Today’s digital climate presents various opportunities for companies to transform business operations.
This is necessary in order to keep up with the ever-evolving nature of consumer demands, where expectations are continually elevated by technology.
New companies can enter markets quicker than ever before, and differentiate services around new technologies.
This has created an evolve or die like environment for businesses. Innovate or risk becoming obsolete.
Digital evolution has changed the way businesses interact with consumers, driven by today’s preferred communication methods.
Today’s smartphone culture has shifted consumer priorities, where people spend significant time on their mobile devices.
Companies can influence consumers with mobile business solutions, those which are most likely to meet user expectations.
This provides ample opportunity for a company to position its brand against competitors while promoting new products and services.
But how do you go from conventionality to modern principles?
This means implementing the right structures, systems and processes as you strive toward digital adoption.
This is easier said than done, but initiating a successful digital transformation strategy is a real possibility regardless of status or ambition.
Gaining inspiration from one of many digital transformation examples is a great place to start.
These often prove that digital transformation is not only a buzzword, but a tried and tested concept which has reaped positive results in the real world.
Here are some digital transformation examples instigated by companies that have had great success in today’s digital climate:
SAP – Prioritize Culture
Digital transformation is embedded at the core of modern company culture, especially with innovative companies who are shifting the landscape as it’s currently known.
Shifting organizational culture is critical to reaching digital adoption, a huge incentive for striving toward digital maturity.
When change is embraced as an integral element of company culture, staff are less likely to resist new initiatives and more likely to embrace things which would otherwise threaten them.
Staff should appreciate why and how modern concepts will benefit their working lives, and from an all-encompassing perspective translate to added value for the consumer.
A modern company culture, one that’s conducive to higher productivity, should focus on creating a fun, rewarding environment for workers.
When employees are naturally lifted they’ll be happier and work better as a result.
This is one of the most critical digital transformations examples because often companies leverage too much into technological developments without considering the human element.
This approach is flawed because it’s humans who will be asked to operate new technology, meaning their buy-in is absolutely crucial.
Your company culture should embrace its greatest asset – staff.
Let’s take a look at SAP as an example. Following the introduction of Jonathan Becher as Chief Digital Officer, SAP became grounded on the concept of company culture.
Preferencing the importance of culture was a proactive move which proved to be a critical component of business transformation.
SAP identified various cultural issues, two of which stood out above others.
The first of the two revolved around SAP’s need to embrace a hands-on approach rather than rely on external input from experts.
This birthed some internal tweaks which enabled staff to change, learn, adapt and grow their skill sets in alignment with modern technology.
This might have been time-consuming initially, perhaps detracting from everyday tasks, but from a proactive, forward-thinking perspective nothing could have been more important. Equipping staff with the tools they need to be successful in a modern world.
But if that wasn’t enough of a cultural shift, SAP then addressed its inability to embrace failure rather than view it with negative connotations.
Risks are inherent with change, but running from risks will only serve to leave you stuck in the past.
SAP executives were able to repivot the company mindset with a series of small experiments.
They focused on placing 50 small bets instead of one large one.
This philosophy cultivated a continuous improvement culture where stakeholders learn and evolve from failure, as opposed to running and hiding from it.
This has significantly reduced the impact of blame culture, creating a progressive, growing culture where staff are willing to embrace the challenges of the digital world.
Hasbro – Leveraging Data
Arguably the world’s most esteemed toy makers, Hasbro has utilized ingenious marketing methods to remain at the top.
It has harnessed the power of data to determine the importance of meeting the needs of its target consumers.
By doing so representatives were able to acknowledge the importance of using social media for targeted ads, while enabling multiple marketing channels for greater reach.
Additional requirements include things like placing children in adverts as opposed to adults, realizing the importance of targeting the actual consumer rather than the person responsible for buying.
Hasbro has driven sales by advertising products through a new ad tech platform.
This initiates impulse buys on retailer sites, usually at the end of the customer journey.
Leveraging large quantities of data enables Hasbro to target parents with relevant products as they enter the checkout stage of the purchasing process.
This strategy has proven quite fruitful for the organization.
Hasbro has experienced unprecedented sales growth, facilitated by truly understanding where consumers are shopping.
It has been able to leverage high level analytics to create a more relevant experience for target customers.
Utilizing data is a crucial aspect of successful digital transformation, especially when you consider the incredible volume of data that’s been created over the past two years!
DBS Bank – Embrace & Overhaul
The financial sector is among the leading industries to face pressure from disruptors, in this case coming in the form of fintech companies.
Digital competitors have established prominence to the extent where more than a third of full service banks could face losing out.
And how exactly have they been able to achieve such a feat?
By offering more agile monetary services, operating more efficiently within the online realm.
This has enabled modern financial institutions to earn revenue online, by differentiating from a conventional and perhaps antiquated approach.
The fact these methods were responsible for the growth and ultimate success of many established organizations is the very reason why it’s difficult to break free from their constraints.
Some companies fail due to a failure to adapt to new principles, while holding onto tried and tested methods.
But fortunately for DBS the organization didn’t fall victim to these mistakes.
DBS appointed a new COO and was ready to embrace the digital challenge head on.
In the process it gave digital fintech companies a run for their money. The starting point for this revolution was evaluating corporate strategy.
Paul Cobban validated his new position by realizing DBS had to start doing more for its customers.
He swiftly devised the ‘RED mantra’, an acronym which stands for: Respectful, Easy to deal with, and Dependable.
The thought process behind this stemmed from tech-driven processes, an understanding that people’s lives don’t revolve around banking.
This thinking led to the development of a smaller and faster banking piece which is more resourceful.
DBS decided to make the banking experience more joyful by making the banking part invisible.
It used technology, data, and other online channels to streamline business operations, creating more valuable and efficient offerings for consumers.
It appreciated the world is in constant digital flux, but capitalized on this rather than being fearful.
Disruption is inevitable, but innovation is far from impossible.
By learning from competitors you too can create streamlined operations which translate to better value for customers.