First let’s take a step back and consider what digital transformation actually is for a moment. It often starts with a simple initiative but ends with the complete transformation of a company, internal processes, and even its products and services. How?
For example, redesigning a website today means throwing money down the drain unless such a redesigned website offers new and existing customers an easy way to buy products or subscribe to services. Imagine a bank with a shiny new website where, in order to apply for an account, you have to download a pdf document, print it, fill it in with a pen, and then bring it to a branch.
Then imagine the same website where this process is streamlined so that it takes a couple of minutes to provide the bank with required data, and the client signs documents (if required by law) once they pop into the nearest branch to collect their debit card. The budget spent on the former is “money flushed down the drain”.
The budget allocated for the conceptualisation and production of the latter is an investment in customer acquisition and, hence, increased revenue and profits. I mentioned a bank in this example, but this clearly applies to any company operating in any industry.
In a nutshell, the process of identifying such opportunities, implementing software platforms and transforming both internal and external processes (and the whole company) to enable the provision of services in a new way using every available channel, is commonly called ‘digital transformation’.
Every business will have to digitally transform in the near future, or risk being left obsolete by emerging agile competitors
Every business will have to digitally transform in the near future, or risk being left obsolete by emerging agile competitors. But what about those companies that went through the process a few years back and already offer their products and services via a multitude of channels? For them, it is time to take on the next challenge: Digital Transformation 2.0.
“And what might that be?” you are probably asking yourselves. As with 1.0, it is many different things for many different companies. However, a few common trends are emerging: a sharp turn towards environmental sustainability using the latest technologies, such as machine learning, AI and big data, as well as the use of technology in such a way that it enables local producers and service providers to integrate with global players and generate revenue and profit for the greater good of local communities.
Digital Transformation 2.0 is also about branding. By investing in cutting edge ideas and technologies, companies earn bragging rights that attract environmentally conscious, agile, cutting edge customers. Companies are transforming from providers of products and services into champions of values & ideas, and they have to put their money where their mouth is in order to do so.
Lokomotiva, as the technology arm of I&F Grupa, develops enterprise software platforms and provides services that enable companies to transform into efficient Omni-channel businesses. We work with our clients on defining ideas, identifying opportunities, implementing technology solutions, establishing branding and communications strategies, and helping them fully utilise their investment in digital transformation over a number of years, until the next challenge appears on the horizon: Digital Transformation 3.0.