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Digital Transformation: Why Change is Necessary?

Digital Transformation: Why Change is Necessary?

Amritsawan Bhanja
10
Β min read
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Just two decades ago a handheld device was a luxury limited to a few rich and elite people. In the year 2021 alone 1.43 Billion smartphones were sold worldwide. If companies don’t take their business online, they are under grave threat of going outdated.Β 

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Digital Transformation

The integration of digital technology in the working of an enterprise to radically change how it runs and offers value to customers is called digital transformation.

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It enables businesses to capitalize on new opportunities brought about by digital technologies such as big data, cloud computing, and the Internet of Things. Businesses that embrace digital transformation can increase efficiency, improve customer experience, and generate new revenue sources. A typical digital transformation process includes a transition in leadership, culture, and technology, as well as a shift toward data-driven decision-making.Β 

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Businesses that successfully implement digital transformation frequently realize enhanced productivity, agility, and market competitiveness. Organizations must undergo digital transformation in order to remain relevant and competitive in an ever-changing digital landscape. It necessitates a comprehensive approach as well as a desire to welcome change and continuously innovate.

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What is Digital Experience? And Why is it Fundamental for Digital Transformation?

The whole perception and engagement of a user with a digital device, or platform are referred to as the digital experience. It includes design, functionality, usability, and accessibility, as well as the user's emotions and expectations. In layman's terms, it refers to how a person feels when interacting with technology, such as a website or a smartphone app. A good digital experience is one that is simple, easy to use, and pleasurable.

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When it comes to digital products, the digital experience and the consumer experience are inextricably linked. The digital experience relates to the user's interaction with the technology or platform itself, whereas the customer experience refers to the consumer's total experience with a company or brand.

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The digital experience is an essential component of the customer experience for digital products since it directly affects how the customer views and interacts with the firm. A positive digital experience can result in increased consumer satisfaction and loyalty, while a negative digital experience might result in irritation and discontent.

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To deliver a seamless and engaging experience for their clients, organizations that sell digital products must focus on both the digital experience and the customer experience. This involves offering user-friendly interfaces, quick and dependable performance, and a consistent experience across all devices and platforms.

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Below we can see a few companies that marvelously transformed and are thriving as digital products.

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Netflix: A Transformation From Postal Deliveries to a Global Streaming Giant

Netflix is an excellent example of a firm that has undergone digital transformation. Netflix began as a DVD-by-mail business, but it rapidly grasped the value of online streaming. It switched to an internet streaming platform, allowing it to reach a larger audience and provide a more convenient viewing experience.

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In order to differentiate itself from competitors, Netflix has substantially invested in generating its own unique content, such as the popular shows "Stranger Things" and "Orange is the New Black." This not only aided in the acquisition of new subscribers but also established Netflix's position as a major provider of high-quality content.

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Netflix uses data to lead its judgments about what content to create and how to market it. It is able to deliver highly tailored recommendations to its customers by evaluating viewing patterns and preferences, which improves the overall user experience.

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Netflix decided to expand its service globally by analyzing the potential. This enabled it to enter new markets and expand its consumer base. It incorporated local movies and shows as well as multi-language subtitles.Β 

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Overall, Netflix's digital revolution has been critical to its success, propelling it to the forefront of the entertainment business. Because of its capacity to adapt to evolving technology and industry trends, it has been able to keep ahead of its competition and provide a superior digital experience for its clients.

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Domino’s: Online Ordering and Tracking Innovations that are Now a Core to their Customer Experience

Another company that has undergone a digital revolution is Domino's Pizza. It realized the importance of online ordering and invested in its digital ordering infrastructure, which allows customers to order and track their deliveries online.

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To improve its delivery process, Domino's has introduced various technical advances, such as GPS tracking, which allows customers to see the real-time location of their delivery driver. They personalized their marketing efforts by sending tailored email promotions and advertisements to customers based on their ordering behavior and preferences.

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In the kitchen, Domino's has utilized technology like automated ordering systems and specialized ovens that optimize cooking times and temperatures for various menu items. To suit the changing requirements and interests of its consumers, Domino's offers numerous alternative delivery alternatives, such as curbside pickup and drone delivery, in addition to traditional delivery.

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Domino's digital transformation has enabled the company to improve customer experience and stay ahead of the competition. It has been able to create a convenient and tailored experience for its customers by adopting technology and data-driven decision-making.

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Why DX Matters More Than Ever?

For obvious reasons, the COVID-19 epidemic has increased the importance of digital experience. People have become more reliant on technology for employment, pleasure, and communication as a result of lockdowns and social distancing tactics. As a result, there is a greater desire for a seamless and engaging digital experience.

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Shift to Internet commerce:Β People avoid in-person shopping, and the epidemic has expedited the shift to online commerce. Customers anticipate a smooth and convenient buying experience, which has increased the emphasis on the digital experience of e-commerce websites and apps.

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Remote work:Β The digital experience of collaboration and communication tools has grown in importance due to the increase in remote jobs. Remote workers must be able to effectively interact and collaborate with their team members, which can be facilitated by a great digital experience.

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Virtual events and education:Β There has been an increase in virtual events and online education. Attendees now expect a flawless and engaging digital experience, which has enhanced the importance of a positive digital experience.

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To summarize, the COVID-19 epidemic has increased reliance on technology and the digital experience, making it an important factor for businesses to focus on in order to meet the needs of their consumers and staff.

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Should DX be an Important Performance Metric?

Product managers should prioritize the digital experience because it directly affects customer happiness and loyalty. Here is why DX matters more than ever.

Customer satisfaction: A great digital experience improves the overall customer experience, leading to higher levels of satisfaction. This can lead to improved consumer loyalty and repeat business.

