Accelerating B2B Digital Transformation with Data.
Fundamental shifts in the B2B economy are causing businesses to accelerate their Digital Transformation journeys. From increased competition, to supply and demand challenges, to the emergence of eCommerce, manufacturers and distributors are feeling the need to become more agile and innovative to remain competitive. Embracing the digitally enabled world is the starting point and that making data matter is the way to accelerate forward. Fueling the journey with big data provides a truly digital roadmap to transform organizational processes and improve customer experiences.
Digital is the new starting point
Digital transformation is key for companies to remain competitive, grow, and thrive in today’s complex B2B ecosystem. The good news is we are seeing increased signs of more B2B companies on the digital journey (in some cases, leading from the front) and evidence of B2B market channels modernizing their customer experience.
B2B consumers are demanding a more modern buying experience, and the most ambitious organizations are responding by re-setting the age-old question: how can we delight the customer with an exceptional and personalized experience?
Organizations are starting to shift their historic, singular focus from customer type (aka vertical) to digital maturity. This is an evolution (not a revolution, discarding vertical strategies) where the desired customer experience comes first, followed by developing tactical plans at the customer vertical level to achieve growth and productivity targets.
Getting to the next Digital Level
Getting to one “connected customer experience” requires a digital roadmap to gauge a company’s current position, to digitally mobilize internal ranks, and to create the digital ‘wow’ factor with customers. Applying the infamous highway metaphor, here are some gears to consider when ramping up:
1. On Ramp
– Making the business case for digital investments
– Defining new customer journeys via digital pathways
– Specific investments in digital ‘up-skilling’ for sales & marketing depts.
2. Accelerator Down
– Mapping of digital processes
– Platforms beginning to modernize
– Operations beginning to digitize (enabled by platform modernization)
3. Interstate Road Trip
– Data ‘at work’ at a department level
– Integration of digitized operations: digital connecting the organization and for one connected, customer experience
– Use of emerging technologies to embed data into revenue growth plans, equipping sales and marketing teams
– Digital technologies and data are key components to digital transformation success. Let’s explore why.
Fueling Digital Transformation with Data:
Data is a key pillar for digital transformation because every interaction in the digital world generates data. This data helps create baselines and benchmarks for the transformation journey and provides indicators of progress.
Despite this prevalence of data, according to Forrester, “Firms make fewer than 50% of their decisions based on quantitative information as opposed to gut feeling, experience, or opinion.”
The value of big data in digital transformation comes from the ability of an organization to combine both, extracting useful information from data to create digital business agility.
Data-driven insights help business leaders:
• Make informed, fact-based decisions
• Be hyper-aware and prescriptive with operating models
• Execute quickly with trust and confidence
Leveraging data and insights about customers and sales channels are also key components of digital transformation. Data analytics allows businesses to have granular information about their customers, which can be used to implement changes to meet the future needs and expectations of their customers.
Winning Digital Hearts & Minds
In a world that is increasingly digital, B2B companies must embrace Digital transformation to adapt to change and remain competitive. Digital-first companies are digitally transformed companies, so starting with a culture of adoption is key.
You may be asking:
What is the right digital readiness assessment for my organization?
How do I improve digital adoption?
At Precision, we know the roadmap can be overwhelming, as it spans leadership, sales & marketing, technology, innovation, and data. Finding the right partner can help tip the scales in your favor, winning digital hearts and minds and charting the path to an enhanced customer experience.
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