This is an exclusive article series conducted by the Editor Team of CIO News with Mitali Biswas, Chief Information Officer (CIO) at CK Birla Hospitals.
Technology has profoundly reshaped the world in countless ways, revolutionizing industries, altering social interactions, and driving economic growth. We have seen how technology has disrupted business in the last decade. Companies like Netflix, Airbnb, Zomato, Amazon, and Uber have created new customer experiences and introduced a paradigm shift in the industry. Technology has revolutionized the way business is done. In order to be successful and relevant in this digital world, many organizations are now adopting a Digital First mindset to grow business and improve efficiency.
The key to building a Digital First enterprise is to understand your customers. The most important aspect is not only to understand what the customer wants but to understand it much ahead of time. As said by Netflix co-founder, Mark Randolph, “We very, very early came up with the idea that Netflix would be about finding the movies you love, which in fact has nothing to do with how you receive them.”
Digital first mindset means Putting the customer first and creating a customer-centric culture. It means that organizations view digital as the primary way to engage with customers, deliver products and services, and provide them with a better experience.
What is the expectation of a digital world customer? Today every customer wants PEACE.
Personalization: Consumers feel valued when they receive a personalized interaction. The collection of data at every step has enabled organizations to understand consumer behaviour, preferences, and interests. This information is now used to customize the services.
Ease of Use: Consumers are constrained with time in this busy world. Be it a product or service, it should be easy to procure and consume. Processes should be simplified and easy to use.
Affordability: In today’s competitive world, Affordability is not only about offering low prices, but also about providing quality, transparency, and value
Confidentiality: With increasing cyber threats, keeping the data safe is on the top agenda of every customer. A customer will share the data only if there is trust.
Exceptional Experience: The experience that an organization creates for its customers differentiates it from its competition and helps in creating the brand.
In a digital-first world, customers have evolved their expectations, demanding a seamless and personalized experience. In order to respond to the evolving needs of customers, it becomes imperative for today’s organizations to move towards a digital first enterprise.
What are some of the key strategies of a Digital First Enterprise?
Create a customer-centric culture by putting the customer first.
A customer-centric culture is one where each employee of the organization prioritizes the needs and satisfaction of the customer.
As said by Steve Jobs, “You have got to start with the customer experience and work back towards the technology, not the other way around.
It’s not about technology. It’s about digital mindset.
Learning new technology is essential, but it is not enough. What is needed is a digital mindset. A mindset is a way of thinking and orienting to the world that shapes how we perceive, feel, and act. A digital mindset is a set of attitudes and behaviours that enable people and organizations to meet the challenges of the world dominated by data and smart technologies. Organizations need to make a conscious effort to build a digital mindset amongst their employees.
Agility
Digital transformation is a dynamic and continuous process that is constantly improved based on customer feedback. This demands agility in the work culture to be able to respond to customer needs on time. An Agile work culture helps to build the necessary foundation to keep pace with the fast-changing technology and changing needs of customers.
Data First Strategy
Data is the new oil. Connectivity and reach of mobile and IoT solutions have enabled a huge amount of data generation and collection across industries. However, the use of this data for driving business decisions is still limited. An organization needs to have a clear strategy and focus on data collection, storage, and governance to be able to transform data into a high-value business asset. Creating a data-first strategy is key to increasing efficiency and productivity, making informed decisions, generating new business models, improving the customer experience, and managing risks.
As digital business becomes the norm rather than the exception, organizations are realizing that it is crucial to embrace a digital first strategy by integrating digital technologies into every aspect of their business model. Organizations are realizing the importance of being ready for unexpected changes, and a digital-first mindset is key in this endeavour.
Also read: DORA (Digital Operational Resilience Act) Batch 2 Changes and Expectations from BFSI sector
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