Digital transformation reaches critical mass in 2018, as every industry now realizes it’s no longer optional. Most companies have gone through an initial phase of digitalization, typically focusing on multi-channel customer communications.
However, digital transformation is a journey, not a destination; it is all about continuously evolving.
In 2018, companies will shift to digitizing processes and operations in ways that support rapid change and innovation – focusing on ongoing adaptation.
Connecting and orchestrating workflows and processes across the organization is a major shift from the highly focused, disconnected “stacks” that companies have been creating in recent years.
of CEOs have begun Digital Business Transformation. (Gartner, 2017)
of businesses state that digital transformation is their first strategic priority. (Economist Intelligence Unit) Companies that have embraced digital transformation are 26% more profitable than their average industry competitors and enjoy a 12% higher market valuation.(MIT Center for Digital Business)
of companies identify agility as one of their most important initiatives. (Forbes)
CRM solutions have been primarily focused on digitalization of customer-facing processes and activities. These applications are often single function oriented, creating
not only data silos but process and organizational silos as well.
One of the biggest challenges facing companies in the midst of digital transformation
is understanding how to truly become more customer centric. Customer centricity is not only a data problem, but requires aligning processes and data flows in ways that align with customer expectations.
Despite all the technical advancements of the last decade, adopting dozens of different ap- plications across the customer journey is making the silo problem worse.
Companies are figuring out to leverage Big Data and complex analytics to make cross-functional data more manageable, but these data lakes and centralized analytics teams are not enabling the speed of information that digital organizations need to acceler- ate innovation…