02.20.2023 Executive Data Bytes – Adopting digital technologies to make your Business BIGGER and BETTER

02.20.2023 Executive Data Bytes – Adopting digital technologies to make your Business BIGGER and BETTER

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are discussing digital transformation and the benefits it provides for your company.

No alt text provided for this image

Focus piece: “How Netflix Moved Operations to the Cloud and Saw Revenue Boom to the Billions: A Digital Transformation Case Study on Creating Better Customer Experiences

Executive Summary

As you make the move to transform your business digitally, always remember to stay true to your vision. Like explained in this piece by Sharpen CX, Netflix’s vision at a bare minimum was to make it easier and less expensive for people to watch movies. The methods for Netflix to do this have changed over the years, but the vision still remains ever fresh. Remember this as you take the next steps towards digital transformation.

Key Takeaways

  • In your process of digital transformation, you should always remember to reinvent the wheel if the old one doesn't solve customer problems. Don’t be limited to traditional best practices, that will do no good for modern customers.
  • There are many distractions as you strive to build a continuously digital transformed company, one of which is what your competitors are doing. Your focus should be on how to serve your customers better as the days go by. Keep in mind that what your competitors are doing may work, but what you may come up with as you try to solve your customers' problems might work better.
  • When you begin the journey of digital transformation, keep an open mind to problems that you may encounter and solutions that you may proffer. Because without an open mind, your worst problems come unexpectedly, and your best solutions may go unnoticed. 
  • Build for your customers, and build for a customer. In Netflix’s journey of digital transformation, they focused on consumers as a whole and as individuals. This made every customer feel welcome and their interests sustained and fulfilled, resulting in a better and bigger company.
No alt text provided for this image

Focus piece: “Target’s Big Investments, From Small-Format Stores To Digital, Prove Successful

Executive Summary

Products and services are also important as the people who create and deliver them. This article by Forbes exemplifies how Target digitally transformed their company by both prioritizing their employees.

Key Takeaways

  • Executive leaders at the end of day will rely on employees to implement the strategies needed to transform the company. And what better way to ensure this is done well by making the employees priority especially by focusing on their welfare and quality of work.
  • Customers are also very important in the process of digital transformation, as with them lie hidden insights on how the markets really work and how to serve them in a way that truly benefits them. Hence, in your digital tra journey, remember your customers. Be obsessed about their feedback, and then you may find what they truly care about.
  • It takes time to get digital transformation right. Therefore, be patient with the process as you carefully measure the impact of your actions on your business and make necessary adjustments to see that your vision is fully actualized with technology.
No alt text provided for this image

Focus piece: “To Airbnb and beyond: Digital transformation in hotels & hospitality

Executive Summary

Technology has disrupted the normal ways of doing things in most businesses and the hospitality industry is not left out. This article by ClickZ shows how Airbnb utilized technology to disrupt the status quo and create a new type of business against all odds.

Key Takeaways

  • Customers are pretty much the boon and bane of any and every business. If treated well your business will do better, otherwise it won’t. In your efforts at digital transformation, ensure your customers are your top priority. 
  • Traditional hotels couldn’t compete with Airbnb due to the cost and overhead they may incur, so they choose to use technology to make their products offerings and services better. Once again, focus on your customers over your competitors.
  • Personalization is key. The more you make your product personal to customers, they more they feel at home and are more likely to consistently use your products and also refer them to other potential customers.

Let's Go Digital!

No alt text provided for this image

Who We Are

Data Products partners with organizations to deliver deep expertise in data science, data strategy, data literacy, machine learning, artificial intelligence, and analytics. Our focus is on educating clients on varying aspects of data and modern technology, building up analytics skills, data competencies, and optimization of their business operations.

NAHEL GANDHI

Chief Digital and Artificial Intelligence Officer | CDAO | CIO | Founder | Board Director | Tech Entrepreneur | Digital Strategist | AI consultant | Digital Transformation | Private Equity | Growth Leader | Speaker

1y

Could not have said it better myself. Digital transformation is the way to be competitive in todays day and time. Digital is the competitive advantage the rest has become a commodity

Like
Reply
Adam Ginensky, Ph.D.

Associate Director, Risk for AG OTC Structured Products at RJO

1y

A very nice concise summary.

To view or add a comment, sign in

Insights from the community

Explore topics