In the age of the customer, the next generation customer experience will be powered by artificial intelligence. When everyone and everything is connected to the Internet, companies must leverage information and digital technologies including cloud computing, mobile, social, Internet of Things (IoT) and AI to transform how they connect with customers in a whole new way. Per Gartner, 89% of marketers expect to compete primarily on the basis of customer experience. Customer experience is a top priority and managed as a team sport. Digital business transformation will require an experimental and technology-led mindset that must be inclusive of the entire business - marketing, sales, services, IT, R&D and customer and partner communities.
The ability to harness massive amounts of data to create new insights for smarter decision making is now a practical opportunity. Big Data in and of itself presents new business opportunities for industry. It's also a key enabler of a more comprehensive Digital Transformation that is having a profound impact on every form of industry today, and the power generation industry is no exception. The impetus to pursue a Digital Transformation strategy in this industry needs to be an imperative as it goes through major transitions in regulation, sources of baseload capacity, financial competitiveness versus peers, and in many cases knowledge management challenges with an aging workforce. To succeed in this volatile environment, quicker decision making with the right information at the fingertips of the right people will be required.
These and many fascinating insights are from the IDG's 2018 State of Digital Business Transformation (12 pp., PDF, no opt-in). The study's goals are to gain a better understanding of how organizations are evolving to a digital business model in regards to how they are revising technology strategies, changing organizational structures and processes, and innovating to provide a unique customer experience. Respondents were selected from CIO, Computerworld, CSO, InfoWorld, ITworld and Network World tech buyer audiences. The majority of respondents are IT executives and professionals. Please see page 10 of the study for additional details regarding the methodology.
Video: Why some companies won't success on their digital transformation journey Digital transformation involves using digital technologies to remake a process to become more efficient or effective. The idea is to use technology not just to replicate an existing service in a digital form, but to use technology to transform that service into something significantly better. Digital transformation can involve many different technologies but the hottest topics right now are cloud computing, the Internet of Things, big data, and artificial intelligence. But it's not just about the technology: changing business processes and corporate culture are just as vital to the success of these initiatives. Digital transformation projects are often a way for large and established organisations to compete with nimbler, digital-only rivals.
Every organization occupies a unique place on the spectrum of digital transformation. Whether they have an accurate perception or understanding of what that means to their business is the bigger concern. Some see digital as little more than a portfolio of projects or initiatives to be implemented, others as a problem to be solved or an opportunity to be exploited, and yes, there are always those who fail to see it at all. The special ones, they see it as a chance to create advantage, to deliver value and to innovate at scale. Innovation has always been synonymous with business survival and that hasn't changed.