Digital Transformation has been a hot topic for years. Nevertheless, many organizations are still taking a too-narrow and improperly focused approach to it, or worse, outright dismissing it as mere hype.
While too many vendors and pundits have abused the term, the fact remains that effectively executing digital transformation is a strategic imperative for nearly every organization if they are to successfully evolve and find continued relevance in the Digital Era.
Charlie's Take
The use of digital is a bit of a misnomer in that executing authentic digital transformation is not really about technology.
Instead, it is about a shift in power from the organization and a focus on optimization, and to the customer and a focus on delivering a differentiated customer experience.
Digital transformation demands that organizations leverage digital technologies to execute and enable this shift, but the focus must remain on the reimagining of the experience and the reshaping of business models to deliver it, rather than on the technology that supports this transformation.
Why It Matters
In the Digital Era it is the customer that is in control. Technology has lowered barriers to entry, enabled upstart organizations to reimagine the customer experience without massive investments, and have generated a plethora of options for customers.
In short, they now have the ability to engage with and buy from those organizations that meet their ever-more-personalized demands and will reward those organizations that do so.
The days of a solitary focus on improving efficiency and optimizing delivery will no longer be sufficient as value creation shifts to the customer experience.
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