Running through the journey of digital transformation in business
Businesses are progressively becoming social, portable, and digitized. Advances in technology, demography, and the workplace alone are driving this transformation. Every part of our job, including how we interact, cooperate, grow and adapt, is impacted by this transition. We may anticipate so much more improvements in how work is carried out as firms remain committed to Digital Transformation in Business.
Record-keeping systems
Paper-based record-keeping was customary in the previous era, but increasingly, enterprises are switching to Digital solutions. Although there are numerous and different advantages to digital transformation in business, probably the most significant one is that it makes firms more structured and functional.
Companies can save cost and time on information retention, access, and management by switching to a computerized record-keeping system. Additionally, digital systems are more flexible and scalable than paper-based systems, which makes it simpler for firms to expand and meet changing customer demands.
Collaboration systems
The digital revolution has significantly evolved the way we live and work over the last ten years. It is now simpler than before to engage and interact with people, regardless of geographic location, thanks to the increased adaption of mobile apps and devices. This has significantly changed how firms run because it allows employees to collaborate more effectively than ever.
With the growth of cloud-driven collaboration technologies, it is now even simpler to exchange intelligence, stay in touch, and create new ideas. It is obvious that digital transformation in business will continue to influence the way we collaborate as the globe becomes more linked.
Understanding the trends revolving around digital transformation in business
In order to fulfill the always-evolving requirements of their customers, businesses must continually adapt and evolve through the process of digital transformation. Here are the top digital transformation trend lines that will influence businesses in 2022 so they can be at the industry forefront.
Everything as a Service (XaaS)
Since customers and passengers really have to feel secure that they or their things are in good hands, safety is possibly the biggest concern in the transportation industry. It has been claimed over the years that road safety using Artificial Intelligence is a sure-shot solution to foster safety and security during traveling and transportation.
Over the years, technology has dramatically facilitated raising survivability, and today, with the emergence of AI technologies that are being progressively used by organizations and enterprises working in the transportation sector, safety levels may soon reach even greater peaks.
5G
In 2022, digitalization will be significantly impacted by 5G, which offers the prospect of quick speeds, minimal latencies, and elevated amounts of dependability. When it concerns linking various wireless characteristics, 5G is a game-changer. Companies may eliminate the physical connection thanks to 5G while broadcasting HD footage in real-time, and give customers better mobile broadband capabilities. Additionally, the 5G technology produces sophisticated entertainment experiences like virtual reality and cloud gaming.
Artificial Intelligence (AI)
Artificial Intelligence is a significant concept in digitalization that we anticipate gaining traction in 2022. (AI). AI is a field of technological advances that enable systems, particularly computer solutions, to mimic the workings of human intelligence. Artificial Intelligence has enormous potential and offers a variety of advantages, including enhanced efficiency and productivity multitasking, nuanced task execution, availability without interruption around-the-clock, time-saving, avoiding human mistakes, and using consumer preferences as a guide to anticipate customers’ needs.
Total Experience (TE)
As we dwell in the era of the customers, we believe that total experience (TE) will tend to be a driving force of the trends in digital transformation in 2022. Total experience refers to the integration of all customer’s and employees’ touchpoints into a cohesive, unified experience, including both digital (such as a website and mobile app) and physical (including contact centers and physical storefronts) touchpoints.
Data Democratization
The realization that data is becoming more crucial in decision-making led to the democratization of data. Data democratization is the practice of opening up data to all company administrators and decision-makers. Offering all personnel access to information and fostering improved departmental communication and cooperation enable businesses to make more informed decisions.
Exceptional digital transformation in business case studies to take note of
1. Michelin
About the business:
The EFFIFUEL programme (A holistic ecology called EFFIFUEL combines advanced telematics, instruction in eco-driving methods, and the EFFITIRESTM optimized tire management system) was launched by the major tire manufacturer Michelin in 2013 to reduce the amount of gasoline used by trucks.
In this case, vehicles were equipped with telematics devices that collected and processed data on the trucks, tires, driving habits, and fuel usage patterns. By looking at this information, executives and fleet managers at the trucking businesses were able to lower their oil consumption.
Business industry:
Auto and truck parts
Business challenge:
Incapability to increase rates of customer retention to desired levels because of the fuel use and CO2 emissions of trucks.
