To look cool, everyone talks about digital transformation without actually knowing what it really is. Some businesses are already reaping the benefits of digital transformation while others are still hesitant about investing in digital transformation. If your organization belongs to the latter category then, this article will change your mind and convince you to say ‘yes’ to digital transformation.
Enterprise digital transformation is not just about automating processes. There is much more to digital transformation than what most people might think. It also includes changing mindsets, goals and approaches. Companies undergoing digital transformation knows that it takes time. If you are expecting to change everything overnight then, that is not going to happen.
When done correctly, digital transformation can:
- Streamline processes
- Boost efficiency
- Improve customer satisfaction
- Increase revenue
How can I digital transform my business the right way? To answer this question, here are some examples of successful brands who have not only completed transformation business process and are also reaping rich rewards. Follow in their footsteps to digitally transform your business.
In this article, you will learn about six inspirational examples of digital transformation companies that you can learn from.
6 Digital Transformation Examples
Famous for its sports shoes and clothing, Nike started to lose its luster. To turn things around, Nike decided to transform its brand and supply with the help of digital transformation and become a digital transformation company. Instead of selling their products through vendors, they decided to reach out to customers and sell to them directly. This shorten their development cycle and allowed them to launch new products quickly.
They created a new digital transformation strategy with Amazon. Soon, Nike started opening experience stores and focus on enhancing their app experience. By harnessing the power of data analytics and connecting with their customers at a personal level, Nike succeeded in knowing their customers preferences and started recommending the right products. Nike’s revenue grew from $33.5 billion to $39.1 billion and its stock price jumped from $53 to $90 in less than two years.
Disney was falling behind the times, but they managed to turn the tables by acquiring few companies. Instead of developing their new streaming services, they purchased BAMTech to acquire streaming technology. Later, Disney invested heavily on marvel comics from 21st Century Fox, $52.4 billion to be exact. Next, Disney decided to connect directly with their customers. Due to this, they did not have to rely on distributors and advertisers. They responded brilliantly by adapting to the changing industry dynamics and the positive customer feedback they received is a testament to that.
Microsoft enjoys a dominant position in desktop operating system market with 80% market share. Its software division is also doing well but it is dying a slow death in mobile operating system market. As competition from the likes of Apple and Amazon increase, Microsoft changed their strategy.
It all began when Satya Nadella took over the CEO role in 2014. Microsoft shifted its focus from traditional software to the cloud-based solutions. The company took a U-turn and started forming partnerships with software and technology vendors, a move you did not expect from a company like Microsoft, especially, when you take their history into account.
Their stock prices went from $38 per share in 2014 to $139 in 2019 and their revenue soared from $93.5 billion to $122 billion. In fact, Microsoft became only the third company to join the prestigious $1 trillion market valuation club.
By far the most interesting example of digital transformation comes from none other than General Electric. With a rich history spanning over 125 years and some of the big names such as Thomas Edison as its founding fathers, General Electric is one of the pioneers and one of the most iconic brands in electrical industry.
Unfortunately, they failed to live up to its name as the time passes and start to lose its touch. Thankfully, they decided to embrace 3D printing technology, which turn their fortunes around. It helped them to drastically cut down on transportation and storage costs General Electric has already produced 19 different airplane turbine parts by using 3D printing. After getting positive results from the 3D printing, they decided to pursue it for long term and planning to invest $3.5 billion.
DHL is well known for its excellent stock management and supply chain but that did not stop them from improving. Their stock management and supply chain systems are easy to use and automated, but they want to take things to the next level. For this they decided to team up with Ricoh and Ubimax to develop application for smart glasses. By pairing smart glasses with these applications, it can be used for reading bar codes, streamline pickup and drop off and reduce the chances of errors. Their stock price doubled from 20 euros in 2016 to 40 euros in 2018.
6. Best Buy
Best Buy was in the midst of a crisis in 2012 and some thought it will die soon. The situation was so bad the Best Buy employees did not believe that they could get out of this crisis and survive against Amazon. A new CEO combined with a new digital perspective proved to be a lifesaver for Best Buy. In fact, they turned the company’s fortunes by improving the delivery times and enriching the lives of people with technology.
Soon, they launched a price matching program, which advised customers on which products they should buy instead of just selling it to them. Best Buy also started offering in-home consultation for buyers who are not digitally literate and taught them how to use technology. By using customer data at their disposal, they started offering customized recommendation and assistance. All these moves helped them to triple their stock price from $23.70 in 2012 to $77 in 2018.
TaskQue can help you automate task allocation and other business processes through its intelligent task assignment process called Queue. It follows a Software as a Service model, which can help you digitally transform your business. This means that you don’t have to download and install anything to use TaskQue.
How do you digitally transform your business? Which digital transformation process or examples do you follow? If you know about more digital transformation examples or think that we have missed out any, let us know in the comments section below.