How Digital Transformation is Changing Enterprises
Companies enforce digital transformation strategies to drive business growth and enhance workflow efficiency.
But first let us understand, what does digital transformation truly mean?
In simple terms, digital transformation is nothing but implementation of digital technologies across all building blocks of your business to increase the overall operational efficiency and attract potential customers.
The notion of digital transformation can be effortful for businesses in terms of coping up with the new challenges, experiments and dealing with the failure that might come their way. It is not just about upgrading to newer processes and technology, but also about investment and ROI.
But if done right, digital transformation strategies can considerably hike up your revenues at scale.
To understand it better, here are some of the great examples of how correct digital transformation strategies can completely turn the tables for your company:
7 Best Examples of Digital Transformation Strategies for Benchmark Companies:
1. Honeywell and its New Digital Solutions:
In the past, Honeywell assisted a handful of other businesses in improving their digital abilities and online presence.
But up until recently, the company realized how they need to come up with better digitized internal solutions to deliver value to its customers.
Honeywell strategically reduced their industrial end markets and leveraged new digital solutions that were more IoT-connected and data-centric. By the same token, the company began streamlining internal workflows to develop better products with the help of customer data.
What was the result?
Honeywell now has enhanced industrial process control and offers better tech-centric solutions to customers. This is the exact reason why their stock per share price has increased remarkably.
2. Best Buy becoming a Digital Leader
Best Buy really hit its lowest point a couple of years ago, as it struggled to keep up with evolving competition, mainly Amazon. But with the appointment of a new CEO, the company reinvented their digital perspective in order to become the industry-leader in the electronic industry.
The objective of the brand is to enhance customers’ life with inventive technologies. Not only did Best Buy immensely improve their delivery times, but they also came up with a thoughtful price matching program.
Best Buy not only sells to customers, but also advises them regarding better use of their devices and products. Moreover, Best Buy also did an impactful switch from email marketing to digital marketing for personalized customer targeting and assistance. This was imposed with the help of digitally gathered customer data.
3. Hasbro upping their Advertisement Game
Hasbro- one of the prominent toy maker brands realized that their advertisement game was mainly directed towards kids, rather than customers who actually purchase the toys viz. parents.
Soon after, the brand leveraged data-centric strategies in order to modify and customize their advertising segment. Hasbro embraced multiple marketing channels and utilized social media platforms to target potential audiences and cater to their needs.
With this strategy, Hasbro has now witnessed an incredible hike in their sales after a long time. Now, the brand is focused on leveraging analytics in order to create a seamless shopping experience for customers.
4. Caterpillar: Defect prevention strategy
Caterpillar heavy-duty machinery is renowned for their sturdy built and reliable use. Now, the company has collaborated with Uptake- a data analytics startup to create predictive diagnostics tools for their machinery.
These tools aim to gather performance data from machineries such as bulldozers, cranes, hydraulics shovels, etc. and produce valuable insights therein. These insights will assist Caterpillar’s customers to detect machine failure/faults or other maintenance issues before they even occur. Hence, predicting the most likable time for preventive maintenance beforehand will reduce total downtime.
5. DHL and their Digital Glasses
DHL already has a seamless, highly-automated stock and supply chain management. But still, employees and customers were using old-school manual inputting processes and manual scanners in the warehouse.
DHL recently marked their foot in the AR (Augmented Reality) segment, by pilot testing their smart digital glasses. The company collaborated with Ricoh and Ubimax to develop apps for smart glasses and the technology was then used to carry out “vision picking” in their supply chain management. These digital glasses automate the warehousing procedures by reading bar codes, reducing errors, scanning delivery information and streamlining delivery (pick up and drop off).
6. Porsche expanding automation
The automobile giant Porsche has expanded automation and digital transformation across every operation, department and teams of their company. One great example of their digital transformation strategy is Car Connect which derives real-time traffic reports, evaluates navigation services, and does other tasks- all via a smartphone control.
7. Home Depot
Home Depot- which was merely a hardware store now has a rock-solid IT department and data-centric strategies to execute digital transformation for their business. In other words, not just in-store but it aims to strengthen their online shopping platform as well. Along with appointment of pro IT employees, they’ve come up with a BOPIS (Buy Online, Pick-up In Store) strategy. This is great for customers who prefer buying online, rather than searching through the in-store racks.
The objective behind BOPIS strategy is to provide a seamless shopping experience to customers on both platforms with best resources. This has also helped the brand to create distribution and back-end channels.
Not just that, the company collects customer data to understand local trends better and cater to the market needs. It has also integrated voice and visual search into its application to help customers find the right products effortlessly.
From smartphones, IoT to Augmented Reality and Machine learning, technology has truly infused through every aspect of businesses to help them expand. The world is rapidly switching towards digital transformation, and companies must adapt their processes to these shifts. This will not only generate ROI for them in the long run, but also help them deliver value to customers.
If you’re thinking of opting for digital transformation for your business, Cloudmatos can help you with the power-packed strategies. Cloudmatos has significant expertise in developing and deploying digital transformation tools and tactics to unlock complete potential of your company.