Business solution:
The use of connected phones allows for the early identification and maintenance of the truck and tire performance degradation. The strategy also pushes truckers to commute more sparingly and sustainably.
Business result:
EFFIFUEL allows trucks to save 2.5 liters of gasoline for every 100 kilometers traveled. The firm also reduced its costs for environmental harm caused by transportation.
2. Schneider
About the business
French multinational Schneider Electric is an expert in digital automation and resource utilization. Utilizing a combination of energy solutions, real-time mechanization, software, and services, it encompasses homes, buildings, data centers, infrastructure, and industries.
Business industry:
Digital automation and energy management
Business challenge:
To maintain information security without hailing any additional load on the operational capabilities of the global workforce.
Business solution:
The company outsources its cloud platform to Box, which ensures information integrity and connects with Microsoft Office products to make corporate operations easier.
Business result:
On a portal that links the 142,000 personnel of Schneider Electric, 90% of the company’s records are stored.
3. Amazon Business
About the business:
E-commerce, cloud technology, digital broadcasting, and Artificial Intelligence are among the industries in which Amazon.com, an American multinational technology company, has corporate interests.
Business industry:
Tech multinational
Business challenge:
To expand the B2B model so as to include B2C transactions with the goal of improving digital customer expectations.
Business solution:
- Amazon developed a comprehensive platform for B2B merchants that featured exceptional pricing reductions and free two-day shipping.
- Additionally, it provided order approval workflows, tax exemption on purchases made by a restricted group of qualified consumers, pooled payment options, and improved order reporting.
- Amazon’s live expert program gave manufacturers the opportunity to interact with customers and respond to queries about their products.
Business result:
It started making money by imposing on third-party sellers sales commissions that ranged from 6–15% according to the product category and order amount.
4. Netflix
About the business:
The company Netflix Inc. (Netflix) offers online movie and television streaming services. Through such an online subscription, the company supplies TV shows and movies, including original series, documentaries, and feature films, for viewing on TVs, computers, and smart applications.
Business industry:
Technology & Entertainment industry
Business challenge:
To revolutionize the entertainment sector by providing its users with on-demand, subscription-based video services.
Business solution:
Netflix introduced a video-on-demand streaming service in 2007 at no extra cost to its subscription base. It created a straightforward, expandable company strategy and routinely invested 10% of its budget in R&D. With its unrivaled recommendation engine, the business offers a customized and pertinent consumer experience.
Business result:
With a market dominance of over 85%, Netflix dominates other broadcasting juggernauts like Amazon, Hulu, and Youtube as the most popular source of digital video content. Directly following the onset of the COVID-19 epidemic, Netflix added a record 36 mn new customers.
5. Tesla
About the business:
Tesla is the first automaker in the world to offer automatic over-the-air software upgrades that enable its vehicles to remotely enhance their infotainment, performance, and safety features. Tesla employs over-the-air software upgrades and linked car technology to increase customer experience, provide cost reductions, and reduce carbon dioxide emissions.
Business industry:
Automotive
Business challenge:
To innovate a more cost-effective electric automobile that would emit less carbon imprint.
Business solution:
- Tesla introduced an autopilot capability to regulate the vehicle’s velocity and position on highways in order to prevent possible collisions.
- An efficient information platform and a smart automated driving experience have been made possible by connected automobile technologies.
- Tesla has furthered its foray into a world driven by data, and it now employs analytics to glean useful information from market patterns and frequent grievances.
- Tesla has amassed driving data for 8 bn miles to date, compared to 10 mn miles for Google’s Waymo project’s autonomous vehicles.
Business result:
Tesla’s over-the-air upgrades cut down on pollutants by preventing users from visiting dealers. These improvements also help customers save time & expense. Compared to the 499,550 vehicles sold in 2020, Tesla had a record-breaking 936,172 shipments in 2021.
6. Glassdoor
About the business:
In order to give jobseekers and employers the most accurate and realistic referrals possible, Glassdoor collects and analyses employee feedback about businesses. Additionally, it enables enterprises and recruitment agencies to extract crucial information for in-depth research and reporting.
Business industry:
Internet Media & Services
Business challenge:
To develop a system enabling users to examine millions of peer-to-peer evaluations of organizations, including the overall corporate culture, their CEOs, perks, pay, and more.
