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Most Popular Perspectives from 2015

Most Popular Perspectives from 2015

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It’s New Year again – Happy New Year 2016!

Thanks for your overwhelming response to our insights shared with you over the last year.  We are excited to announce the most popular perspectives from 2015 published at Veravizion/Perspectives. These are our biggest stories of 2015 in case you missed them.

One of the wonderful aspects about sharing our insights is appreciating the incredible business acumen, diversity, and depth of thinking of our readers. Our articles, which we call our perspectives, are written after carrying out thorough research on every topic. Our belief is that these articles will push you into thinking about how the (business) world is transforming before our eyes, and how some long-standing business principles may not necessarily hold true today.

As the year is over, take a quick glance at how the world is getting used to being data-driven. Enjoy these stories and let us know about your top content in the comments. In the next one, we will see how the analytics world is likely to unfold in 2016.

Most Popular Perspectives from 2015

Story# 13 Lessons Every Executive Must Learn From Wimbledon Centre Court For Business Success

Most Popular perspectives from 2015 - Lessons from Wimbledon

Sports has always had many lessons to share for business success; and everyone and their grandpa knows this. Nevertheless, its relevance has never been as great as it is in today’s analytics age.

This article illustrates this phenomenon by drawing lessons for business success from 2015 Wimbledon final between Djokovich and Federer.

 

 

Story# 2Data Science: The Next Frontier For Business Competitiveness

Most Popular Perspectives from 2015

This article on Data Science by Veravizion was originally published as the cover story in the July-2015 edition of Computer Society of India – Communications magazine. You can also read this article at its source at http://www.csi-india.org (Link path: http://www.csi-india.org->PUBLICATIONS->CSI Communications->CSIC 2015->CSIC 2015(July)).“

 

 

Story# 3The Digital Transformation Imperative: Why Businesses Must Have Online Presence – An INFOGRAPHIC

Most Popular perspectives from 2015

INFOGRAPHIC: click to enlarge

The business world is fast going online, so what’s the big deal? The big deal is in grasping the fact that it may replace your business if you do not become a part of the change, soon.

The infographic in this article gives a glimpse of how fast the consumer purchasing trends are changing from physical to digital, and what you can do about it.

 

 

Story# 4How Do You Achieve Strategic Transformation For Enduring Growth Of Your Company? – Part-I

Most Popular perspectives from 2015

Historically, leaders of cities, communities, and organizations have been embracing strategic initiatives to ensure long term sustenance and growth of their respective ecosystems. Many a times, these initiatives were ‘intentionally’ directed at bringing about long term transformation of their systems. But do such initiatives specifically aimed at strategic transformation always result in the lasting growth of the entity? We discuss it in this article.

 

Story# 5What Does Digital Maturity Really Mean?

Most Popular perspectives from 2015

This is the last article in the Digital Business series in which we illustrate how small and medium businesses can transform themselves from mere-physical to also-digital, and be more competitive. We do this by taking a visual example of a fictitious light business of our lovable businessman Bobstick.

 

 

 

We hope you enjoy these stories!

 

 

Strategic transformation photo credit: businessinsider

You can also subscribe to our blog – Our Perspectives – to receive interesting articles and insights in email. We would love to read your perspectives and comments on that.

Do follow Veravizion on LinkedIn, Twitter, Facebook, or Google+ to receive easy updates.

 

What Does Digital Maturity Really Mean

What Does Digital Maturity Really Mean?

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When I went to medical school, the term 'digital' applied only to rectal exams.” - Dr. Eric Topol

Well, things have certainly changed since! The previous article – an infographic – discussed about the urgent need for businesses to achieve digital maturity in order to survive and thrive. But exactly what does digital maturity really mean for a small and medium business organization that thus far has focused primarily on serving local customers?

You might be thinking whether this question – what does digital maturity really mean – is really relevant in today’s digital age. Our implicit hypothesis is that most businesses, especially those in the developed countries, are already digital by now, and so they must know what digital maturity really means.

Well, evidence shows that the above assumption is far from true.

Consider these stats from the UK Business Digital Index 2015 report which states that almost a quarter of UK businesses still lack basic digital skills:

  • Almost 35% of around 5.2 million organisations in the UK have a very low level of digital understanding and capability – they do not make use of the internet for their business and do not have any web or social media presence
  • Barely 53% of the businesses have their own website
  • Only 46% organizations have a medium level of digital maturity – i.e. they use basic e-commerce tools, perform some banking transactions online, and have basic social media presence.

