Beginner’s Guide to Digital Transformation

1. Beginner’s guide to DIGITAL TRANSFORMATION

2. Beginner’s Guide to Digital Transformation Businesses must survive by going Digital. Lagging behind your updated competitors and the industry you are in, will be a bane in the long-run. This guide provides details about areas you can transform business digitally. Digitization of business or in other words “Digital transformation” is a journey with multiple connected intermediary goals, in the end, striving towards optimization across divisions and ecosystem of a hyper connected age where building the right bridges (between front end and back office, data from ‘things’ and decisions, people, teams, technologies, finances, competitors etc.) in function of that journey is key to succeed. continuous processes, business the marketing, Let’s look at the Top five strategic initiatives a traditional company should take to survive in this Digital World. RANK INITIATIVES 1 Greater speed to market 2 Fostering innovation 3 Implementing disruptive technology 4 Becoming more data driven 5 Digitization of the business

3. “Do More, Achieve More with Less Time and Efforts” Digital Transformation is a process of adopting digital technology in all the domains of any business these can be Technology, Finance, Marketing and Sales, Recruitment, Operations and Customer Support to make them more cost effective and optimized. “19 percent of business leaders believe they are already a digital business. 59 percent plan to become one over the next three years.” -A survey report by Accenture •There are approximately 2.55 billion Social media network users globally and consumers are 5 times more reliant on digital content than in the early 2,000’s •56% businesses use Facebook as a business tool to increase their sales •33% HR teams are using some form of artificial intelligence (AI) technology to deliver HR solutions, and 41 percent are actively building mobile apps to deliver HR services •40% of financial activities (for instance, cash disbursement, revenue management, and general accounting and operations) can be fully automated

4. Case Study: “If you go at a slow pace, you might have digital creep rather than digital transformation” - Alan Talbot, CIO of Air Malta What happened: In 1975, a Kodak employee invented the first ever digital camera. The company pursued it themselves, but filed for bankruptcy in 2011, as it made most of its money developing film, the demand for which had all but disappeared. Lesson: If you have digital capabilities, transform quickly before your business model dies.

5. Always remember these three key things while considering Digital transformation for your organization: 1. Always berealistic. Asses what is feasible and don’t attempt everything at once. 2. It is more about mindset and approach than it is about any set technology. 3. Cultural change is vital for digital transformation to work, so getting your people on board should be your first concern. An organization looks to drive better Return on Investment and efficient employees for better working has a whole ship of digital technologies to choose from to improve the power of a business. But, just applying and using these isn’t enough. There needs to be digital strategies made for each functionality in place that guides the organization as a whole. To successfully execute Digital Transformation in any business or organization, not only marketing and sales department should be made digital, but every department have to be transformed digitally to bring full proof efficiency to the business.

6. 1.Marketing & Sales Department: Digital Transformation has the paradoxical footprint of improving salesperson effectiveness and heightening job insecurity concerns. Companies can improve the technology-enabled multichannel capabilities of the firm by giving priority attention to human capital improvement, sales force control systems and communication of the digitization strategy. The advent of search engine marketing, online marketing, social media marketing and mobile marketing gives customers much more opportunities to interact with the company. As a repercussion, salespeople get more time available to perform added value activities. Through transforming your business from traditional to digital, the marketing and sales department can use various social media channels which help in selling products and providing services. The process becomes faster, smarter and helps in acquiring the customers with less efforts and low budget.

