As the eCommerce market continues to grow in the United States and continues to take over the traditional brick and mortar stores, the need for digital leaders is important. However, the digital economy is a frontier that needs to be groomed and tamed still for the average company. In a report created by MIT and Deloitte called Aligning the Organization for Its Digital Future, they say that 44% of organizations are not prepared for the new digital issues that are going to arise in their future. But what does that even mean for your company? Preparing for the digital future is not a rudimentary task, but an overarching task that encompasses your company's ethos, activities, people, culture, and structure of operations.
In this digital era, you need to develop a digital transformation strategy for your business model regardless of its size. Your path for digital transformation completes once you can adopt the right technology stack and have a customer experience (CX). Many organizations are gradually focusing on the importance of customer experience. These enterprises have been focusing on good customer experience by adopting leveraging technologies like Artificial Intelligence (AI) and Machine Learning (ML)! A business model will not be successful without having the right digital transformation process focusing the customer experience.
Generally speaking, it refers to using technology to digitize an organization's data and processes to make them more efficient. That being said, DX is not simply about duplicating an existing process exactly in digital form. It's about taking advantage of digital technologies to improve the process and transform the business. While efficiency is certainly an important benefit, it's not the most important. DX has the capacity to improve speed to market, enhance the customer experience and increase collaboration and innovation.
One third of banking executives participating in a study said that marketing owns the end-to-end customer relationship, but only 14% feel that marketing should own their institution's digital strategy. As financial institutions look at how best to adapt their current practices to meet the needs of customers across an expanding array of digital channels, banking executives look for insights to inform their digital transformation strategies. Digital transformation must begin with a cultural transformation within an organization, according to the study, in order to best lay the foundation for critical cross-department cooperation. This cooperation, freeing needed data and capabilities from departmental silos, is required to achieve seamless omnichannel service at each point along the customer lifecycle. With 87% of the financial institution respondents saying that technology is intrinsic to digital transformation and must be considered in tandem with strategy, it's a natural fit for CIOs to lead the way in vetting and implementing the technical platforms and solutions that will form the backbone of an organization's digital strategy.
The Constellation SuperNova Awards are the first and only awards to celebrate the leaders and teams who have overcome the odds to successfully apply emerging and disruptive technologies for their organizations. We at Constellation know advancing the adoption of disruptive technology is not easy. Disruptive technology adoption often faces resistance from supporters of the status quo, myopia, and financial constraint. We believe actors fighting these forces to champion disruptive technology within their organizations help, not only their organizations, but society as a whole to realize the potential of new and emerging technologies. This annual search for innovators includes an all star judging panel, substantial prizes, invite-only admission and speaking opportunities at Constellation's premier innovation summit - Connected Enterprise.