Not so long ago I was looking at a study by Deloitte and MIT from 2015 on the main drivers of digital transformation. I wonder what the authors are thinking of their study now? Fair play to the researchers, their definition of digital transformation is still as valid today as it was back then.
The use of digital technologies such as social, mobile, analytics and cloud, in the service of transforming how businesses work.
(MIT Sloan Management Review and Deloitte digital business study, 2015)
The key take-away is that digital transformation is a business transformation. It’s not about bringing a bunch of digital technologies and initiatives to carry on doing business as usual!
A different response to a crisis
As part of the Global CXO Study commissioned of independent research firm Ecosystm, we asked business leaders about their top priorities going forward. The responses we got were not totally surprising. Customer experience, employee experience and digital transformation are at the top of the list for most business leaders.
However, this is quite a departure from the response observed during the financial crisis of 2008. Back then, the main drivers were to reduce costs rapidly and retain business.
This time around, the market is behaving in a very different way. Businesses are more forward thinking and are embracing proactively initiatives that will enhance the customer and employee experience through digital technology.
Customers are changing
COVID-19 has changed all aspects of our lives, from the way we interact socially to the way businesses interact with their customers and employees. Customers have evolved in recent months. Their shopping patterns, behaviors and expectations have all migrated online. In a way, products have become a commodity and now the real differentiator is the customer experience (CX), and digital transformation is the vehicle to deliver CX. Consumers now are more likely to purchase from and become loyal to companies that can show empathy and are able to solve their problems.
Employees are changing too
Traditionally, employee experience (EX) was founded on three main pillars: Salary, Recognition, and Job Satisfaction. However, during the pandemic employee expectations have also changed – and business and human resources (HR) policies, and technology are working in tandem to improve EX to match the new expectations.
COVID-19 has shown that factors such as flexibility, social cohesion and effective communication are almost as important as employee well-being and productivity. EX demands “soft”, employee-centric strategies. However, CXOs need to realize that the technology that makes it possible to deliver these factors is available, usable, and secure.
We need a secure internet to deliver a successful digital transformation
Many organizations were already embarking on the digital transformation journey before COVID-19. Others had to jump on it at great speed. In either case, the pandemic accelerated the digital efforts across all types of organizations.
Business leaders realize that digital transformation is not a necessary burden. In fact, it can offer a competitive edge that can differentiate them in the eyes of both customers and employees. But to become a long-term success and not a temporary fad, it needs to be supported by a secure-by-design approach. Ultimately employees need to be able to securely access all business resources in their new Office Anywhere world!
Learn how Asavie Branch of One can help your organization support your digital transformation strategy.