3 Strategies For Driving Digitalization Across Your Business
Business and IT leaders are always looking for new ways to serve and delight customers. With the emergence of Internet of Things (IoT) devices and data — along with associated technologies such as cloud computing, predictive analytics, artificial intelligence, and machine learning — companies can achieve these goals through digitalization.
Organizations now have access to unparalleled amounts of data across all areas of the business and can converge operational and information technologies to make products and processes smarter.
But success in this endeavor requires three strategies:
Customer expectations are driving a need for new business models. Companies can no longer simply sell products. They must take care of their customers throughout the entire engagement cycle.
My son and I recently saw a display of vinyl records. My son asked, “What are they?” I explained that records were popular before CDs. My son asked, “What are CDs?” He has grown up in an era of subscription-based streaming music and no longer has to bother with physical items.
In fact, there are more and more subscription-based, pay-as-you-go, and consumption-based models across industries. To support these models, companies need to design, deliver, track, and maintain products and services differently. Among other things, they need predictive maintenance to keep products up and running, or else they won’t satisfy customers and make money.
Likewise, understanding the customer environment can help predict what customers want. If you operate a retail store, for example, is it in a rural or urban neighborhood? Is it close to a school or an aging population? Are there local special events? What’s the weather forecast? Combining traditional point-of-sale (POS) data with information from IoT sensors and smart products can improve sales forecasts and make sure the right products are in the right place at the right time.
This all needs to be backed up with omnichannel logistics. My son recently went online to order sneakers. Within five minutes he had designed sneakers with his team colors and his number on the side. He clicked “place order,” then discovered that they would take six weeks to deliver. The company lost the sale. There’s no point in enabling ordering that takes minutes if you can’t deliver on the customer promise. Companies must now be able to deliver on the same day or even within the same hour, not only to the retail store but also to the customer’s door. They must be able to deliver both full truckloads to one location and single items to many locations.
Posted on 7wData.be.