Therefore our question is extremely relevant even today!

 

So what does digital maturity really mean?

To understand this, let us quickly recapitulate why businesses want (or need) to go online in the first place.

Businesses go online for a variety of reasons (read: benefits) such as expanding markets to grow business, deepening engagement with target customers, broadening product and service offerings, leveraging multi-channel capabilities, and in general staying competitive amidst the changing global business landscape.

All these reasons can be summed-up in one simple line: Business organizations, like yours, are going digital because your customers are increasingly seeing, hearing, feeling, searching, interacting, sharing, and buying stuff online.

The above sentence encapsulates the entire online activity happening today in the business world. [tweet this]

In short, your market has gone online and it would serve you better if you do, too.

So what takes you there?

Here are the 5-stages on your journey to achieving digital maturity for your business:

  1. Digital Apathy
  2. Digital Literacy
  3. Digital Transactions
  4. Digital Engagement
  5. Digital Maturity

 

Let us look at each one a bit more closely with an illustrative pictorial example for each:

 

  1. Digital Apathy:

This is the initial (or default) stage of any organization typically born before internet. This company mostly sells their products mainly to customers in its neighbourhood through its physical stores. There is a passive resistance (or indifference at best) in accepting digital strategy due to inertia mixed with scepticism towards going digital. There is absolutely no online or any beyond-the-shop interaction with the customers. The business owner is unmindful about going out of business in this increasingly digital world, and apparently suffers from ‘it won’t happen to me’ syndrome.

 

What Does Digital Maturity Really Mean?

 

  1. Digital Literacy:

There is (almost) a reluctant acceptance to the changing business scenario. The business has a (mostly passive) website that displays the products and services on offer but hardly anything beyond that. On the positive side, customers now have a gateway to your offerings and can find information about your products and services. There is a new one-way channel to update customers about new product and service offerings – a good beginning to say the least.

What Does Digital Maturity Really Mean?

 

  1. Digital Transactions:

The business finally wakes up to enormous possibilities the e-commerce world offers and introduces online transactions to sell its products online. There is a conscious effort to implement basic customer analytics to understand buying customer profile to grow revenues. The business also tends to apply e-commerce intelligence to provide leads reports to sales teams to grow further. There is an emphasis on generating and distributing user-oriented content in order to draw target customers to purchase online. Businesses may introduce their own inventory management and service fulfilment back offices to excel in their customer service to build customer loyalty. The business starts learning about rule based prioritization as they explore the benefits of implementing analytics for revenue and profitability growth.

What Does Digital Maturity Really Mean?

 

  1. Digital Engagement:

When a business establishes itself on the various social media platforms, there is a step change in the way it perceives customer interaction, customer engagement, and marketing. Old channels and methods of one-way communication are renounced in favour of digital channels which enable listening to customers’ feedback first-hand and responding in their preferred channel to facilitate effective customer engagement. One important aspect of increasing engagement is to create product touch-points across all channels vis. physical, desktop, mobile, kiosks, catalogue, direct mail, and social media. The order in these cross-channel chaos is set by the use of marketing analytics which helps to mine hidden consumer insights, understand customer purchasing journeys, optimize advertising spend, and engage with prospective customers at early st(age) to nurture them into loyal followers.

 

What Does Digital Maturity Really Mean?

 

 

  1. Digital Maturity

The focus at this stage is on innovating the existing business model and on integrating the overall strategy. Personalization is the key here! Customers have 24x7x365 access to the products and services across different digital channels but still have an Omni-channel experience. For example, a customer becomes aware of your product in one channel, say Pinterest, actively searches for it online on his office desktop, physically touches and considers buying it in-store, ends-up purchasing the stuff on their mobile, and shares his new purchase with Facebook friends. Matured businesses (like P&G and Amazon) have institutionalized integrated use of analytics services to study individual consumer behaviour through comprehensive understanding of customer interests, affinities, and actions. They are drawing intelligence trends to predict customers’ future wants and needs before customers themselves realize it. Considering the enormity of data getting generated every day, matured businesses are implementing advanced algorithms to auto-analyse data at its source for more real-time application.

 

What Does Digital Maturity Really Mean?

