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Digital Transformation

Digital Transformation Failure Rate

What is the digital transformation failure rate? And why do a lot of businesses lose their digital transformation or Dx works?

Let us get to know more in this article.

Digital Transformation Failure Rate

The Dx failure rate is very high. About 70% of businesses doing fail in their Dx works. Also, about 73% of firms failed at giving market benefit to their Dx works.

Then, 78% of them fail to move their Dx goals. This means only 22% of companies work in their Dx.

So, these numbers scream bad news. What are businesses leaving?

High Digital Transformation Failure Rate Reasons

Not Knowing Market Chances

One of the most important reasons why businesses fail at their Dx is due to one goal. Not being able to see more changes in the market.

So, because they hold only to what they are already doing, they fail at their Dx. Also, businesses today need to go digital.

And there is part of other things businesses can do when they do so. But companies fail to see these.

Not Getting Close to Buyers

One of the centers of doing Dx is to meet client needs. And also better the customer contact.

So, those businesses who know their clients well will win the match. But some firms fail to do so.

These companies fail to see the value of getting to know their client. Making their Dx visit a big loss.

Lack of Connection and Vision

Dx is not something that you do now and will get over and finished with the next day. This takes months or even years of the plan and making those ideas to the truth.

Here are some real-life cases of those who needed time in making their Dx:

  • Nike – 2 years
  • Microsoft – 5 years
  • Best Buy – 7 years
  • Target – 8 years

So, because the journey takes a lot of time, businesses need to have a clear connection. Then, they also need to have a clear vision of the mission.

But a lot of them fail in this field. They fail to talk to each other about each team’s growth, any changes, etc.

Also, some fail to take everyone on the same side by not giving them a clear idea.

Fear of Change

One of the biggest ideas to check before doing Dx is that everyone is on board. Businesses need to make sure all are ready to take the changes Dx will make.

But some businesses face the fear of change. It is even harder to deal with if the officers themselves the ones scared of change.

Thus, it becomes a big test for everyone in the business. They need to consider the pros of doing Dx versus the concern that they have.

Digital Skills Gap

The digital skills gap is real. And it is one of the causes why a lot of Dx are missing.

Because any smart plan of doing Dx can be put to waste without someone or a company to make it true.

Thus, businesses must have the right skillset before doing Dx. Doing so makes it possible for all plans to be a fact.

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Digital Transformation

Digital Transformation Numbers

Digital transformation numbers. How do they see like? To get to know the business better, we first need to know its statistics.

But first, let us start by understanding what is a digital transformation or Dx. Do you know what it means?

Read on to know more.

What is Digital Transformation?

Dx is a process where businesses make use of techs to better a lot of their fields. Like:

  • business method
  • culture
  • customer action
  • customer service
  • product control
  • services
  • back office

Thus, this journey is taking lots of businesses like a storm. Companies, big or small, are doing a Dx in one form or another.

Also, it is now important for big companies to do this journey to keep up with rivals. Thus, making them invest in techs to better all fields of their job.

But it is vital to note that tech is not the end of the journey. It is only the enabler to make the Dx a success.

Also, the term Dx is not new now. But its meaning is increasing as time goes by. Today, it now means the digitization of stocks and services. For what? For the end-user.

So, today we can see a lot of changes in a lot of areas. From tourism, learning, banking, media, and more.

Thus, making the journey more on being when and how. Meaning, if you won’t do one, it is hard to stop.

But everything is simpler said than done, as they say. A strong Dx needs a lot of time to grow.

And fruits of work will take time to develop, so patience is the key for businesses doing the journey. And it is important not to rush and reach many aims at once.

But while the look is on fire right now, it does not return a hundred percent profit rate. 

Why is that? And what are the other numbers on Dx?

Digital Transformation Numbers

What are the Dx numbers that you need to understand? Here are some:

  • 70% of businesses fail their Dx tour
  • Only 22% of businesses see success in their Dx
  • About 40% of tech purchases are going to be about doing Dx. Meaning, investments of up to a large $2 trillion.
  • The two roles that manage the Dx from the top-down are the CIOs and the CEOs. The CIO has a 28% say in the journey’ plan while CEOs have 23%.
  • Around 70% of businesses today are doing some sort of Dx or are making a plan to do one.
  • Six out of ten managers think that IoT will be important for their success in the coming years.
  • About 68% of people think that both humans and AI will work more exactly in the future.
  • 71% of people think that the workforce is an important part of doing a Dx.

Also, as per one study, the top three perks of doing Dx will grow to be:

  • 40% on better operational ability
  • 36% on more active time to market
  • 35% is meeting client needs and demands

So, are you doing a Dx now? What do you think of these numbers? Do you agree with these or not?