7. 2.Customer Service and Experience Department: Today, customers expect relevant content in relation to what they’re doing anytime, anywhere and in the format and on the device of their choosing.Mobile devices, apps, machine learning, chat bot automation and much more allow customers to get what they want almost exactly at the moment they need it. Customer experience is important throughout the organization but Marketing, Sales and Customer service departments are actively taking digital transformation steps and making strategies revolving around it. •Sales Department: Transforming your business digitally means replacing cold calling and other BTL activities with digital selling. Customers are now days are already active on social media platforms and that’s where you need to be. Instead of waiting for the customer to contact you, you will need to reach out to them, build a relationship, share knowledge. You can do this by sharing relevant content, sell your products, and display your services, and your expertise. •Marketing Functionality: Cost cutting is the main and important work for every business, reducing spending on ATL activities or offline marketing activities, such as, print ads, billboards and TV, Radio ads. Personal targeting messages and promotions work in today’s digital age which can only be achieved through a data-driven marketing strategy. Now, you need to use digital channels to implement search engine marketing, SMS and Mobile marketing and email marketing strategies. •For customer service teams: Social media, reviews sites, forums, and communities are all now part of the customer service ecosystem. Businesses have to no longer wait for phone to ring or a fax to come through. Be proactive, and engage with customers who seek any information or support.

8. 3.Human Resource Department: Human Resource Department has a critical opportunity to help lead the transformation to a digital business. HR teams that embrace digital platforms have to take up the dual challenge of transforming HR operations on the one hand, and transforming the workforce and the way work is done on the other. HR digital transformation is the process of changing operational HR processes to become automated in the working and data-driven analysis for better results. In a survey report, •In today’s digital age more and more people are not only going digital but also working remotely and digitally •43 percent of employed Americans saidthey spent at least some time working remotely

9. Not only the freelancers but every industry is now adopting these changes. Workforce ranging from Interns to Decision makers and head of the companies are now using high tech digital technologies which are speedy, convenient and have security inbuilt so that the data remains private and among the employees. Why Working Remotely helps any organization? •Cost cutting in office space •Better Return on investment •People tend work more as they have to not sit at one place which is usually done by office-goers (9-5 Jobs) •Comfortable communication platforms •Helps employees to learn new technologies •Removes commuting time & cost

10. 4.Finance Department: “Every CFO should explicitly define the leadership role he or she wants to play in translating burning business questions into use cases for advanced analytics: whether to optimize pricing, identify customer churn, prevent fraud, manage talent, or explore a host of other applications.” -In a report by McKinsey& Company Digital Transformation in finance domain is becoming understandable because of a range of technological advances. These include the widespread availability of business data and team’s ability to process large sets of data using now-accessible algorithms and analytic methods, and improvements in connectivity tools and platforms, such as sensors and cloud computing. •Automation and robotics to improve processes in finance •Data visualization to give end users access to real-time financial information and improve organizational performance •Advanced analytics for finance operations to accelerate decision support •Advanced analytics for overall business operations to uncover hidden growth opportunities

11. 5.Operations Department: The traditional Henry Ford, The Model T, and The modern assembly line models have to be vanished if somebody is looking to digitalize his/her business. Organizations have to realize that an important aspect of competitive advantage is in streamlining key business processes in order to improve efficiency and quality is Digital Transformation and not just following the traditional approach. Digital transformation in operations department ease friction in the organization, which leads to improved productivity and reduced risk – key factors which can drive desired business outcomes, such as improved financial results and better efficiency of the workforce. When combined, digital innovation and operations-management discipline boost organizations’ performance higher, faster, and to greater scale than has previously been possible Building people’s capabilities with Machine Learning: Machines are increasingly capable of complex activities, such as allocating work or even developing algorithms for mathematical modeling. As technologies such as machine learning provide more personalization, the role of the human will change, requiring new skills.Continually updated dashboards let leaders adjust people’s workloads instantly, while automated data analysis frees managers to spend more time with their teams.

13. Enablers Which Support Digital Transformation: There are few Technology innovations which are known as “Enablers” which help in supporting Digital Transformation across the organization. These Digital Enablers can be classified as under: •Big Data •Artificial Intelligence and machine learning •Internet of Things (IoT) •Customer Relationship Management (CRM) applications •AR/VR : Augmented Reality/Virtual Reality •E-Commerce •Conversational agents •Structured collaboration tools Let’s have a look on these enablers, know what these are, how do these help in real life and support in Digital Transformation. Did You Know: Artificial Intelligence is the most spoken and searched word in 2019 across all technical companies around the world.