 

 

Achieving digital maturity is not the end; rather a beginning of the implementation of a truly personalized digital strategy for each consumer. Businesses embracing digital strategy will eventually lead the way.

We are in the throes of a transition where every publication has to think of their digital strategy” - Bill Gates

 

 

Cover photo credit: yourgenome.org

 

If you liked this article then you may also like to read The Digital Transformation Imperative: Why Businesses Must Have Online Presence – AN INFOGRAPHIC.

You can also subscribe to our blog – Our Perspectives – to receive interesting articles and tips in email. We would love to read your perspectives and comments on that.

Do follow Veravizion on LinkedIn, Twitter, Facebook, or Google+ to receive easy updates.

 

The Digital Transformation Imperative

The Digital Transformation Imperative: Why Businesses Must Have Online Presence – An INFOGRAPHIC

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“81% of US consumers turn to search engines to find information on products, services, and businesses before making a purchase,” according to GE Capital Retail Bank’s second annual Major Purchase Shopper Study. The digital transformation imperative study performed by Veravizion indicates that this observation is not much different in other parts of the world.

Less than 20 years back, Google (or an online search engine in its current form) did not exist. Most commercial transactions took place at a brick-and-mortar store. People booked long distance train tickets standing in a long queue at the ticket counter, bought airline tickets from travel agents, rented DVDs in video stores, read about new fashion in a print magazine, and purchased music CDs in record stores.

Today, 70% of all the travel bookings and hotel reservations take place online.

Music CD shops selling LPs, Vinyl records, and CDs have ceased to exist.

DVD stores have virtually disappeared from the streets.

Paper magazines and print advertisements have given way to their online cousins.

 

‘In the present day, if your customer cannot find your business on Google, you probably don’t exist for them.’ In a relatively short span of time, this has come to be one of glaring truths that business leaders must accept. Today’s consumer seems to have too many things to do, and appears to have become impatient because of limited time at hand. She wants to get everything done at the snap of a finger.

The digital world allows them this convenience of having (almost) everything in just one-click or touch. In fact, customers are adapting to this technology-driven shopping so well that they are touching every screen – even ‘dumb terminals’ – looking for an interactive touch-screen experience. Recent research on e-commerce points to a growing trend of digitalization of businesses and even non-profit social organizations.

Many industries like flowers and footwear, where customers’ need to touch and feel the product was considered important, now have above average online penetration. The grocery and general merchandise retailer Tesco is a case in point. It was one of the chains that saw an increasing role of technology in day-to-day household shopping and launched their online operations; it is now world’s second-largest retailer by revenues. A few industries like online grocery and pet foods (remember Webvan.com and Pets.com?) had a false start because of issues with their online business models, but are now being resurrected by the likes of Amazon and FreshDirect. Slowly but surely, every industry is joining the digital bandwagon.

Consumers on their part are enjoying the omni-channel shopping experience. Omni-channel purchase means a customer buying across multiple channels – online through mobile or desktop, call centre, catalogue, direct mail, kiosks, physical stores, and social media – and having a seamless shopping experience. So a customer may discover a great product offer while browsing Facebook during breakfast, search more information about it online via desktop after reaching office, ring a few call-centres to compare prices during lunch, check the product out at a nearby physical shop on the way back home, and finally purchase it online from their home using a smartphone. Once the product arrives, they may update their friends on social media posting pictures of their new purchase. The entire shopping experience becomes conveniently embedded in their routine and is fun.

Thus, internet is playing a key role in how businesses are run today. Nevertheless, it still has some way to go. An e-commerce foundation report shows that a disproportionately high percentage of businesses, even in developed countries with high internet penetration, are yet to go digital. For example, almost one in four businesses in UK has none to low digital maturity, while the ratio is reversed in some of the developing countries in Asia-Pacific, where the rate of digital transformation is much higher.

The attached infographic presents a quick glimpse of how business landscape is rapidly changing. It implores, with substantial evidence, why business (and social) organizations must have an online presence to survive and thrive in this third millennium.

What has been your experience of going digital? We would love to hear.

The Digital Transformation Imperative

The digital transformation imperative

Click above infographic for enlarged view in new window

 

 

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References:

 

Do follow Veravizion on LinkedIn to receive easy updates.

You can also subscribe to our blog – Our Perspectives – to receive interesting articles and valuable business insights in e-mail. We would love to read your perspectives and comments on that.

 

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