Transform comes from the Latin word transformāre which means “to make someone or something change shape.” From my perspective, transformation is what companies should do, or should be doing, first internally and later in how they offer their products or services to customers.
We are currently experiencing the 4th industrial revolution. Unlike the others, technology is advancing vertiginously and exponentially, so much so that technologies that did not exist a couple of years ago are transforming lives and businesses today. That is why, and always will be, companies must adapt, but with three significant differences:
- At great speed.
- From the inside out
- Always focused on the human being, meaning the customers.
Not only has technology evolved, but human beings have also evolved. We now demand different things, we buy differently, interact differently, [KF1] and now customers are part of companies. Companies that don’t focus on their customers have no place in this 4th industrial revolution.
Below are some statistics to support this rapid expansion and transformation:
- By 2020 User Experience will surpass price and products as the key differentiator for brands [1].
- 52% of the companies that made up the S&P 500 have disappeared in the last 15 years [2].
- By 2027, 75% of the S&P 500 will be companies we don’t know yet [3].
- By 2020 one of the primary responsibilities of managers will be the customer experience [4].
Everything mentioned above gives rise to a concept currently in vogue in the corporate world, and that being Digital Transformation. We can define digital transformation as the result of the digitization process, and which mainly impacts human beings. To better understand what digital transformation is:
In other words, digital transformation does not happen from one moment to another and with the use of a mobile device. However, it results from a process, a strategy, and planning that must be executed so that companies can experience benefits, such as:
- Clearer and faster processes
- More excellent service from the staff
- Less staff turnover
- Better customer experience
To conclude, let’s remember:
- Digital transformation happens in people and not in things.
- It all starts with a strategy.
- Digital transformation is the result of a process.
How do I carry out my company’s strategy to not die?
You will have to wait for the next blog to find out. Meanwhile, we’d like to see your comments below about how digital transformation is affecting the companies you know or work for?
[1] according to ‘Customers 2020’ study by Walker
[2] Pierre Nanterme, World Economic Forum – Davos 2016 [3] Innosight – analyzing 100 years’ worth of stock market data
[4] according to ‘Customers 2020’ study by Walker
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