Being customer-driven means always being ahead of the customer. Continuously understanding one's own customers and establishing brand loyalty creates a symbiotic relationship. From this mutually beneficial engagement, the customer data for continued innovation, growth, and better relationships will begin to emerge.
Highly successful companies do not make assumptions, they use data and analytics in all their major decisions. The only way for newcomers to catch up is by leapfrogging to predictive analytics to reveal the right customer and competitive priorities, the gaps, and actions necessary to gain relevance and forward momentum.
High-tech is amassing wealth and influence in every industry they have encroached on. To survive and compete, traditional industries will need to disrupt themselves through the adoption of cloud-based technologies and virtual design models. From these technologies, data will emerge that will allow them to focus even more on customers and keep improving iteratively.
The digitally-savvy competitor is working hard to deliver products that fit into their customers' buying habits. They are listening to feedback and improving products and experiences by analyzing user behavior. Those that fail to deliver on technology-enable value propositions cannot create a process of mutual vesting, and customers will exit as they are not focused on what the market demands.
Today, every experience must be digital, seamless, and in real-time. Customer expectations of value and experience emerge at the very beginning of the buying process and continue to the point of sale. This iterative focus on experience helps to generate the data required to learn about stakeholder behavior and expectations, reach the right conclusions, and set up the next iterations.
One of the top reasons digital transformations fail is a lack of alignment between business and IT leadership. While business leaders don’t need to be techies, they need to be able to judge, negotiate, decide, and monitor progress made by their IT teams. This requires a clear understanding of the major families of enterprise digital technologies, their focus areas, and key questions to ask to see that transformations are handled correctly.
Successful transformations go through a five-stage iterative transformation cycle. During this cycle, teams can see what has worked in the iteration and what needs improvement. As a result, unknowns will surface, and teams will learn how to adjust and optimize digital transformations on a continuous cycle of iteration.
80% of leaders do not recognize their employees as their most fundamental asset, but 90% of successful leaders recognize this aspect quite clearly. That is why companies with high levels of success made the highest level of investment in training. It is essential for all leaders to grasp this fundamental concept.
Digital transformation is not about painting a picture of the future. It is about knowing what specific business metrics must change because of the new approach or capability. Only by transforming faster than the competition will the Digital Faultline begin to appear.
Successful transformations do not happen overnight, but stakeholder pressure to produce results only increases as transformations speed up. To set realistic stakeholder expectations, priorities should be based on how an initiative’s outcome affects each individual stakeholder. By mapping targeted objectives and outcomes, leaders are able to reduce the dichotomy between shareholder expectations and the time it takes to produce results.