14. Big Data Analytics: Big Data refers to processing and storing a huge amount of customer data which helps companies across all departments after analyzing the goal of the company and needs of customers. There have always been some questions on privacy of data which companies have, to either sell their products or provide their services digitally. Even big companies such as Google and Facebook are facing these negative questions from the Public/Customers who uses these services and the Government who make policies regarding the same. Big data is one of the big drivers of digital transformation. -Big Data is estimated to be a $200 billion market by 2020 -With 62.5 percent of surveyed companies have at least one big data project in production But what’s most striking is how big data touches more and more parts of the business and specially, Digital Selling. With the potential increase of the internet and social media, we also see the growth of massive data across the globe. With the continuous progress in data science and big data Analytics, there is a huge opportunity for sales managers to achieve new insights on how to increase sales, have more satisfied customers who return again and again “Digitally”. Some prospectives of Digital Sales using Digital Transformation is: 1.Finding new leads 2.Generating repeat sales which runs on recommendation systems 3.Predicting future sales 4.Get to know about the consumer psychology 5.Improve customer experience 6.Improve Budget and increase Rate on investment

15. Artificial Intelligence: Digital revolution has changed the way of operating business of any domain due to mass production of computers and communication devices. This results in unbaiting improvements in every possible area ranging from generating new ideas for products and/or services to newfangled product designs for improvised customer experience. AI systems try to impersonate the human brain which utilizes patterns to generate perceptions and drive logic, for the structured approach of analyzing the situation from a common man perspective. The algorithms based on patterns and logic components build such cognitive and intellectual engines which are highly sophisticated, insecurity free and powerful. “The thing that's going to make artificial intelligence so powerful is its ability to learn, and the way AI learns is to look at human culture” -Dan Brown •The majority of workers in the field of Data, Mobile and IoT are planning to learn AI by 2020. •Voice Assistant “Siri” by Apple, was the first Artificial Intelligence software which was provided to the general public all over the world.

16. Internet of Things: The network of connected devices such as security sensors, surveillance cameras, smartphones, wearable devices like smartwatches and household appliances have that ability to communicate and transfer data over the network without direct human interaction. Not only does this empower the customers by providing greater control of household systems and appliances but also provides greater insight into critical areas of business interest by opening doors for innovative products and solutions. IoT also faces challenges with more devices connected to the Internet, the volume of data generated is getting immense. This puts pressure on internet to create a need for an infrastructure that can transmit and store this data more efficiently. There is always a push to create edge devices that are intelligent enough to perform some data processing and send this results to servers instead of sending massive data amount to central servers for processing.

17. Customer Relationship Management Applications: Earlier every customers were on papers, which means the businesses used to write details of its every customers by hands and on papers. But after the technology disruption has entered into the market, Digital transformation has entered into CRM Applications as well. Many organizations today are undertaking broad initiatives to transform how they engage with their customers with ease and how to keep data paperless, easily searchable and storable to get whole history of one’s data in a split of seconds. Customer Relationship Management applications are a central hub for information about customers – a critical data source for human and digital touch points during customer engagement. The CRM can help any organization’s management to get details about: •Return process •Check on Status •Order management •Add contact to an existing marketing automation program •Increase engagement with current customers

18. Augmented Reality/Virtual Reality: In a report by Statista: •Augmented Reality is expected to be acquiring close to 1 billion users by the end of the year 2020 •The global shipment of smart VR glasses is expected to reach 5.4 million units by 2020 •The global AR& VR market is also expected to grow to 90 billion USD by 2020 The augmented reality tools or applications are mainly developed with an aim of eliminating user pain points and to create a customized customer experience. The successful AR implementation into a business model can also seriously impact the way the consumers see the stores of the future. Both Augmented Reality and Virtual Reality are already making an impact on how people work in terms of collaboration, efficiency and generating new, creative approaches for achieving business objectives. In the near future, we are going to see a rise in the adoption of AR/VR apps in not only real estate, fashion, the automotive and retail market in the near future but every type of industry.