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Digital Transformation

Digital Transformation Case

Digital Transformation case.

Digital transformation does not happen in a while. How did others do it? 

Well, we have prepared the following digital transformation case data. So, find out how businesses fill their ways. 

Also, how they build greater value for their buyers. And finally, how they grow earnings with the power of data and great analytics records.

The Digital Transformation Case Studies

One of the best ways to do digital change is to learn how others do it. So, we have shortlisted the following digital transformation case study. 

Moreover, these studies may move you in your digital transformation charge.

Amazon Business

It is an example of a digital customer’s expectation transitioning to the B2B system. The tips include the following:

  • Free 2-day shipping on orders of $49 or more
  • Select price discounts
  • Hundreds of millions of assets
  • Union of purchasing systems
  • Tax-exempt buying for fit buyers, and
  • Many more

Audi

They have changed their way of selling vehicles. Then was in 2012 when they started an innovative showroom design. The name is Audi City.

Also, it gives a different label life. It also lets visitors search the whole list of Audi’s ideal range hands-on in stores.

Additionally, at Audi City London, there is an increase in deals up to 60% from the old Audi showroom that had the site before.

Moreover, Audi only offers four cars. Thus, reducing the cost of having to hold a range of stocks.

Ford

Ford was structured in early 2006. From that year on, they moved forward with clear goals. These are:

  • To read the company’s product line
  • Center on quantitative data and class wheels
  • As well as joining the group as a whole.

Besides, the group cut the plan by 30%. Their reason was not to decrease prices. 

But to use them for further growth and change. And it gave them the project and capital to use on ground-breaking plans.

General Electric

General Electric’s Digital Wind Farm is a soft wind energy ecosystem. Both turbines with digital care for the wind energy business.

Their early solution called PowerUp technology is placed already in 4,000 units. As a result, turbine worth grown by 5%. And that means a 20% increase in profitability for each turbine.

McCormick and Company

The group started an online flavor help tool called FlavorPrint. It shows the consumer’s tastes. The users start with a 20 question quiz about eating ways as well as food likes and hate.

Then, using algorithms, FlavorPrint takes the data and makes personalized plans about recipes.

McDonald’s

They saw a large shift in customer habits. For example, McDonald’s installed booths where buyers can customize their burgers. 

They also used social media to give away products that are linked to the ads they are opening.

Also, McDonald’s needs to answer buyers. As well as checking actively social media trends in real-time.

Under Armour

The firm wants to become much more than an active apparel market. The proof was when they begin “connected health.”

The platform is used to track, analyze, and share personal health data right to customer’s phones.

Moreover, it gives them a current of data. And that learning lets them directly know fitness and new health aims.

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Digital Transformation

Survive Digital Transformation Disruption – How?

Digital transformation disruption is a problem that all companies across all industries face. Read on to see how to survive disruption.

You must continue to be relevant if you want to succeed. Today’s market place evolves rapidly. New digital trends come out almost every day. Moreover, modern consumers’ expectations grow rapidly. Hence, you must keep up with such trends if you want to succeed.

A traditional business model might not deem effective today. The trend is moving so fast many organizations struggle to keep up. Worse, some companies resist disruption. Yet, that is a dangerous move. How you respond in disruption will determine your business’ future.

Furthermore, digital transformation (DT) is a never-ending process. And that poses a challenge for many companies. They struggle to identify what changes to apply. Moreover, managing updated business processes is no easy task.

What is Digital Transformation Disruption? 

In simple words, digital transformation disruption is the effect caused by new technologies and business models. Such innovations affect the value of current services and productions. From the word itself, disruption is simply the change the marketplace feels thanks to new innovations. Thus, this created the need for businesses to re-assess their products and strategy.

Two of the greatest examples of digital transformation disruption is Uber and Airbnb. Both Uber and Airbnb invested in new technologies. Those technologies attended the need of changing consumer habits. What is the effect of their moves? The disruption they made is so strong to the point it made even traditional companies assess their proven models.

How To Survive Digital Transformation Disruption 

Companies that didn’t keep up with Airbnb and Uber’s disruption failed or will fail eventually. Those are just two examples. You must acknowledge digital transformation disruption and quickly act to survive. But how? Read on to see effective tips.

Don’t change for the sake of change 

Don’t attempt to keep up with every emerging technology. It is impossible. Furthermore, an effort to so will spread your IT team too thinly. Moreover, your organization’s needs are different from the others. Hence, not all possible innovations make sense and adhere to legal requirements.

