- Innovation: "How do we get closer to our customers, create more net new value, faster?"
- Corporate Strategy: "How do I modernize my approach to 'buy vs. build vs. partner'?"
- Enterprise Start-Up: "Can you help us build a "___", like a start-up in our space would?"
- Practical Application of AI: "How can AI lower costs, improve an existing customer experience or enable a new experience and the associated new revenue stream?"
- Product Roadmap: "How can I enhance our product roadmap by accessing world-class talent, on-demand without the risks associated with adding expensive headcount?"
- Reduce Costs: "How do I reduce wasteful overspending on unnecessary resources and technology?"
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