Digital Transformation – Defined  To be successful, companies must focus on customer experience and to

remain sustainable, they must invest in digital technology.

5 Force’s Model In The Age Of Digital Disruption  

The  digital  Media  Revolution   is   shaping   the  way  we   conduct  business   and  as   a   result  how   successful   firms   can   be   in   the   digital   age.   We   are   now   in   the   age   of  “Digital  Disruption”  whereby   major   firms   across   all   industries   are   seeing   their   competitive  landscape  changing  due  to  the  digital  technologies.  Consequently  the  Porter’s  5  Forces  Model   needs   to   be   reviewed   in   this   digital   age.   For   all   industries,   barriers   to   entry  decrease   while   competition   rises   dramatically.     Additionally   buyers   have   now   more  control   than  ever  before,  with   the  ability   to  gather  all   information  necessary   for   their  decision-­‐making   process   as   well   as   more   options   to   switch   providers.   Consequently  businesses   must   embrace  Digital   Transformation  and   focus   their   strategies   on  enhancing   the   customer   experience   in   order   to   remain   competitive.  To   be   Successful  companies   need   to   focus   on   Customer   Experience.For   A   Detailed   Understanding  Of  “Digital  Disruption”  Watch  This:  

Digital Disruption – A Debate, Writers Should Know About

Courtesy: https://www.grubstreet.org/

Big Data & Customer Satisfaction

   

Learning  about  customer  is  easier  than  ever.  IBM  estimates  that  by  2020  there  will  be  300  times  more  information  available  than  8  years  ago.  With  Digital  Marketing,  Mobile  and  Social  Media  marketers  can  map  the  customer   journey;  and  then   learn,  adapt  and  satisfy  its  customers.  The  Internet  Society  considers  that  it  is  very  feasible  for  marketers  to   track   customers   via   their   digital   footprints.   Traditional   customer   relationship  management  can  be  boosted  with  digital  quantitative  and  qualitative  data.  However,  if  the   majority   of   businesses   understand   the   need   for   relevant   customer   insights,   the  overload   of   data   available   and   the   lack   of   appropriate   capabilities   to   process   and   act  upon   the   data   are   the   greater   challenges   for  many   organisations.   For   instance,   Kapo  states  in  a  recent  report  that  68%  of  businesses  and  IT  leaders  agree  that  Big  Data  can  improve  customer  satisfaction  while  49%  are  concerned  about  the  time,  resources  and  skills   required.   Some   barriers   are   for   instance   related   to   the   capability   to   integrate  different  data  sources  and  providing  real  time  data  into  a  context  or  that  often  soft  data  related  to  the  customer  experience  will  be  considered  irrelevant  or  not  as  an  actionable  insight.  

 

 

Additionally,  Big  Data  means  different  things  to  IT  and  Marketers.  IT  practitioners  focus  on  structuring,  tagging,  cleansing  and  storing  data  while  Marketers  seek  real  time  and  contextual  information  about  their  customers.  While  IT  acts  as  a  technological  inhibitor  for  Customer  Insight  Practitioner  and  Marketers,  we  often  see  a  disconnection  between  them  with  different  motivations  and  objectives  regardless  of  their  common  interest  of  gathering  actionable  data  about  customers.  Marketers  without  IT  and  vice-­‐versa  cannot  implement   the   technology   required   to   gather   the   data   that   will   be   converted   into  marketing  intelligence.  The  needs  and  practices  to  facilitate  actionable  insights  and  CIO-­‐CMO  collaborations  are  crucial  to  emphasize  creativity  and  collaboration  for  innovative  strategies.  With  no  surprise  we  see  now,  many  Research  Agencies  promoting  CIO-­‐CMO  relationships   via   various   business   articles   and   innovative   events   such   as:     eTouch,  Accenture,  Forrester,  IBM  and  IDG.

Modified Role Of Marketers  

Furthermore,   the   role   of  Marketers   has   changes  more   in   the   past   few   years   compare  than  the   last  50  years.  As  a  result  there   is  a  shortage  in  digital  skills.  According  to  the  Guardian  Modern  Marketer  require  a  new  set  of  numerical  and  analytical  skills  in  order  to  succeed.  For  instance  as  per  Mc  Kinsey  &  Co,  the  requirement  for  the  talent  of  data-­‐analytics  will   go   beyond   the   supply   by   an   average   of   approximately   45%   to   65%   by  2018.  Looking  at  the  US  alone,  they  might  encounter  a  deficiency  of  135,000  to  185,000  human  resources  with  profound  methodical  talents  as  well  as  1.4  million  managers  and  analysts   to   study   Big   Data   and   make   assessment   based   on   their   judgments.   Many  corporations  concerns  are  related  to  the  attraction  of  a  niche  pool  of  digital  talent  along  with  the  training  and  retention  of  current  marketing  experts.

Reshaping of Marketing Departments & Technology Additionally   businesses   also   face   difficulties   to   adjust   their   strategy,   tools   and  processes.    If  Organisations  need  to  recruit  new  talents,  they  also  need  to  reshape  their  structure   to   facilitate   Digital   Excellence.   Gartner   considers   that  digital  transformation  will  impact  organizational  structure,  skills  and  processes,  and  radically  change  marketing  investment  to  achieve  such  objectives.  Furthermore  to  share  another  

perspective  from  IDC  suggest  that  by  2020  marketing  departments  will  be  reshaped  in  three   organisational   systems   such   as   Content,   Channel   and   Consumption,   where   the  core  capabilities  will  be  data  and  marketing  technology.

 

 

Conclusion To Digital Transformation: This   reshape  of  organisations  not  only   touch   their   structures  but  also   their   long   term  objectives.  Without  doubt  technology  is  at  the  core  of  competitive  advantage  as  it  is  the  bridge   between   business   and   customers.   This   is  why   to   remain   Sustainable,   business  need   to   invest   in   Digital   Technologies.   The   CEO   of   Forrester   Research   reinforces  my  opinion   by   predicting   that  “In   the   future,   every   company   will   be   a   software   company.  Software  is  the  new  business  currency  more  important  than  financial  capital”.  Innovation  and   Emerging   technologies   are   competitive   capabilities   as   it   touches   all   departments  from  HR  to  Finance  along  with  Sales  &  Marketing  to  Research  &  Development.  Emerging  technologies   including   analytic,   mobile   and   the   Internet   of   Things,   social,   and   cloud  service,  are  the  essential  component  of  a  successful  digital  transformation.  

Authors Bio: “Ericka Pionin”

Keep   adding   your   experience   and   practices   by   commenting   and   don’t   forget   to  visit  Shafiq   Siddiqui’s   website,   like  Facebook,   join   at  LinkedIn  and   follow   on  Twitter.  This  article  was  initially  published  at  www.shafiqsiddiqui.com  

Ericka  Pionin  is  a  “Digital  Advocate”  and  passionate  about  corporate  business.  She  helps  businesses  and  entrepreneurs  to  become  competitive  in  the  digital  edge.  Ericka  ‘s  biggest  assets  are  her  capability  to  connect  opportunities  into  business  action  as  well  as  to  be  straightforward  and  bold  when  she  advises  her  clients.  Connect  with  her  professionally  at  LinkedIn  or  follow  her  on  Twitter.