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Digital Transformation In The Age Of The Customer – Forrester

Article Synopsis :

The ‘Age of the Customer’ means technology and economic forces put customers in control of their interactions with businesses. In response, businesses are undergoing digital transformation with a specific focus on the customer experience.

 The Digital Insurer reviews Forrester’s Report on Digital Transformation In The Age Of The Customer

Digital-first customers demand a different experience. Are you delivering? 

Accenture Interactive recently commissioned Forrester to evaluate progress on digital transformation across geographies and industries. The resulting report, “Digtal transformation in the age of the customer”, based on surveys of 396 organizations across the US, Canada, UK, Germany, France, China, India, Japan, Brazil, and Mexico, benchmarks digital transformation initiatives and offers key recommendations for moving forward.

The report is organized in three sections, with subsections, as follows:

1.     Customer experience is at the heart of digital transformation.

  • Key drivers of digital transformation are profitability, customer satisfaction, and increased speed-to-market
  • Improving customer experience and growing revenues are top strategic priorities
  • Online and cross-channel customer experiences are getting the most attention in the next year

2.     Businesses are on the path to digital transformation but have a ways to go.

  • Businesses are focused on assessing digital experience and putting digital governance in place
  • Confusion over who should “own” digital leaves firms unable to execute their digital strategies
  • Businesses do not have a complete understanding of digital
  • Companies feel that they are meeting customer expectations for the digital experience but not exceeding them
  • Measurement is lacking

3.     Third-party solution providers plug the gaps and manage the drive for transformation.

  • Eighty-eight percent of firms use a third-party solution provider for at least one component of their digital transformation
  • Firms engage third parties for their expertise and resources

Surprisingly, according to the report,  only 5% of organizations feel they have mastered digital to a point of differentiation from competitors. The three main challenges are:

  • Digital Vision and Strategy
  • Organizational Readiness
  • Measuring Digital Success

Digital transformation is a complex process that fills many business leaders with uncertainty. It’s critical that leaders fight through the discomfort, taking iterative steps to implement the culture, processes and technology enabling success in the modern marketplace. Decision-makers seeking to drive the digital agenda should:

  • Advocate digital transformation and the customer experience at an executive level
  • Execute change within the context of an end vision
  • Be willing to take risks and learn from mistakes
  • Find partners whose capabilities complement their own

Link to Full Article:: click here

Digital Insurer's Comments

Does your organisation have at least a high-level plan for digital transformation? Does your organization possess the right skills to support this plan? The complexity involved in just answering these two questions can be daunting. And then there’s the implementation…

Cloud, analytics, IoT and UBI are terms for the technologists, right? Wrong. They’re the future of your business. Customers want products made from these ‘things.’

Make your future or miss it. It’s up to you.

Link to Source:: click here


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