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Electricity and gas provider implemented AI-powered IVR systems and a flexible staffing model to meet increased caller surge demands.
Continue readingThat strategy? Digital transformation.
Make no mistake – businesses that fail to embrace digital transformation are putting themselves at risk of failing to keep pace with their competitors. One need only look at how the world’s leading companies are using new technologies to reinvent how they do business to appreciate its power.
Take global sportswear leader Nike, which has changed its entire approach to branding, sales and technology1. A concerted effort to become a direct-to-consumer brand has seen a reduction in retail partnerships in favour of multiple online sales channels, while programs such as Nike Training Club2 are allowing it to collect and analyse rich consumer data.
If any company could be forgiven for resting on its laurels it would be Nike but by refusing to simply do what it has always done and instead launching its own digital efforts to meet specific needs3, it continues to dominate the sports brand world more than 50 years after it emerged out of the US state of Oregon.
The good news is that an organisation does not need the billion-dollar resources of Nike to develop and deploy a successful digital transformation strategy. One of the advantages of a global boom in technological development is there are endless solutions, concepts and theories that can be embraced or adapted by businesses of all shapes and sizes.
And for those executives and business leaders still debating the need to devote resources to the field, there are countless facts and figures that reinforce why it is crucial for short and long term success and the good news is we have compiled dozens of them into this definitive list of digital transformation statistics.
Befitting a strategy that is revolutionising how businesses do business, there has been massive growth in investment in digital transformation during the past few years and that does not look like changing any time soon. Global spending in the field is tipped to double in the next four years and create over $100 trillion in benefits and value.
Source: Digital Transformation Market Analysis, Trends & Growth by 2030 (databridgemarketresearch.com)
Data is fast becoming the foundation of digital transformation. While investment in practical solutions such as portals and apps are important, there is an increasing amount of work being done to underpin what is done from a technology and change perspective including creating a solid data layer that connects businesses and customers7. It is all about gaining insights into how customers are buying, what they are buying, their customer experience and the role technologies can play in helping organisations connect with them8.
No modern digital transformation strategy is complete without factoring in how to create organisational learning and pathways towards an AI-enabled enterprise. Artificial intelligence is one of the most exciting technological innovations but it is also critical not to lose sight of the customer in that mission. It is easy to do AI or automation for its own sake but as Microsoft CEO Satya Nadella recently said: “We’re moving from the autopilot era of AI to the copilot era.”15 Artificial intelligence and automation are clearly powerful tools but there is a need to combine such tools with human ingenuity to realise their maximum potential.
When rolling out a digital transformation strategy, it is essential to ensure that efficiency remains the end game. There are many benefits to be gained by embracing digital innovation but one of the best predictors of Net Promoter Score (NPS) success is efficiency. Take an example of a contact centre agent in a telecommunications call centre - in a case where the agent may not be the most personable of people but is able to reconnect an internet fault immediately - customers will be content and generally report a high NPS score. It is all about efficiency and when it comes to digital transformation, that means connecting systems to make it as easy as possible for customers to do business.
Just as there are significant benefits to be realised from a successful digital transformation program, a flawed strategy can be disastrous. Amid the myriad of statistics about the power of technological innovation, there is overwhelming evidence that the vast majority of digital transformations fail as naïve or ill-equipped businesses struggle with how to build capabilities. Quality research, gaining executive buy-in and working with trusted tech partners are just a few ways to avoid adding to statistics such as the following.
While some business trends come and go, the digital transformation revolution is only gathering momentum. In an ideal world, organisations will have already commenced their journey and be heavily invested in developing, deploying and maintaining tools and solutions that are delivering wins for their employees, customers and bottom lines. For those that find themselves behind the eight-ball, the good news is it is never too late to create a better tomorrow and the first step should be teaming with a CX partner that not only knows the power of digital transformation but has the people to deliver it.
Generative AI has the potential to change the customer experience game but businesses need to do their research before rushing to implementation. Tap into a handy guide that shines light on the ground-breaking technology, explores the subset of Large Language Models and reinforces how they are inspiring a customer service revolution.
Reference:
[1] Nike's Digital Transformation Efforts Continue to Win Big (intelligentautomation.network)
[2] Nike Training Club App. Home Workouts & More. Nike AU
[3] digital_transformation_at_nike_20-12_pdf.pdf (capgemini.com)
[4] Global digital transformation spending 2026 | Statista
[5] Digital Transformation Market - Size, Trends & Growth (mordorintelligence.com)
[6] What is Digital Transformation & Its Importance for Businesses (imaginovation.net)
[7] https://securityintelligence.com/articles/digital-transformation-balancing-speed-security-innovation-cybersecurity/
[8] What is Digital Transformation & Its Importance for Businesses (imaginovation.net)
[9] Top 7 trends in retail digital transformation and innovation for 2021 | Retail Dive
[10] https://www.idg.com/tools-for-marketers/2020-state-of-the-cio/
[11] Using human capital data to optimize employee performance and retention, PwC People Analytics: PwC
[12] 34 digital transformation statistics (2020-2023 + original sources) (digital-adoption.com)
[13] 24+ Mesmerizing Workplace Collaboration Statistics [2023] (goremotely.net)
[14] Gartner Survey Finds 72% of Data & Analytics Leaders Are Leading or Heavily Involved in Digital Transformation Initiatives
[15] Microsoft CEO says we're moving to the 'co-pilot era' of AI - YouTube
[16] 24 Top AI Statistics & Trends In 2023 – Forbes Advisor
[17] 101 Artificial Intelligence Statistics [Updated for 2023] (techjury.net)
[18] https://tig.comptia.org/t/y4hjzw0/artificial-intelligence-growth-boosting-factor-in-the-new-normal
[19] 10+ Essential AI Statistics You Need to Know for 2023 | Tidio
[20] Netflix Recommendation Engine Worth $1 Billion Per Year (businessinsider.com)
[21] 149 AI Statistics: The Present and Future of AI [2023 Stats] (authorityhacker.com)
[22] Digital Transformation Trends in Retail 2020-2021 & Covid-19 Impact : Fujitsu Global
[23] 37 Incredible Digital Transformation Statistics [2023]: Need-To-Know Facts On The Future Of Business - Zippia
[24] bakermckenzie.com/-/media/files/insight/publications/2021/12/2021-digital-transformation--cloud-survey--a-wave-of-change.pdf
[25] ibm.com/downloads/cas/VDNJQ20P
[26] 130+ Best Digital Transformation Statistics for 2023 and Beyond (templeton-recruitment.com)
[27] Why 84% Of Companies Fail At Digital Transformation (forbes.com)
[28] The ‘how’ of transformation | McKinsey
[29] https://financesonline.com/online-collaboration-statistics-analysis-of-trends-data-and-market-share/
[30] insights.prophet.com/the-state-of-digital-transformation-2018-2019
[31] The keys to a successful digital transformation | McKinsey
[32] 2023 Data Protection Trends Report - Veeam
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