Introduction
As you may have seen in the news, digital transformation was the primary topic of conversation at this year’s Mobile World Congress in Barcelona. There is no shortage of digital revolutions we have experienced, from buying goods and services to interact with friends and family. We are in an era of rapid technological change where a new app or platform is created daily that promises to revolutionise our lives and businesses. However, what does it all mean for companies? The key to success is moving from a self-centred organisation focused on selling products to building solutions that help customers solve problems by optimising their entire business model – not just digitising processes within your organisation or supply chain (although those are important).
Digital transformation was the primary topic of conversation at this year’s Mobile World Congress in Barcelona.
The mobile industry is a significant driver of digital transformation, and the Mobile World Congress in Barcelona is a great place to see what’s new and how companies are leveraging technology to drive business growth.
I’ll walk you through some of my favourite highlights from the show floor in this article.
There is no shortage of digital revolutions we have experienced.
In the past decade, we have witnessed a lot of digital revolutions. But, unfortunately, there is no shortage of them!
The internet has been around for decades now. The smartphone revolution was only a few years ago. Then there was the social media revolution and IoT revolution—all these have contributed to what we now call digital transformation. And then came blockchain technology at the forefront of another wave of digital transformation that promises to change everything we know about business processes.
Companies will have to re-examine their business and competitive models as the world move from an analogue to a digital one.
Companies need to consider how data analytics can be used in all aspects of their business to create new value and reduce costs to take advantage of this opportunity.
For example, imagine a company selling drones and other aerial photography products. They have analysed their customer data and found that people who buy drones also tend to purchase high-end cameras, so they want to create an integrated drone/camera package that will sell well online and offline at retail stores.
While most articles on digital transformation focus on opportunities, what about the risks?
While most articles on digital transformation focus on opportunities, what about the risks?
While companies are eager to embrace digital transformation and read up on its benefits, they often need to consider how it could impact them negatively.
For example, organisations may assume that their existing systems and procedures will be compatible with newer models of technology or that they can take advantage of cloud-based services as needed. However, this is only sometimes true. For example, older systems may not have been built with today’s technology in mind; some processes may be so entrenched within an organisation that changing them would be extremely difficult, if not impossible, and there are other practical considerations when deciding whether or not someone else’s software should be used instead of building something internally (i.e., support costs).
What does digital transformation mean for your company?
Digital transformation is a process, not an event. To make it work for you, you must create a holistic approach that includes all areas of your business.
- Technology: The heart of digital transformation is technology, but there are other things you focus on. You also need to look at how customers interact with your company and what kind of experience they have when they contact your brand digitally or in person. What are they doing? How do they behave? What kind of transactions is occurring? These factors will help inform the technologies and services needed to support those interactions.* Social/Mobile: Your website or app isn’t enough—you need to ensure that content reaches customers where they are most likely to engage via social media channels like Facebook or Twitter.* Sales: Salespeople aren’t just salespeople anymore—they now need technical knowledge about how their companies operate digitally and traditional sales skills (e-mailing lists etc.).
The key to success is moving from a self-centred organisation focused on selling products to building solutions that help customers solve problems.
- Focus on the customer.
- Please focus on the problem they are trying to solve.
- Focus on how your product or service can help them solve it.
- Focus on how your product or service can help you solve it for them.
- And then, focus on helping your customers solve their problems by using what you created for them in the first place!
Digital transformation is not just about technology but about culture and behavioural change.
Digital transformation is not just about technology. It’s about culture and behavioural change. It’s about changing the way you think, the way you do things, and the way you work.
The key to digital success for your organisation is people — their mindsets and actions at work. In other words: A successful digital transformation requires transforming people first!
The goal of digital transformation should be to optimise the customer experience, not just digitise processes.
When we talk about digital transformation, we must know the goal. On the surface, digital transformation may seem like a process of digitising everything—business processes, supply chain processes, organisational culture—to make them more efficient and effective. But, unfortunately, this is not only an inefficient use of time; it can lead to a false sense of security that the job is done. Instead, the true goal should be optimising customer experience using technology to improve customer service and strengthen customer relationships.
Digital transformations go well beyond social or mobile – they require reimagining your entire business model and supply chain from inception to delivery.
Digital transformation is not just about technology but about culture and behavioural change. The goal of digital transformation should be to optimise the customer experience, not just digitise processes.
To achieve this, companies must focus on their entire business model—from inception to delivery. This means reimagining their supply chains and how they operate their internal systems.
However, most companies need to go further in their transformation efforts – they are only digitising their sales processes without changing their longstanding business models.
It would be best if you thought about how data analytics can be used in all aspects of your business. If you are only digitising your sales processes, then there is a good chance that any benefits from this transformation won’t stick. The old model will still be in place and grow less efficiently. To transform your company’s work, you need to bring digital into every aspect of your work – not just sales or marketing but everything else too!
Companies must consider how data analytics can be used in all aspects of their business to create new value and reduce costs.
Companies must consider how data analytics can be used in all aspects of their business to create new value and reduce costs.
For example, companies with a large customer base could use data analysis to identify patterns among customers who are likely to churn and target them with personalised offers. This way, they can retain their existing customers at a lower cost than acquiring new ones is expected to cost them.
Or another example: Companies that manufacture products might use machine learning algorithms and other techniques from AI research to improve product design based on quality control feedback from the manufacturing floor.
Think beyond incremental process changes; take a holistic approach to the digital transformation of your entire business and supply chain (and don’t forget culture!).
If you’re focusing on implementing new technology to improve your performance, remember that digital transformation is about more than just technology. It’s also about culture and behavioural change.
To succeed, you need to think holistically and consider the entire organisation—not just the IT department—as part of your digital transformation strategy. For example, companies can use data analytics to boost productivity by understanding which processes are bottlenecks and where they can be eliminated or streamlined; however, these efforts may fall flat if employees aren’t willing to change their habits for long-term gain (i.e., stop printing documents at home when they could easily send them electronically).
As another example: Let’s say your company wants to make its supply chain more efficient by using artificial intelligence (AI) algorithms that analyse historical data from suppliers so they can predict future needs based on past shipments and production schedules—but then it finds out that no one at those suppliers has been using AI technology themselves because they don’t believe their current systems are capable of handling such complex calculations! So now what?
Bottom-Line
The digital transformation revolution is here to stay, but companies must think beyond social and mobile. Digital transformation is not just about technology; it’s about culture and behavioural change. The goal of digital transformation should be to optimise the customer experience, not just digitise processes. However, most companies need to go further in their transformation efforts – they’re only digitising their sales processes without changing their longstanding business models.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 29 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, ensure business continuity and achieve a legacy.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com