19. Few Examples of AR/VR that were brought in limelight: •Pokémon Go:An Augmented Reality Game Pokémon Go – A game which changed the way people used to play games earlier. It was one of the most used and profitable mobile apps in 2016, having been downloaded more than 500 million times worldwide by the end of the year. It is credited with popularizing location-based and AR technology, promoting physical activity, and helping local businesses grow due to increased foot traffic. •iMeet: allows you to share your computer screen and see colleagues via video iMeet was a cloud-based video conferencing platform built in HTML 5 and Adobe Flash. iMeet allows up to 125 participants to communicate using traditional landline audio or VoIP audio and to video conference through webcams.

20. •Ikea:Trying out furniture the AR way The famous Swedish furniture store is using AR application to help customers choose the right type of furniture. Customers view the products not just as photographs in the catalogue, but can also check out how armchairs, tables and bookcases fit into their own homes at the swipe of a finger.

21. E-Commerce: Digital Transformation is changing the face Of E-Commerce. When e-commerce sites first came into reality and was made available to the general public, many consumers were hesitant to use them. The websites presented an entirely new platform for customers to interconnect with sellers. A place where they could not personally see or touch the item they wanted to buy. E-Commerce was known as a system where the customers had to pay in advance by going through a long, unsafe and tedious online payment process. Today, e-commerce has changed and improved tremendously with significantly safer online transactions and super-fast checkouts with credit cards, debit cards, online payments such as paytm and Amazon money and most important cash on delivery. By Digital Transformation, Online shopping continues to gain popularity by creating new opportunities for both established online retailers and brand new startups. By using cookies to target the users, based on the user history and browsing behavior, companies are providing customized and on-point recommendations.

22. Conversational Agents & Chatbot Automation: You may have heard ‘How may I help you’ during a phone call or at reception but have you ever seen ‘How may A.I. Assist you’ on various websites and wondered what those are? Well, those are known as Chatbot. A conversational agent or chatbot is a narrow artificial intelligence program that communicates with people using natural language. It provides guidance, delivers information and takes action on behalf of users using text, verbal commands or predictive analytics. These powerful virtual agents are versatile and consistent, helping the workforce accomplish a wide spectrum of tasks. And built-in tracking and reporting protocols offer real-time analytics reporting, so that your business stay ahead of the technology curve. The main work conversational agent does is: •Assisting the team: The conversational agent is trained to observe and capture team interactions and accumulates important company knowledge. As the bot learns more about the company’s patterns and activities, it becomes like a virtual team member, with a photographic memory for past discussions, action items, tasks, and reminders. This type of bot is often deployed on collaboration platforms. For example, conversational agents on platforms like Slack, known as “Slackbots,” are widely in use as office assistants to complete tasks, such as scheduling meetings, translating text, and ordering lunch. •Delivering information: Conversational agent also provides on-demand information and guidance on matters important to the team/customers. The bot alleviates the pain of scaling response teams to address increased demand for company data. For example, a “financial reporting bot” can provide granular fiscal figures at month-close, reducing the demand on financial analysts to craft custom reports. As a portal for vast amounts of information, this type of bot also allows faster ramp-up and repurposing of resources between areas, thus reducing retraining.

23. Structured Collaboration Tools: Technology is changing the way you work and perform activities. Employees expect limitless access and the freedom to work from any place, any device and at any time. Structured collaboration harnesses the power of modern cloud architecture to give your workforce the tools they need. Structured communication methods are crucial to company workflow, which plays a major role in allowing or preventing digital success. Happily, several encouraging trends suggest that systematic collaboration is only going to get easier over the coming years. Structurally, it’s becoming more common for disparate tools, such as: file sharing, enterprise social networks, and digital content management to merge into a unified set of capabilities and blend into hubs. These hubs serve as the central launch point for the day, blurring the lines between various applications through integration. Examples: Microsoft Office 365: •Collaboration tailored to business processes •Converged messaging, voice and video •Project Management •Helps in working remotely IBM Verse: •Email Marketing •Social Communication •Security •Mobile Access •Analytics •Cloud can be joined through a single point of entry. Sd

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