What Is Digital Transformation?
What on earth is Digital Transformation?
It’s a phrase we hear a lot. But you’re wrong if you think digital transformation is just about digitising business. It’s so much more.
By itself, the simple act of digitising existing platforms such as websites and e-commerce is not transformative. It’s been done before, countless times.
Real digital transformation happens when we harness digital technology in every part of our operations to create better processes and relationships with our customers. It’s not just about functions and transactions - it guides strategy and our whole culture.
Conversational AI (CAI) is perhaps the most powerful tool when considering digital transformation. The ability to have personalised, stronger conversations through automated chatbots and voice has never been so valuable.
Digital transformation done right has helped evolve companies such as Uber, Amazon and Airbnb into global powerhouses in their respective fields.
Corporations must view technology not as a supporting function but as the star of corporate strategy and business thinking. Viewing technology as a supporting cast will not cut it.
Break it down for me
Simply put, digital transformation is an entire shift in business thinking. Instead of designing a business model and then adapting it to technology, companies should develop a business model built on technology as its foundation.
However, digital transformation for the sake of ‘keeping up’ is never a wise decision. It requires deep thinking, strategy, and planning. That is where we can help. Cisco found that analyst reports predict that some $2 trillion will be spent worldwide in 2019 on digital transformation technologies while as many as 70% of enterprises admit they do not have a coherent plan.
That’s cool: But why use it?
At the crux of digital transformation is the customer. The customer has never been more powerful; they are rapidly evolving both in their habits and expectations. They expect businesses to be approachable online, anytime and anywhere. They need their digital experience to be fluent, with consistency across all platforms.
However, most of all, they want to be valued. They want to be remembered, have personalised experiences, and experience a unique customer-business relationship.
VERSA has accompanied organisations such as BankVic during their digital transformations, creating better conversations along the way. In a recent report released by Accenture, 75% of customers are more likely to buy from a company that recognises them by their name, knows their purchase history, and recommends products based on their past purchases.
CAI connects customers with businesses, whilst offering hyper-personalised conversations and accessibility, on a range of different platforms. It is designed to be agile, for right now and the future. As customers evolve, so does CAI.
Digital transformation equips businesses with the technology and strategy to meet these customers where they want to meet. Most importantly, it enables brands to be agile. We have seen how much the customer has changed, yet this is only the beginning.
Being able to adapt to these new customer demands and expectations is everything.
Trust the Process
First and foremost, it must be said that digital transformation is a long-term vision that will never be completed.. Amit Zavery, VP of Google Cloud, once said, “Think of Digital Transformation less as a technology project to be finished than as a state of perpetual agility.”
Businesses must assess where they currently sit on the digital maturity spectrum; what tech do you currently have? How do you use it? How do you wish to use it in the future? What are your customers saying? Who else out there is using new tech? Is your business even suitable for digital transformation? Not every company is.
These questions are so crucial. Without understanding your position, corporate culture, and business thinking, how will you transform anything? Yet, once you know where you need to go, it is your time to disrupt the market.
VERSA has overseen digital transformation work throughout Australia, enabling businesses to create better, more intimate conversations with customers with the use of conversational AI.
Our conversational strategists are perfectly placed to assist your digital strategy, not just for now, but for the future. Constantly improving and tuning the way you communicate with your customers.
Experiment with emerging technology and monitor what is happening around you. Capitalising on technological advancements is vital, whether it be voice-enabled tech or bots, re-engineering customer service options, or diving into the power of AI.
Understand what best suits your business model and, more importantly, understand what best suits your customers. Many of our engagements start with an upfront 'transformation strategy and consulting' project to define the optimal path forward. This allows us to work with your team to validate ideas, proposed solutions and key assumptions, de-risk your future investment and ensures you are set up for success with the right foundations before jumping into solution mode.
Keep it sharp. Have measurable goals in place and make them realistic. This will not happen overnight; it will not happen over 365 nights. Have the right team and technology partner in place and never forget; new technology will not make you stand out; finding new ways to utilise the technology is what separates you.
It’s your turn to disrupt the market. VERSA can help you do just that. Click here to learn more about our digital transformation services.