Focus on changes that will add value to your company. Check your existing process and see how you can optimize it. For instance, built-in customer analytics is proven to boost return on investment (ROI). to sum, prioritize changes that will give you a competitive edge.

Make customer-centric changes 

The main goal of your DT is to provide a solution. Hence, you must never forget that goal when investing in new technologies. Watch your target markets closely. Furthermore, take note of their needs. Afterward, provide a solution based on those needs to improve the end user’s experience.

Complex technologies, simple solutions

Do not get caught up with the latest and greatest technologies. Many companies fall on those even they don’t actually need it. Thus, use technology to ease processes, delivery time, and other solutions that improve the overall operations of your business. 

Want to know more about how to deal with digital transformation disruption? Blogs published by WalkMe provides smart insights about that. Moreover, WalkMe covers a wide range of topics regarding the digital era. Check out their wonderful website at blog.walkme.com. 

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Digital Transformation

Top Digital Transformation 2018 Trends

2018 showed us that technology’s capabilities are limitless and move quickly. Let’s look back at the top digital transformation 2018 trends.

Trend 1: Artificial Intelligence

Alexa, Siri, Cortana – these virtual assistants are the norm now. Moreover, companies strive to use AI in making the customer experience seamless. Also, even employees benefit from AI. Furthermore, AI is now the mainstream – it is in our computer systems, software, and platforms. Chatbots are a common example of AI that eases the lives of both consumers and businesses.

AI is quite a new technology. Its full power is yet to rise. But the benefits it brings promises huge things for the future. It’s exciting to see what AI can do for us in the next few years.

Trend 2: Fast Failure as a Service or FaaS

Rapid prototyping, 3-D visualization, and other fast-fail methods were some of the best digital transformation 2018 trends. People want to buy Faas. Furthermore, FaaS will stay trendy for years to come. Moreover, businesses use this as a strategic initiative. 

Companies such as Gremlin market “chaos engineering”. These are made to break your production environments on purpose. The purpose of chaos engineering is to teach companies how to turn short term failures into wins. The ability to change quickly decides the fate of digital agility.

Trend 3: Analytics

The Internet of Things (IoT) is very powerful – advanced analytics is proof. Advanced analytics change manufacturing, healthcare, and many more industries. For instance, truck manufacturer Navistar mow monitors its fleet of 180,000 trucks. That is with the help of real-time data thanks to IoT and analytics.

Furthermore, Navistar uses analytics to refuel and analyze the driver’s behavior. Thus, it can reveal if goods were spoiled in transit. Navistar’s story is just one of the million success stories of using analytics.

Trend 4: Augmented Reality

AR for short presents endless ways of improving our interaction with technology. However, we saw virtual reality (VR) taking a backseat slowly. One reason for this is businesses discover that AR is cheaper and easier to use than VR. We have yet to see the full capabilities of AR and VR. Yet, these two promise a lot of opportunities. 

Trend 5: Cloud Computing

Futurum 2018 Edge Computing Index reveals that 64% of respondents focus on combining data center analytics and edge computing. Furthermore, the index reported that 72% began implementing edge computing strategies. 

These companies work with cloud solution providers to implement edge computing hardware solutions. Some of these providers are:

  • Dell
  • Cisco
  • Microsoft
  • IBM

The purpose of companies working with cloud solution providers is to improve efficiency in their data centers. This shows that cloud computing will not just be a part of digital transformation 2018 trends but for many years to come.

Trend 6: 5G 

This is one of the digital transformation 2018 trends that many users anticipate. IoT devices produce immeasurable amounts of data. Hence, this pushed providers to develop 5G faster. In 2018, we were still waiting for 5G to go mainstream. Yet, the early 5G deployments show flashes of what technology can bring to this world.

Want to know more about digital transformation? WalkMe offers a lot of resources for that. WalkMe has a wide range of topics about DT. Check out WalkMe’s blog section at blog.walkme.com.

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Digital Transformation

Benefit From These Digital Transformation Case Studies

The best way to understand digital transformation (DT) is to analyze digital transformation case studies. Read on to see the best examples. 

Digital Transformation Means Life or Death 

We are now in the ‘automation first’ era. Digital disruption poses a real threat to all companies. Hence, it is a must for all companies to develop a strategy. The choices are simple. Implement a successful DT and your company continues to live with a bigger revenue. Otherwise, your company will lose massive sales if not go bankrupt.

One great example of DT is robotic process automation (RPA). Many organizations use RPA as their ‘office assistant’. RPA, from the name itself, frees employees from mundane tasks. Some of those tasks are file management and generating reports. 

Moreover, RPA results in increased efficiency and greater returns. Thus, the time will come that every person has a software robot to help them. It’s exciting to see the potential contribution of robots in our society.

