We are living in the times where a popular business existing for over two decades find a potential market threat in a 9-months-old Digital native start-up. Irrespective of the line of business, Digital Transformation has become nearly inevitable to stay sustained. While we are at it, let’s just admit that it’s no small race to get the gold star first. The accelerating digital technologies such as one-click Customer service touch points, immersive VR/AR experiences, voice-based virtual assistants tagged to electronics… all are brought into play. Nothing feels like fantasy anymore!
Finding the right ‘Philosopher’s Stone’ that can create significance, bring in the much-needed Digital Transmutation and result in Magnum opus is quite a task. So, in this article, we will discuss a way to achieve the ultimate golden standard which is… sustainable Customer Value to a business. Let us imagine a matrix of Digitization state defined by a company’s Digital Capabilities against Integration Capabilities. Based on their current status of Digital readiness, every company lies somewhere within this matrix. To achieve the gold standards, the company will have to move upwards from one state to other and eventually attain a state where it can distill best out of every asset and technology synergistically. Digital Success!
There is no comprehensive know-how guide for Digital Alchemy that works for everyone. Digital Transformation is to emphasize the uniqueness of a business using the right amount of Technology as an accelerator and it is impossible with a one-size-for-all approach. Every company whether a Digital-native or a Traditional company investing efforts to stay relevant to its millennial customer base would be in one of these below-mentioned stages before achieving the Elixir of business value.
This is the rudimentary stage where naturally deteriorated (with time) entropic forces make a business resistant to change and adoption. Every day we work with enterprises and no one wants to be stuck with the primitive stages of Technology.