Reading Note: Learning to Think Like a Digital Innovator
by Liyi Li, 2017
There are three key fields including nine areas of opportunities for digital transformation.
The most visible field is customer experience, including
- customer understanding;
- top-line growth;
- customer touch points.
On the basis of digital platforms that have been built before, companies can extract various data to learn more about their customers to support precision marketing and build online relationshipsto promote brands among their customers, thus improving customer understanding. Referring to top-line growth, digital interactions between salespeople and customers help to improve gross sales and revenue. Companies can make more personalized sales plan with the help of digital data and simplify sales process with some e-commercial concepts. Also, there is buried treasure in the field of customer touch points.Online Q&A, digital self-service, and the integration of online and offline sales offer customers more choices to improve consumption experience.
Secondly, there are also numerous opportunities through transforming operational processes which means internal process digitization. Automation, namely, process digitization, can allow people to focus on meaningful efforts instead of repetitive tasks, thus improving companies’ performance. For workers,digital tools can help them virtualize individual-level work, shorten work time, bridge the distance and take the advantage of online sharing, therefore cutting down internal costs. And opportunities arise when digitization is closely associated with performance management. When it comes to strategic decision-making in both internal process and external process, digitization makes sense.
Finally, the transformation of business models is positively connected with digital transformationas well. Making digital modifications to the business can bring new customers and new profits,such as building up e-commerce platforms and providing other digital services. Also, companies are creating new digital businesses through offering new digital products to broaden fields of business. Moreover, with digital technology companies are moving towards real globalization. True globalization provides companies withchancesto improve efficiency and flexibility andreduce risk.