Digital Transformation: rethinking the business model with digital

Changing the way companies do what they do, without changing what they do. Be more productive by collaborating more effectively and quickly.  There are many ways to define digital transformation, but the substance is clear and well defined. Digital transformation is a business model change, in which new digital technologies revolutionize the way companies are used to working.

A totally new way of thinking and relating to customers, suppliers, employees and stakeholders.

1.     Why is digital transformation important?

Having a dynamic and modern structure, capable of responding to sudden changes in the context in which it operates. Every entrepreneur, every manager, every CEO knows the SWOT analysis. That T stands for Threats. And it refers to the context in which your company is operating.

Sudden changes in technology. An innovative startup that, with its modern approach, quickly erodes your company’s market shares. Historical suppliers who close due to the crisis or who leave you for the latest arrival. Your customers who expect a more modern assistance service, in step with the times.

It is necessary to know how to exploit these potential threats to transform them into opportunities. And the digital transformation of your business is critical to giving you the agility you need to compete in today’s rapidly changing markets. And yes, that means changing the business model that has always worked until now.

Innovate it, integrating digital technology to make it more efficient and effective.

So why is it important to digitize? Because businesses are like living beings: those who are unable to evolve to adapt to the new context are doomed to extinction.

It is the basic concept of Digital Darwinism , where the protagonist of this evolutionary process is the speed with which the consumer changes, hand in hand with technology and society.

2.     The enabling technologies according to the MISE

For the Ministry of Economic Development, there are several enabling technologies for the digital transformation of Suisse companies. Collaborative robots, Additive Manufacturing and 3D printing. AR, augmented reality to support production processes. Cloud software platforms, Big Data Analytics and Cybersecurity technologies. The Blockchain.

And then IoT, that is the internet applied to objects, AI which stands for artificial intelligence, human-machine interfaces, wireless communications. Sensors, wearable technologies and apps.

The objective of the MISE is to ensure that, thanks to incentives, technology is used by companies to obtain a productivity boost. This is good. But companies also need to understand the real benefits of technology, without being afraid of it.

The focus doesn’t have to be on investing in technology per se. It is necessary to understand why it is essential to invest in digital technologies. Especially today.

3.     From Customer to People Experience

We have already said that. The context in which your company operates today is totally different from that of the past. There is more dynamism: you need to meet your customers’ needs quickly. And to do that, you need to be more efficient than your competitor.

The consumer has changed. Today it is informed, it is documented, it is interconnected. The Internet has opened the door to a world of free information, immediately available on any device: from the laptop to the smartwatch.

And to satisfy it, many companies think that digital transformation is only and exclusively important in terms of Customer Experience. It is not so. It is not enough to digitize the technical assistance service with a chatbot just because people are used to using smartphones.

Companies, including yours, are made up of people who relate to other people: internal staff, customers, suppliers, partners and stakeholders. Thinking only and exclusively about the Customer Experience is an understatement.

Your digital transformation must therefore be based on the People Experience. Adopt digital technologies in your business model in order to make the experience people will have when they relate to your brand more enjoyable.

Moving from Customer to People Experience increases the engagement of your relationships, generating a virtuous circle with a positive effect on the popularity of your brand.

4.     Digitize your business model

To digitize oneself, it is not enough just to adopt more technological systems and services in the company. If you decide to approach digital transformation, you should do it for:

Making internal workflows more performing

Think back to your company from a digital perspective. Reorganize workflow and facilitate collaboration between departments. Use cloud storage systems and make internal communications faster and more effective with messaging apps.

Think of technology as a tool that can make your employees’ work easier: don’t make business processes more complex than they already are.

Improving Decision Making: Data and Insights

All future decisions of your company will have to be based on analytical reports and not on feelings. Use them to enhance your internal workflows and improve productivity. Revolutionize your marketing strategy by adopting targeted or one-to-one communications. Customize the commercial pipeline by sector or by market. Use the data to offer new products, review purchasing procedures and business organization.

Offer a level people experience

Use digital to improve the experience you offer to your customers and prospects. Make your service smarter by tracking the status of interventions with a CRM. Digitize the reordering of your products by partners with software solutions for warehouse and shipping management.

It facilitates the work of the people who work in your company, promoting mobility and smart-working.

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