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Business evolution in the era of digital Darwinism

Benjamin Wong, Managing Director, Asia, Progress | Aug. 26, 2016
With technology rapidly changing and customers becoming more demanding, businesses nowadays are entering another era of digital Darwinism.

This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.

Benjamin Wong

Benjamin Wong, Managing Director, Asia, Progress

It wasn't too long ago that the dot com boom took the global economy by storm, significantly changing the way businesses operated. Enterprises realised that in order to survive they had to adapt the web-first strategy. Those who did not, are no longer around. Back then, it was an "adapt or die" situation.

Nowadays, with technology rapidly changing and customers becoming more demanding, it is no doubt that businesses are at the edge of a similarly disruptive period and entering another era of digital Darwinism. The world is changing at an accelerated rate, and the only way for businesses to survive is to adapt and digitally transform themselves or get left behind.

This observation is supported by the results of a recent global survey of more than 700 digital decision makers, conducted by Loudhouse and commissioned by Progress.In Asia Pacific, 95 percent of the respondents recognise that digital transformation is critical for driving business outcomes, and 80 percent believe they only have two years to make inroads and respond to the digital ultimatum before suffering from financial or competitive consequences.

Customers experience main driver for digital transformation

A staggering 99 percent of respondents cited optimising customer experiences and engagement as the main driver for business digital transformation. This is not surprising as customer expectations are rapidly changing with the advancement of technology. We all spend more time online, more often on smartphones and tablets, and we expect to have full access to apps and services just as easily while on the go as at our desk. On top of that, we want to be able to switch devices and still have seamless access to the same information. For businesses, this means being able to deliver a secure and frictionless omni-channel experience to customers.

Today's consumers also do most of their research through digital platforms prior to setting foot in a store or engaging a sales agent. It is therefore critical for companies to present customers with the information they need, in the order they need and wherever they need it. Failing this, businesses will not get past the discovery stage and consumer interactions will not be converted from a lead to a sale.

Paths to digital transformation

Aside from enhancing customer engagement, it is also critical for enterprises to adopt a platform to effectively manage websites and other digital assets while being able to leverage big data and analytics to gather customer trends and insights, as well as connect the dots between marketing initiatives and business outcomes. For example, with data analytics, companies can track customer behaviour and interaction, which are necessary in creating personalised engagement and informing business strategies.

 

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