Do you remember the time when you had to stand for hours in the long queue in front of the bank cashier, just to withdraw cash from your account? Remember the time it took to purchase a demand draft or transfer funds from one account to another. As the financial year draws to a close, there used to be a frantic rush to the Income Tax Office to submit your IT returns in time.
Today, everything has changed. You withdraw your cash within no time. You can transfer funds from one account to another through the internet/mobile before you can even spell the word ‘beneficiary’. Submitting your Income Tax returns online has become so easy today. Yes, this is what we call ‘Digital Transformation’ in its simplest incarnation.
Digital Transformation – The change, we all wish to see
This is the ‘Digital Transformation’ you and I experience in our daily lives. So, how do you define Digital Transformation? In very simple words, Digital Transformation is nothing but the integration of digital technology into every area of business, thereby fundamentally changing how you operate and deliver value to your customers. This is in fact, a cultural change, a total transformation that organizations should adopt to move from the status quo position and enter the realm of experimentation and explore opportunities that no one had ever dared to do so before.
Digital Transformation – World Class Operations and Deliveries
How do you become successful in business? The answer is very simple, ‘Satisfy your customer’. This maxim was true 100 years ago, it is effective today as well, and will define success in business for hundreds of years to come. Digital transformation is one step towards providing great value to your customers. This is the principal discussion topic in the CXO Conference & Panel Discussion on “Digital Transformation for Enabling World Class Sustainable Organization” organized by Vaco Binary Semantics LLP on 19 April 2018 at the Novotel Convention Centre, Hyderabad.
The world has become truly digital today with processes like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), mobility, cloud, and Robotic Process Automation becoming commonplace in all industrial sectors in the world. Digital Transformation is about bringing a seamless integration of each of these processes thereby enabling organizations raise the bar and set a new benchmark as far as customer satisfaction is concerned.
One of the greatest examples where you can find an integrated model comprising all the processes mentioned above is that of Amazon Go. This concept is a perfect amalgamation of an online as well as an offline store. You walk into the store and use the Amazon Go app. Choose the products you want to buy and pick them up from the shelf. You can straightaway walk out of the store without having to literally check out.
AI comes to the fore as the technology tracks the products and sends you a receipt for the same after charging your Amazon account. The customer has a lot of advantages.
a) He need not stand in a queue and wait for his turn at the counter.
b) There is no need for him/her to swipe the credit card thereby exposing himself to financial security risks.
c) He need not wait for the product to be dispatched as he can start using the products straightaway.
If this is not the ultimate in customer satisfaction, then what is? This is just one of the simplest examples of what digital transformation can do in providing world class services and deliveries. There are many more. You are welcome to join the Panel Discussion on this subject at the venue on April 19.