Business solution:
Glassdoor launched improved accounts as a premium service that let businesses add job listings, “Why is it the Best Place to Work” tabs, social media properties, and other information to their Glassdoor accounts. Companies now have a fresh, creative way to find and hire great talent.
Business result:
Its selection of the “Best Companies to Work For” according to Fortune outpaced the S&P 500 by 84.2%, while its selection of the “Best Places to Work” outpaced the marketplace as a whole by 115.6%.
7. Under Armour
About the business:
For men, women, and children, Under Armour, Inc. creates, markets, and distributes branded athletic clothing, footwear, and accessories. North America, EMEA, Asia-Pacific, Latin America, and Connected Fitness are the regions through which it functions.
Business industry:
Sports equipment company
Business challenge:
To offer a platform to collect, analyze, and distribute personal health information straight to its consumers’ phones, Under Armour pioneered the idea of “Connected Fitness”.
Business solution:
- For a total of $715 mn, Under Armour purchased a number of tech fitness businesses, including MapMyFitness, MyFitnessPal, and the European fitness programme Endomondo, in order to gain the necessary infrastructure and a sizable user base for its upcoming fitness app.
- Under Armour receives a stream of data from the application that identifies patterns in fitness and health.
- Through solutions like Armourbox, Under Armour combined its digital and physical goods to give customers an interactive experience.
- The business encouraged its consumers to publish their training plans, preferred shoe styles, and fitness objectives online.
- It sent clients new shoes or clothing on a subscription-based model using smart analytics, giving them a greater lifetime value.
Business result:
An online brand with a greater consumer emphasis, flexibility, and culture was developed by Under Armour. It offered a customized client experience through the Connected Fitness app.
8. Internet Brands®
About the business:
The four major segments of the automobile, healthcare, legal, and home/travel are served by Internet Brands, a corporation that provides internet media and technology to both businesses and individuals. Top web solutions for companies are combined with media websites for customers in a completely integrative manner.
Business industry:
Internet Media
Business challenge:
Baystone Media, a division of Internet Brands®, uses Whatfix DAP to promote product acceptance for its healthcare enterprises.
Business solution:
The goal was to put a solution in place that would make it simple for users to browse Baystone Media’s platforms and those of its sister firms. Whatfix was the result of the hunt for a real-time interactive instructional solution that went beyond PDFs and certain training videos.
Business result:
Baystone Media have seen a 10% drop in incoming calls and a 4.17% drop in support issues, providing them more time to focus on improving their customer care.
9. Sophos
About the business:
In terms of data security and IT security, Sophos is a global leader. We provide enterprises with total defense over malware, spyware, invasions, unwanted programs, spam, policy violations, and information leakage.
Business industry:
Security software and hardware
Business challenge:
To organize its operations and efficiently understand client relationships, Sophos deployed Salesforce.
Business solution:
- Whatfix was adopted by Sophos to offer dynamic, on-demand training that assisted users in learning while working.
Sophos was able to effectively manage the adoption of its new CRM because of the unlimited access to on-demand self-support, contextual advice, and smart suggestions. - It utilized Whatfix content to synchronize internal messages. They started by developing instructional videos for Salesforce’s fundamental features, like lead management, possibilities, etc.
- They then transitioned to a little bit more additional features that their customers found difficult to use and developed assisted walkthroughs and clever pop-ups.
- Instead of depending on numerous communications technologies, Sophos used Whatfix to synchronize the sales and product management departments by incorporating movies and other material.
Business result:
The number of sales operational support tickets at Sophos decreased by 15% (12,000 tickets). The ROI was 342% and it conserved 1070 man-hours.
10. Thomas Pink
About the business:
Fits. me Virtual Fitting Room was hired to create the online sales platform for the British shirt manufacturer Thomas Pink, a part of the Louis Vuitton Moet Hennessey group. The project’s objective was to provide a strong market edge over other competitors in e-commerce. Owing to the created online platform, consumers are enabled to enter their body size to evaluate how well the clothing they are buying suits them.
Business industry:
Apparel and Fashion Industry
Business challenge:
Poor understanding of customer preferences and online sales.
Business solution:
You will engage Fits.me to build the web-based platform on your account such as an online Dressing Room.
Business result:
Greater customer happiness and engagement. Customers who access the virtual fitting room are more inclined to make a buy than those who don’t, claims Thomas Pink.
