In order to successfully transition an organization to become high-performing digital enterprise, there are eight building blocks for transformation that needs to be orchestrated simultaneously and shared with stakeholders in order to drive a coherent structure for digitally transforming their lines of business and managing their respective continuous improvements and sustainable business programs;
- Strategy and Innovation
- Customer Experience & Journey
- Process Automation
- Organizational Leaders
- Technology Enhancements
- Data Analytics & Market Intelligence
- Product & Service Innovation
- A Continuous Improvement & Sustainable Culture
Although not every digital transformation requires every building block to be developed simultaneously, some blocks will be more prevalent in the maturity of digital transformation. Digital Transformation is intrinsic to digital strategy and at Ethanrai Group LP, we have had a track record of driving the best in class digital strategies. Our approach is fundamental where we don’t just rely on past analyses but on a Go-Forward-Strategy posture where we need to plan forward measurable and achievable digital transformation goals three to seven years into the future.
- STRATEGY AND INNOVATION
First, a granular assessment of your business values and identifying where business is likely to be disrupted within each line of business to isolate opportunities on how to innovate in the areas of People, Processes, Products, Services, Technology, Partners, and Business analytics. This new road map needs to be governed by a customer-centric approach and business sustainability.
Next, the digital strategy must reduce any blurring between strategy thinking and business execution. Essentially senior managers must be able to lead by example rather than trickling down execution without clear and concise objectives.
- CUSTOMER EXPERIENCE & JOURNEY
Understanding customer experience and journey is the fundamental key to mastering customer behaviour. Evaluating how your products,services and brands bond with your customers is key to the success of your businesses. That ability is increasingly becoming an important differentiation for organizations as a whole.
- User Experience (UX) is the results of a person’s perception and response when they use or anticipate to use your product or service or both.
- Customer Experience (CX) is the relationship that is built around your brand, product and or service whenever the customer uses your product or service or both. CX weighs the customers end to end journey with your product and or service.
Within the customer journey, there are six distinct phases to consider;
- Consideration
- Evaluation
- Buying / Engaging
- Enjoyment of use
- Product / Service bonding
- Continuous engagement
With increasingly more data available, we can become much more precise in our outreach to customers. By combining deep data analysis with a fresh customer journey experience, you can better understand how your customers make decisions, how they shop, and what influences them.
- PROCESS AUTOMATION
Refining end-to-end business processes across all lines of your business can result in a significant competitive advantage. Over time, cost performance, TCO & ROI can improve significantly as the automation effort scales across your formerly siloed lines of business and redundant processes are reduced.
Digitizing your processes has more to do with technology and how you approach business innovation. Strong process transformation is done by focusing on a series of small but important process improvements that can produce high-value customer journeys whilst conforming with effective controls. Sometimes process disruption may be more than just automating several existing processes, instead, it may require reinventing an entire functional flow which may involve several business processes.
The ultimate objective here is to reduce the number of processes whilst reducing the number of documents required and to provide an efficient and impact-rich solution utilizing technology and change in people. When well executed, digitizing processes can unlock significant value by compressing timelines and eliminating duplication, inefficiencies and risks.
- ORGANIZATIONAL LEADERS
Moving toward a culture that is agile, flexible, and increasingly collaborative while keeping the rest of the business running smoothly can be a challenge. Successful leaders become more agile by simply embracing change. This can be facilitated further by allowing your culture to embrace a top-down forward-thinking digital transformation strategy and allowing their business goals and objectives to be in alignment with your customer objectives with a focus on customer journey and experience.
Having a clear view of what we call a Digital Transformational Posture DNA and then to directly embed and align it with the “Thought DNA” of your company’s senior management team is a critical first step in identifying your digital strengths and weaknesses and transforming management practices. Innovative digital transformation leaders have a culture that isn’t afraid of risks and has a high appetite for bold initiatives that are willing to embrace digital innovation through empowerment.
Finally, “What Gets Measured, Gets Managed” is key in the creation of metrics that stakeholders of respective lines of businesses need to be accountable towards particularly when delivering on high-value customer journeys and smart sustainable growth by empowering what matters most, your people within your organization.
- TECHNOLOGY ENHANCEMENTS
With waves of extensive experience in business transformation internally and externally with our clients over the years, we understand that transforming your applications & architecture from the old to the new is a multi-layer process. Due to growth, your organization will constantly require technology and innovation that can consistently improve on automation, efficiencies, regulatory compliance, customer experience, and being risk-averse all at the same time.
The role of IT and all its digital leaders need to be cognizant and driven towards new trends in Technology, IT Security, IoT, Business Intelligence, Big Data, Business Continuity, and the careful selection of IT Partners. There is a need for IT and your digital leaders to also be fully engaged with all of your LOBs since they are riding on the reliability, technical support, and enhancements being delivered to them internally.
- DATA ANALYTICS & MARKET INTELLIGENCE
There is a strong need for your digital leaders in the areas of digital analytics and business intelligence to harvest on your data warehouse. Data mined needs to be articulated and analyzed for the benefit of all your lines of business to assist them in utilizing use cases and to translate the selected raw data into meaningful output data as part of business intelligence for each line of business.
- PRODUCT & SERVICE INNOVATION
In this digital age, products and services are really about the customer’s experience revolving around the use of your products and or services. In general, this is the combination of Product Design, UX(User Experience), CX(Customer Experience) & Customer Service supporting a product that creates how our customers perceive your product.
After taking into consideration your customer’s experience and relationship with your organization, your next focus should be on the technology that is needed to support the product or service that improves your customer experience. The focus should be on how to create and deliver a personalized experience around what truly matters to your customers.
Next is to gather a comprehensive customer experience through every touch point utilizing data analytics to personalize their experience. Your customer’s journey must also include a sense of security when using your product and services. This is a critical aspect of digital transformation in the product and services area.
Finally, your most important performance metric here is the impact on the customer’s experience which will be translated into increased retention and revenue. ETHANRAI ANAXAR LP can guide your organization in creating Brand Value and Net Promoter Scores as vital metrics to track the success of your transformations.
- A SUSTAINABLE CULTURE THROUGH CONTINUOUS IMPROVEMENT
Continuous Business Improvement must focus on increasing efficiency, maximizing effectiveness, and optimizing the cost of services and operations. The primary purpose of Continual Service Improvement (CSI) is to continually align and re-align your business services to the changing business needs by identifying and implementing improvements to business services that support goals towards a sustainable future.
To stay at the forefront of your business domain, your organization needs to be consistently driven to look for ways to improve on the process, efficiencies and cost-effectiveness of all aspects of your business.