“At least 40% of all businesses will die in the next 10 years, if they don’t figure out how to change their company to accommodate new technologies” says John Chambers, Executive Chairman, Cisco System.
And well isn’t he right?! In order to keep up with these rapidly changing technological innovations, developments and update, it is indeed high time for businesses to revamp the way they operate. We live in an era where if you don’t adapt to changes, you are bound to go out of business. And digital transformation of businesses is the need of the hour.
So this week on #Konvoconnect we talked about ‘Digitalizing Businesses’. We discussed from meaning of digitalizing businesses to its importance, where can one start from for digitalizing, challenges that one has to face while digitalizing business processes, products, customer experience, etc. We also talked about brands and businesses that have excellently done digitalization.
Read on to discover all the amazing insights shared during the chat!
Q1: What is Digitalizing Businesses?
- To my mind digitization involves merging or syncing brick & mortar processes with digital technologies to facilitate seamless Customer Experience. –@1DigitaLife
- Digitalization is the use of digital + data to get a business up to digital core…creating revenue, improving business etc. –@osx_ail
- Magnifying the business services via virtuality. It is biggest liason for seamless digital effect. –@Rohitpatelc
Q2: Why is Digitalizing a Business important?
- Important as it helps the business GROW while working efficiently; maximizing time, employee skills, increasing revenue. –@osx_ail
- It gives opportunities to expand your reach to gain new customers and in regaining the older ones. –@Gneius_M
- It gives exposure to the international level along with chance of presence across world. –@Rohitpatelc
Q3: Where to start from in the process of Business Digitalization?
- One should start from company’s inner processes for business digitalization. –@Pandya_Khushbu
@McKinsey believe you should start at the end state and work back, with the aim of challenging constraints the company face. –@osx_ail
- Well it’s 2017! Just digitalize the path between supplier and consumer, utilize their feedback, rest can be worked out accordingly! –@aman8jain
- Digital transformation needs to begin within the organization… employee development & engagement. –@AnanthV9
- Start from website presentation or similar where audience are preferring first practically. –@viragshah4
- The digitalization should be started as per convenience it actually depends upon the business e.g in retail its gooud if started from customer. –@Gneius_M
Q4: What challenges does a Business face while Digitalizing its processes / products or customer experience?
- There are a few but the biggest challenges would be budget, manpower, estimated time of delivery, internal integration etc.
- Digitalize is more concern about awareness except retail marketing but many businesses expect high conversion –@viragshah4
- While digitalizing business there are challenges like labour cost,new technology adoption and others. –@Gneius_M
Q5: Which Businesses/Brands have done excellent in Digitalization?
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