My Point of View
Most of my professional life revolves around the word 'Digital'. I was fortunate enough to start my career from an industry where I started to wrap my head around this word and its concept from early days. Fast forward 9+ years, and this word is the world around me. The last decade has seen a tremendous level of innovation in every industry and much of that innovation can be attributed to digital megatrends.
Connected devices in the hands of every common being, and in every household, the evolution of robotics and AI, the vast wealth of big data, the non-tangible cloud, are those marvels which every organization wants to exploit (in a positive way, of course).
Digital means different things to different people in different industries, and rightly so, because the industry dynamics, consumer demand & expectations, market forces and regulatory environment dictate the state of digital each industry is in right now. For some, online ordering of food is digital enough, and for others, opening a bank account wearing a VR headset through a virtual representative is just another leap forward in digital. So in my opinion, even today, different industries and organizations within those industries are categorized as at different stages of digital, from traditional models, to internet, to handheld devices, to self service channels, to social media, to AI and robotics.
There is no end-game for digital. Yes, it will become close to mature, but with fast evolving technology, digital will always have a room for more and more innovation. The best case scenario would be that every aspect of our lives will have an influence of digital.
Connected devices in the hands of every common being, and in every household, the evolution of robotics and AI, the vast wealth of big data, the non-tangible cloud, are those marvels which every organization wants to exploit (in a positive way, of course).
Digital means different things to different people in different industries, and rightly so, because the industry dynamics, consumer demand & expectations, market forces and regulatory environment dictate the state of digital each industry is in right now. For some, online ordering of food is digital enough, and for others, opening a bank account wearing a VR headset through a virtual representative is just another leap forward in digital. So in my opinion, even today, different industries and organizations within those industries are categorized as at different stages of digital, from traditional models, to internet, to handheld devices, to self service channels, to social media, to AI and robotics.
There is no end-game for digital. Yes, it will become close to mature, but with fast evolving technology, digital will always have a room for more and more innovation. The best case scenario would be that every aspect of our lives will have an influence of digital.
For some digital enthusiasts like myself, the pace of digital innovation by organizations and adaption by consumers is not fast enough, or is not at par with the pace of technology evolution. Well, we have to keep in mind that there are some deterrents as well, for organizations and consumers, to venture into untested waters. Some of the biggest deterrents are:
- Lack of trust on digital products and services
- Security and data privacy concerns
- Difficulty of sign-up and access
- Less than ideal customer experience
- Lack of awareness
- Lack of customer support for users of digital products and services
- Lack of talent
Coupled with the above deterrents, there are some misconceptions as well about digital:
- We have plenty of time to figure this out. NOPS
- It's all about apps. NOT AT ALL
- We don't need to invest in digital capabilities because customers don't change their preferences. WRONG
- Adding digital capabilities is a job best delegated to the specialists in the IT department. ABSOLUTELY NOT
- Being a digital pioneer is not worth the risk when we can quickly copy at a lower cost what a competitor has done. A BIG NO
But we have some industries that are on the right track. Take the example of Banking industry, how it has evolved over past 2 decades. Imagine, sitting in the year 2000, and listening to someone describing the banking industry like below. We would have thought that the guy is nuts.
- Lack of trust on digital products and services
- Security and data privacy concerns
- Difficulty of sign-up and access
- Less than ideal customer experience
- Lack of awareness
- Lack of customer support for users of digital products and services
- Lack of talent
Coupled with the above deterrents, there are some misconceptions as well about digital:
- We have plenty of time to figure this out. NOPS
- It's all about apps. NOT AT ALL
- We don't need to invest in digital capabilities because customers don't change their preferences. WRONG
- Adding digital capabilities is a job best delegated to the specialists in the IT department. ABSOLUTELY NOT
- Being a digital pioneer is not worth the risk when we can quickly copy at a lower cost what a competitor has done. A BIG NO
But we have some industries that are on the right track. Take the example of Banking industry, how it has evolved over past 2 decades. Imagine, sitting in the year 2000, and listening to someone describing the banking industry like below. We would have thought that the guy is nuts.
But this type of evolution and innovation comes with right ingredients in place, like the right vision, strategy, tactics, support, technology capabilities, talent, and of course willingness to take risk. I strongly believe that any organization in any industry, who wishes to embark on digital journey, needs to ask itself some key questions:
- What are the customer expectations and demands for products, services and across which channels of delivery and interaction?
- What capability do we have and need across our operating model (People, Processes & Technology)?
- What additional changes do we need to make across our technology platform that will leverage investment and further us on the digital path?
- Where we can support and influence regulatory thinking and landscape?
- What tools and methods in organizational capability are required to be developed and used along the digital journey?
- What the 'difference' looks like in today's organization and future digital organization?
- What are the customer expectations and demands for products, services and across which channels of delivery and interaction?
- What capability do we have and need across our operating model (People, Processes & Technology)?
- What additional changes do we need to make across our technology platform that will leverage investment and further us on the digital path?
- Where we can support and influence regulatory thinking and landscape?
- What tools and methods in organizational capability are required to be developed and used along the digital journey?
- What the 'difference' looks like in today's organization and future digital organization?