Businesses are increasingly using digital technologies to create greater customer interaction and collaboration across all possible channels. Enterprises are producing directed and relevant content to capture digital audiences and engage them in meaningful conversations through digital channels.
The digital revolution has changed the paradigms of global connectivity and customer empowerment. Enterprises are undertaking significant transformational exercises to become digitally relevant and create competitive differentiation. Operating business models and customer value propositions are being innovated to create digital enterprises. These ensure customer and community engagement, omni-channel integration, digitally driven supply chain, connected workforce, and analytics driven business insights. The digital enterprise of tomorrow will create an exceptional digital experience through integration of multiple technologies and capabilities like, social, mobile, cloud, analytics, rich media content, e-commerce, and integrated market management. The transition of current day organizations to digital enterprises is the biggest transformational wave to have hit the industry yet and is all set to change the ways in which businesses operate.
The digital revolution continues to positively affect the daily life of individuals and is changing the way we conduct business and commerce. Statistics about the phenomenal mobile growth confirms that 93 percent of the total global population is connected by mobile, 26 percent is on social media, 35 percent is already connected through the internet, and global broadband penetration stands at 21 percent. This widespread connectivity presents new possibilities and business opportunities that were unthinkable earlier. While digital revolution is making rapid progress, traditional operating models have matured and have implemented time tested procedures and policies, which continue to add business value to organizations. The winning organization of the future will be one, which most effectively integrates the digital strategies with proven business models, to create new strategic models for enhancing consumer interaction and experience.
The shift in the global business ecosystem from ‘systems of record’ with focus on data and information to ‘systems of engagement’ through knowledge creation and dissemination by leveraging pervasive social media, ubiquitous mobile technology, explosion of big data and upsurge in advanced analytics. Globalization of business made possible through disruptive changes in communication technology moving from an analog to a digital world and growth in internet has catalyzed the rate of transformation of business enterprises. Innovative ways of engaging consumer and community using multiple communication channels have evolved that were unthinkable earlier. The information deluge through multiple channels have provided an opportunity to new age enterprises to analyze this information and draw critical insights, which were not possible earlier. It has enabled enterprises to evolve strategies for engaging and servicing its clients in innovative ways by leveraging the digital ecosystem. In order to facilitate the pervasive adoption of digital strategy as part of their overall business framework, enterprises are focusing on the core and unique proposition of creating an exceptional digital experience for their customers. Businesses are increasingly using digital technologies to create greater customer interaction and collaboration across all possible channels. Enterprises are also producing directed and relevant content to capture digital audiences and engage them in meaningful conversations through digital channels. Dynamic analysis of web, social and mobile data is undertaken to identify customer behavior patterns and offer compelling products and services that have increased propensity to transact over e-commerce. Designing integrated digital journeys is another instance of enterprises trying to enhance the digital experience of their customers. Enterprises need to address three key questions to help formulate their digital strategies:
- What are the best tactical approaches to identify and engage potential customers digitally?
- How will an enterprise address the rising demand and needs of their customers, business partners, employees and other stakeholders digitally?
- How can enterprises measure their return on investments of their digital efforts?