RPA is just one of the millions of benefits DT brings. You surely want to experience those benefits, right? However, DT is not just installing technologies. It also requires a change in mindset. 

Learn From These Digital Transformation Case Studies 

Digital transformation is not an overnight process. It is a continuous process that requires careful planning. The best way to develop a DT strategy is to learn from others that implemented it (or not). Studying digital transformation case studies gives invaluable insight. Let’s take a look at some of those. 

Unilever

Uniliver is a retail giant in the consumer packaged goods (CPG) industry. The giant started in the 1900s by selling margarine and soap. The range of products they offer grew over time. Now, they sell a wide variety of products made from oils and fats. Moreover, Unilever is so successful to point it acquired several companies like Lipton and Dollar Shave Club.

However, Unilever’s food business started to decline. Hence, the company shifted towards health and beauty. Using customer data for customized marketing is a must for DT. Instead of buying customer data from market-research firms, Unilever broke the norm by building its own database. 

Unilever’s database has more than 900 million individual customer records. Such a huge volume of information came from customer registrations, store loyalty cards, and third-party sites. Unilever used that data to back up their DT and targeted marketing strategies. Hence, this resulted in fewer costs and more revenue.

Unilever embraced the danger and faced the threat. That is a good thing all companies must imitate. Digital disruption is here to stay forever. Thus, your willingness to rebuild must not end.

Nokia

Nokia had a lot of success. They were one of the first innovative companies that existed. Yet, that also became the main reason behind their failure.

Nokia started its domination in the late 1990s. They were the top cellphone provider. Moreover, the company acquired over half of all the profits in the mobile industry. Yet, their hardware didn’t adapt to the changing technology. They let Android and Apple surpass them.

The lesson? Your success today doesn’t mean you’ll be successful in the future. Without the willingness to depart from success, even the biggest companies will eventually fall.

Indeed, we have a lot to learn from digital transformation case studies. Want to learn more? WalkMe is the key! WalkMe thoroughly discusses digital transformation with its blogs. Check out the blog website of WalkMe at blog.walkme.com. 

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Digital Transformation Digital Transformation Company

Data Analytics Digital Transformation: Its Role In Innovation

Learn about the data analytics digital transformation. Also, how it affects the process of the transformation?

Introduction About The Data Analytics Digital Transformation

Digital transformation is your business transformation. You making your business to be more competitive using the technology.

Also, making products that can be disrupted and differentiate in the market. So today, it is evident that companies are at the forefront of technology.

Such as the following big companies.

  • Google becomes the mobile-first AI after it shifted.
  • Facebook that planning to do expansion of its content-driven platform. So they can enable economic operations with their own cryptocurrency.

However, for the smaller companies, they do not need to invest in those huge changes. They still can be competitive without those drastic changes.

How? They can adopt a simple approach in technologies to enhance their operations. Here is an example.

A coffee shop, use WI-FI. Their customers love it and they use the network. Not knowing, with this a data is generated.

It produces a report or insight for the owner about its customer’s time consumes in the shop.

Data Analytics For Digital Transformation Journey

So in the digital transformation, your company data is a treasure. It can give you insight even if it is raw data.

However, the data can be more valuable if it undergoes the process of:

  • sorting
  • process
  • analysed

Also, more advanced data analytics is smarter and very useful in digital transformation. Moreover, the knowledge that is generated is more accurate. 

Also, these data can be robust for your business decision. 

So what are more roles of data analytics in the digital transformation? Below we have listed down every role that links in transformation.

It can be useful as today we are more connected and user of the technologies.

Roles Of The Data Analytics That You Should Know

Here is the list.

  • Predicting consumer behavior

Predictive data indicators can analyze historical transactions. Also, more than 115 variables are they able to calculate. 

It is from loyal customers and potential churn. Also, research says that it can determine almost 24% of accounts that are likely to be close within the month.

So with this, able to detects the account that will likely to close company now will able to make a better decision. Also, they can create a marketing decision that will result to retain their customers.

  • Optimizing sales pipelines

Closing deals or successful deals is the main goal of the salesperson. Also, the shorter sales cycles will make the salespeople improve their sales volumes.

But the scenario is not always that. Because some deals that longer time to close may be worth double in terms of profit.

  • Streamlining the supply chain process

An example here is Toyota that been managing the supply chain for more than ten years. Toyota able to optimize each part of the supply chain with near perfection.

Conclusion

Digital transformation is a journey, a long ongoing process for all companies. It makes your company more competitive and can catch up with all the changes in the market.

Also, with the transformation, a goal is being fulfilled.