The 6th topic in my series of “Ask the experts – why companies to go through transformation”, focuses on going Digital.
Customers want a quick, error free and seamless digital experience, and they want it immediately - the digital revolution is forcing many companies to radically change the way they operate, and answer the challenge of selling and communicating with customers online.
There are estimates that the web will influence more than half of all retail transactions by 2016. This presents a major challenge to many companies who have to undergo major transformation of their marketing, sales and delivery models to enhance the customer experience and keep up with the competition.
It is not enough to automate existing processes, they must reinvent their operating model with new business processes, cutting the number of steps in the process, cutting the number of documents, building automated decision making processes, plus processes to deal with regulatory and fraud matters. This means re- skilling, changing organizational structures, and redesign of roles to meet the needs of the new processes.
For those that get it right, the benefits of reduced costs can be massive, enabling them to delight customers and reduce prices at the same time. Customer expectations are now very high – thanks to the likes of eBay and Amazon, or the insurance aggregators such as gocompare.com. The John Lewis Partnership has been around for 150 years, but it recognises that we are in the middle of a digital revolution and is not shying away from maximising the opportunity – for related article see John Lewis goes Digital .
The winners will be those organisations that successfully transform to gain competitive advantage.
Next topic in the series: Cost Reduction