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Brand reputation: Terrible digital experiences can hurt a brand's reputation since customers are inclined to tell others about their negative encounters. A positive digital experience, on the other hand, can help develop a strong brand reputation and drive positive word-of-mouth.

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Competitiveness: Companies that value digital experience is better positioned to succeed in today's digital marketplace. A positive digital experience distinguishes a company from its competitors and can provide a competitive edge.

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Data-driven decisions: Digital experience provides significant data and insights that may be used to support decision-making and product development. This data can be utilized to continuously improve the digital experience and satisfy changing client wants and preferences.

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While measures like user engagement and conversion rates are significant markers of success, they should not be product managers' whole emphasis. An emphasis on digital experience assists in ensuring that a product provides value to customers while also adding to a great overall experience.

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Digital TransformationΒ Case Studies

JPMorgan Chase, Digital Transformation in BankingΒ 

JPMorgan Chase has undergone a considerable digital transformation in recent years in order to improve the customer experience and increase operational efficiency.

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Its key challenge in the digital age was to fulfil the changing demands and expectations of its clients. Customers were increasingly looking for digital solutions for their banking needs, and JPMorgan Chase wanted to give them the greatest experience possible. Furthermore, the bank desired to streamline its operations and boost efficiency in order to better serve its clients.Β 

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JPMorgan Chase used a variety of digital technologies and solutions to address these difficulties, including mobile and internet banking, artificial intelligence, and blockchain. The bank also launched a smartphone app that allows users to manage their funds on the go in a simple and safe manner.

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JPMorgan Chase's digital transformation has had a tremendous impact, resulting in higher customer satisfaction and operational efficiency. Customers may now manage their finances and access their accounts at any time thanks to mobile and internet banking alternatives. Artificial intelligence and blockchain technology have increased transaction speed and security, boosting the overall client experience.

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JPMorgan Chase's digital transformation illustrates the relevance of technology in the banking business. Banks may improve the customer experience, increase efficiency, and better serve their clients by embracing digital technology and processes. This case study demonstrates how, with careful strategy and execution, digital transformation can benefit the banking sector.

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The University of Oxford, Digital Transformation in Education

The University of Oxford has undertaken a considerable digital change in order to improve the student experience and educational delivery. One of the difficulties the university faced was providing students with access to tools and information outside of the regular classroom setting. Furthermore, the institution desired to increase the efficiency and efficacy of its administrative operations. The University of Oxford responded to these difficulties by implementing a variety of digital technologies and tools, including a new student information system, a learning management system, and an e-portfolio system.

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The digital revolution had a huge impact on the University of Oxford, resulting in a more engaging and efficient student experience. The new student information system has streamlined administrative processes and allowed employees to spend more time with students. The learning management system has enhanced the availability of materials and information outside of the classroom, allowing students to learn at their own speed. The e-portfolio system has improved the evaluation process by allowing students to demonstrate their skills and abilities in a digital format.

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The University of Oxford's digital transformation illustrates the value of technology in improving educational delivery. Universities may improve the student experience, increase efficiency, and better serve their students by embracing digital technology and processes. This case study demonstrates that digital transformation can have a positive impact on education with appropriate strategy and implementation.

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Mayo Clinic, Digital Transformation in Healthcare

Mayo Clinic has been a healthcare leader for almost 150 years. In recent years, the clinic has undergone a significant digital transformation to improve patient care and streamline operations.

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One of the key issues that Mayo Clinic faced was providing patients with timely and effective access to healthcare services. The clinic also wished to increase the accuracy and timeliness of diagnosis, as well as communication between healthcare personnel. Mayo Clinic used a variety of digital technologies and techniques to address these difficulties, including electronic health records (EHRs), telemedicine, and artificial intelligence.

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Mayo Clinic's digital transformation has had a substantial impact, resulting in improved patient care and increased efficiency. The electronic health records system has increased the accuracy and timeliness of diagnoses, as well as facilitate the sharing of patient information across healthcare practitioners. Telemedicine and mobile app solutions have simplified patient access to healthcare services, cutting wait times and increasing the overall patient experience. Mayo Clinic's digital transformation illustrates the relevance of technology in the healthcare industry. Healthcare firms may improve patient care, increase efficiency, and better serve their patients by embracing digital technology and processes. This case study demonstrates how, with careful planning and implementation, digital transformation may improve healthcare service.

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Mayo Clinic's digital transformation has had a substantial impact, resulting in improved patient care and increased efficiency. The electronic health records system has increased the accuracy and timeliness of diagnoses, as well as facilitate the sharing of patient information across healthcare practitioners. Telemedicine and mobile app solutions have simplified patient access to healthcare services, cutting wait times and increasing the overall patient experience.

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Mayo Clinic's digital transformation illustrates the relevance of technology in the healthcare industry. Healthcare firms may improve patient care, increase efficiency, and better serve their patients by embracing digital technology and processes. This case study demonstrates how, with careful planning and implementation, digital transformation may improve healthcare service.

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To Sum Up

Digital Transformation is an important for businesses to be modern and relevant. It provides numerous benefits to businesses of all sizes and industries, ranging from improved client experiences to increased operational efficiency. Companies may remain ahead of the competition and better serve their customers by embracing new technology and processes. It is critical to understand that digital transformation is a continuous journey of growth and improvement, rather than a one-time event. To keep up with the quickly changing technology world, businesses must constantly analyze their digital strategies and make required improvements. Finally, the success of digital transformation will be determined by the company's commitment and investment. Companies may secure their continuous growth and success in the digital age by prioritizing digital transformation and investing in the appropriate resources.

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