Digital platforms are changing the world. Some industries like retail more than others, predominantly due to its impact on shopping experience. Can other industries be disrupted at the same pace? So how can you make your digital investment to generate returns? Remember at the end of the day, it is a journey and how you design and plan your journey will impact the outcome. Below are a few considerations that may help simplify your digital journey.
Holistic strategy matters
Strategy to go digital will differ based on the context and the ultimate organizational goals. One of the key lessons I have learnt over years, is that one size shoe does not fit all. And the sooner you adapt to this fact the better. Context matters aka industry, complexity, stakeholders, customer segment, current capability etc. What works for Amazon may not work for a healthcare company. Understanding the whole precedes a digital strategy which will be successful for the organization. Understanding different aspects of an organization as a whole allows assessment of the impacts of strategy on those variables and vice versa. E.g. how does the strategy affect security and vice versa, what privacy considerations need to be factored in while creating the strategy.
Impact of digital experience on the core business model matters. Identify it upfront. Digital may not be the only avenue for a company’s profitability. It is one of the means. Identifying the amount of investment that is required in Digital, as a technology and channel, is the key to successful execution of the strategy and its outcome. How would you define success factors or ROI for a digital implementation? In terms of brand value, marketing, operational efficiency, customer experience or innovation?
Clarity!! Clarity!! Clarity!!
A good strategy is a balanced union between the long term and short term view and how to get there in phases, based on organizational priorities. Ultimately it is about the business model, customers and operations that in turn drive revenue and profits and how you compete in the market with other players.
A clear vision with a clear road map will guide an organization through the digital journey.
Build a strong foundation with future in mind
A clear digital strategy with strong data infrastructure (includes all things data and analytics) will form a strong foundation for the internet of things or future AI initiatives. Ensuring a strong foundation will allow for ease of any future constructions on top of it as they evolve. Keeping systems and applications loosely coupled and dynamic will guarantee future integrations dynamic and seamless. Amazon has learnt how to harness this factor effectively, in the near term. Companies that can create their digital expertise and value with ease will be at the forefront of digital world. Build fast, fail fast and learn fast. Reinvent and reuse as often as possible.
It’s all about the customers
Core value of digital experience is to gain or keep customers and as a channel to offer products and services. Customer experience with enough focus on user experience. KISS and ease of use is the ultimate philosophy when it comes to customer experience. It’s all about creating innovative, elegant and integrated solutions. Making customers life easier should the core mantra driving customer experience. Period.
Simplicity drives results
At the end of the day, digital experience is all about delivering simple and useful experiences via products or services, with finesse. It’s all about simplification. It is a means to the customer. Today it is digital revolution, tomorrow it will be something else, but the common factor “customer” remains. It always has in the business world. It is about delivering outcomes. Digital transformation simplified. QED (Quod erat demonstrandum)