It’s 2023, and digital strategy has become the default business strategy for many organizations. One of the primary reasons why businesses prefer digital is its ability to weave a web of experiences. While different business leaders have different understandings of what it means to leverage digital, the pressure to get on this bandwagon alone can destabilize a brand and its operations. 

Brands are becoming increasingly customer-centric, and crafting effective experiences across various channels is how they stay relevant in the market. But not every brand understands and implements digital to its truest form. As a curious digital transformation company, we feel that the real meaning of digital is often being mistranslated among business leaders. As a result, they miss the opportunity to capitalize on digital opportunities.

So, what do we define as digital?

We define digital as the ability to instantly connect people, devices, processes, and physical objects to simplify a complex process for an end-user. 

Take the e-commerce business model, for instance. By leveraging web app development and the power of the internet, an e-commerce business can connect with a wider range of consumer base than a conventional business model operating on the same grounds. The e-commerce model brings more flexibility to its users than the strictly robust traditional businesses.

Such changes don’t happen in the market without the consumers Okay-ing on it! So, digital is how the 21-st century consumers feel incentivized to explore new things. And that’s more the reason for your business to forge a solid digital strategy.

Taming the chaotic digital animal

With technologies like 5G and IoT, people are more connected than ever. Hyperconnectivity is great, as it provides the space to start a conversation between consumers and consumers; consumers and brands; consumers and middle-men; and middle-men and brands; further reinforcing consumer-centricity. 

However, businesses should read between the lines as the message is in the medium! The data dumps from all these interactions are basically a goldmine for companies to understand the chaotic nature of the market. 

The point of leveraging data is to connect the dots. Even end-users are aware that their data is more valuable than their money, but companies blindly diving into an ocean of data to find a treasure chest is how companies put a hole through their resource bank. 

Business leaders should understand that leveraging data is not just for the C-suite officers but for the entire organization. There are many data analytics tools in the market that are helping business leaders to converse in numbers, but only a few enable them to understand the context behind it. 

So, the primary goal for business leaders who are planning to go digital should be to understand the limitations of what digital could bring to their organization. That’s how brands can prevent “burn-out” while crafting a holistic consumer experience.

Why do some digital strategies fail?

Digital transformation is a multidimensional process. Companies often feel overwhelmed when they speak of digital transformation because they see that as an end goal, whereas in reality, it is more of a "new perspective" for their organization. We ask our clients to see digital as an enabler rather than a force they can harness. And when we spoke with our digital transformation experts, they identified 4 factors that dilute the impact they wish to create with their digital strategy. 

  • Cultural resistance
  • Poor tech infrastructure
  • Lack of digital talent
  • Looking at the new business through the old lens

The worst thing about the above-listed factors is that they are impossible to identify until the damage is done. These are deeply rooted in the business's DNA, and most of the time, these problems can be identified by someone outside the organization's structure!

What companies should focus on is how digital is changing their whole industry, not just their own operations. The fundamental economics of digital disruption is that the customer wins - no matter what. Remember how Uber changed the ride-hailing and for-hire automobile services across the world? Disruptions of this nature change customer behaviour forever! People are less interested in owning stuff, and would rather subscribe to a service. It's flexible, and most importantly, affordable.

So, when companies think of digital transformation, they should make sure that their strategy aligns with the greater market movement. Only then can a business hope to navigate through disruptions. 

Landing on top of the digital disruption

Surviving digital disruptions is one thing, but landing on top of the market trends is totally a different thing. The best part is that this is the best time for brands- irrespective of their size and power, can have an actual winning chance to capture the market. It doesn’t matter if your brand goes against industry giants! What our market experts observe is that as the market gets more and more digital, it breeds competition at an exponential rate. As competition increases, it shrinks the value businesses deliver! Can you remember how many times you have booked a hotel room or tickets through a travel agency in the last 5 years? Neither do we!

What happens is that digital brings value pools together. It makes businesses obsolete, simplifies overly complex processes, and puts the end-user directly in touch with the solution. So, to land on top of the digital disruptions, companies have to be bold. Bold digital strategies are the ones that put businesses on the map. Our analysis shows that the first respondents to the disruptions are usually the ones that end up seizing the majority of the value from it.

Our digital transformation consultants have worked across industries to build winning digital transformation strategies for companies of all sizes and natures. With more than 200+ industry experts, developers, designers, data analysts, engineers, and scientists, our technology solutions have helped people and brands deliver unparalleled value to their customers, ultimately repositioning themselves as the leaders of their industry. 

Check out this link to know more about our work in this area -  case studies

If you’d like more ground-breaking perspectives on this subject, take a look at our detailed articles that lays out the nuances of identifying if your Digital Transformation Strategy is ideal.