Digital Transformation

Synopsis

Businesses need to evolve to keep up with the rapidly changing digital landscape. Our Digital Transformation presentation allows you to be at the forefront of technological shifts and provides common frameworks that can help you embrace new opportunities to improve operations and drive growth. To make the shift even easier for you, we included advice from McKinsey & Co on unlocking success in digital transformation.

Questions and answers

Content: Digital transformation in business 2.1 Digital transformation applications in business 2.2. Practical application of digital transformation i

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Digital transformation in business involves the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It's also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure. This sometimes means walking away from long-standing business processes that companies were built upon in favor of relatively new practices that are still being defined. Practical applications of digital transformation in business can include automating manual processes, improving customer service with AI, using big data for insights, and more. McKinsey & Co's advice on unlocking success in digital transformation includes having a clear vision, empowering employees to work in new ways, and delivering value to customers from the start.

What are some case studies of businesses that have successfully undergone digital transformation?

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The content does not provide specific case studies of businesses that have successfully undergone digital transformation. However, many companies across various industries have successfully embraced digital transformation. For instance, Netflix transitioned from a DVD rental service to a streaming giant, leveraging digital technology. Similarly, Domino's Pizza has significantly improved its business by integrating digital technology into its ordering and delivery processes. For more specific case studies, you might want to refer to resources from reputable business and technology consulting firms.

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Slide highlights

Companies that have successfully transitioned to digital enterprises orchestrate six building blocks: strategy and innovation, the customer decision journey, process automation, organization, tech and data and analytics.

Use this slide to communicate the importance of reacting to customer behavior. Remember that by meeting and exceeding their expectations, you can significantly boost customer satisfaction, loyalty and advocacy.

The top emerging technologies in 2020 are Artificial Intelligence, 5G, Internet of Things, serverless computing, biometrics, Augmented Reality, Virtual Reality (VR), blockchain, robotics, natural language processing and quantum computing.

Application

Over the years, McKinsey & Co studied digital transformation and identified the following strategies as essential for smooth digital transformation:

• Having the right, digital-savvy leaders – having such a leader is one of the keys to transformation success, the McKinsey team says. Another key is adding transformation-specific roles, such as leaders of individual initiatives and leaders of the program-management or transformation office who will dedicate their full attention and time to the transformation initiatives.
• Building capabilities for the workforce of the future – McKinsey's recent survey showed that developing talent and skills throughout the organization is one of the most important factors for implementing a digital change. "Two other keys relate to engaging the specific roles of integrators and technology-innovation managers, who bridge potential gaps between the traditional and digital parts of the business," the experts say.
• Empowering people to work in new ways – encouraging employees to embrace cultural and behavioral changes – calculated risk taking, increased collaboration and customer centricity – is a recommended approach to efficient digital transformation.
• Giving day-to-day tools a digital upgrade – digitizing tools and processes supports success. McKinsey's survey revealed that adopting digital tools to make information more accessible across the organization, implementing digital self-serve technologies for employees and business partners and modifying standard operating procedures to include new technologies are all necessary parts of digital transition.
• Communicating frequently via traditional and digital methods – clear communication is critical during a digital transformation. What's even more important, the experts say, is communicating a change story to help the staff to understand the direction, the reasons and the importance of the shifts.
• Looking ahead – the survey results suggest the steps companies can take to increase their chances of success during a transformation include reimagining workplace, upgrading the organization's "hard wiring" and changing the ways they communicate.

Case study

Amazon

Amazon's founder, Jeff Bezos, started a virtual store offering a larger inventory than most brick-and-mortar bookstores at lower fixed prices in 1995. Soon, after witnessing some success, Bezos realized that the concept will be appreciated by consumers looking to buy other products; so Amazon started to offer DVDs, electronics, toys, software and other goods for sale, Advertising Week 360 reports.

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How did Amazon's transition to an online platform align with its digital transformation initiatives?

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Amazon's transition to an online platform was a significant part of its digital transformation initiatives. The company opened its site to third-party vendors, transforming Amazon from an online retailer to an online platform. This move required Amazon to develop new capabilities such as acquiring, training, and managing sellers on its sites without losing control or damaging customer experience. This step allowed Amazon to keep up with the rapidly changing digital space, aligning with its broader digital transformation goals.

Can you compare Amazon's digital transformation strategy with other major online retailers?

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Amazon's digital transformation strategy is unique in its approach. It transitioned from an online retailer to an online platform by opening its site to third-party vendors. This move required Amazon to develop new capabilities for acquiring, training, and managing sellers on its sites without losing control or damaging customer experience. This strategy has allowed Amazon to consistently keep up with the ever-changing digital space. Comparatively, other major online retailers may not have made such a significant shift, instead focusing on improving their existing operations and customer experience. However, the specific strategies can vary greatly among different retailers.

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The next big step in Amazon's digital transition happened when the company opened its site to third-party vendors, which "transformed Amazon from an online retailer to an online platform." This step pushed Amazon to develop new capabilities of acquiring, training and managing sellers on its sites without losing control or damaging customer experience, and thus, consistently keeping up with the ever-changing digital space.

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Can you name a company that could benefit from Amazon's framework of adapting new capabilities and explain how?

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A company that could benefit from Amazon's framework of adapting new capabilities is a traditional retail business like Macy's. Macy's could leverage Amazon's approach by shifting more towards online sales and developing a robust e-commerce platform. They could also invest in data analytics to better understand customer behavior and preferences, similar to how Amazon uses data to personalize the shopping experience. Additionally, Macy's could explore opportunities in digital media to engage customers and drive sales, much like Amazon has done with Amazon Studios.

How did Amazon's shift from selling CDs and DVDs to offering streaming services enhance its business strategy?

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Amazon's shift from selling CDs and DVDs to offering streaming services allowed it to adapt to changing customer preferences and compete with other industry giants like Apple and Netflix. This move also enabled Amazon to introduce new capabilities. For instance, it started producing original content in partnership with Warner Bros. through Amazon Studios in 2011. This strategy not only diversified Amazon's offerings but also helped convert viewers into shoppers. As Jeff Bezos, the founder of Amazon, stated, winning awards for their original content indirectly boosts their retail business.

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Later, with the introduction of iTunes, Amazon also didn't lag behind. Per Advertising Week 360, once again, following its customers and shifting from selling CDs and DVDs to offering streaming services, Amazon was able to adapt new capabilities and compete with other giants, such as Apple and Netflix. Finally, in 2011, in partnership with Warner Bros., Amazon launched Amazon Studios and began producing original content. Why? Because video content helps Amazon convert viewers into shoppers and as Bezos himself put it, "When we win a Golden Globe, it helps us sell more shoes."

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