Part of Solutions Review’s Expert Insights series, a collection of articles written by industry experts in the enterprise software categories,Chander Damodaran, the CTO of Brillio explains how three strategic beacons (customer experience, digitization and decision making) can help companies navigate to success in 2023.
Undeniably, the pandemic has accelerated the digitization of customer interactions by several years. These massive changes are forcing a new way of thinking on business leaders, which is only reinforced by the threat of an impending recession, an approach focused on faster time to market, iterative processes and creative valuable.
The new year promises a growing performance gap between leaders and laggards. A segment of companies have embraced a new way of thinking about meeting customer needs and delivering business results and incorporated it into their strategy for 2023. These visionary pioneers have identified three strategic landmarks to navigate their way through the strengths of the recession in the coming year.
- Power of experience
- Power of digitization
- Power of decision
If there’s one trend you’ll see in the next year, it’s that successful companies – small and midsize businesses and Fortune 500 companies – are investing in these strategic benchmarks and building the capabilities to orchestrate, operationalize and integrate into their current digital strategy. strategies.
The power of experience: connected, personalized and immersive experiences
Almost all successful companies share one thing in common: they recognize that they are in the business of customer experience (CX). But as customers increasingly expect smooth and seamless experiences across the channel, device, and touchpoint that best suits them at that time, businesses are also shifting from multichannel to omnichannel. then to the multi-experience (MX). This involves leveraging various modalities, digital touchpoints, apps, and devices to design and develop a seamless experience.
Even though CX, MX and UX are inextricably linked and interdependent in the digital experience economy, they have traditionally worked in silos. As it becomes increasingly important to identify the intersections between these disciplines to gain competitive advantage, companies are looking to create more connected, personalized and immersive experiences.
While immersive digital experiences are still in their infancy, it’s time to start now and keep experimenting. Companies need to evolve their technology infrastructure, strategic thinking, business models and services to ensure they are not left behind.
Now is the time to evaluate and learn about appropriate technologies and gain experience, starting small and scaling quickly while taking care of data privacy and security. Here are the building blocks to include:
In today’s competitive environment, organizations need to act more contextually relevant and intelligent, which requires a detailed understanding of their target audience for better customer service, efficiency, growth, profitability and increased customer value.
Today’s customers expect the same level of service no matter where or how they shop. When customers physically and digitally interact with brands, integrated omnichannel strategies must prioritize customer service and an effortless shopping experience.
In the metaverse, businesses will offer entirely new products, services, and experiences that will replace anything that exists online today. Over time, the metaverse will provide decentralized, persistent, interoperable, and collaborative business models and opportunities that will help companies elevate digital business to unprecedented heights, improving brand recall and loyalty.
Power of Digitization: Combining Pragmatic Innovations with Current Investments to Create a Digitized Modular Enterprise
New technologies are fundamentally changing entire markets and ecosystems. For example, transformation times are reduced from years to months and occur simultaneously in multiple functions. Legacy business processes and customer touchpoints are being swept away by businesses online and based on applications powered by cloud, APIs, analytics and mobile.
Modern businesses need a different level of agility, flexibility, adaptability, and resilience to thrive. They must move their architectural strategies from a hierarchical approach to a modular approach, using software components and APIs, as well as autonomous teams with distributed responsibilities, to innovate rapidly and adapt applications dynamically. This will maximize their ability to build, assemble, and reassemble large-scale business foundations and provide new avenues for profitability and revenue generation.
Technology enablers such as app-as-a-service, automation-as-a-service, digital twins, and infrastructure-as-a-service woven with security at their core have helped forward-thinking companies move from monolithic and traditional enterprises to modular enterprises built by the company for the company. Transformation involves a significant reduction in complexity and legacy requirements while breaking down the layers of the system landscape, transforming them into interconnected modules performing only the tasks for which they were designed.
Decision-making power: Embrace a “data culture” that promotes high-impact, data-driven decision-making
The essence of digital transformation is to become a data-driven organization, ensuring that critical decisions, actions and processes are heavily influenced by data-driven insights rather than human intuition. Thus, companies must create a “data culture”, which requires moving data ownership from the hands of a few specialists to a data democratization approach. By doing so, companies can provide unrestricted access to enterprise-wide data to everyone in the organization, becoming truly data-driven.
Done well, the democratization of data is a game-changer and propels organizations to new heights of performance. The ability to instantly access, consume and understand data will accelerate decision-making, resulting in more agile teams delivering innovative products and services to better serve customers. Two essential components of a data culture include:
As companies embrace these strategic benchmarks and become data-driven enterprises, they must develop a data-centric mindset, built on the cross-organizational trust enabled by culture change. organizational. Centralized data platform architectures and data lakes do not adapt well to changing organizational and process requirements, and therefore do not deliver information with the necessary speed and flexibility.
Enterprises can derive increased benefits from a distributed data architecture, which multiply as these organizations grow. Benefits include improved business agility, scalability, and speed to value.
Companies are already striving to unlock their potential by solving various business challenges. These range from finding anomalies in financial systems to prevent fraud, to enabling personalized medicines and care, to improving customer service through chatbots and optimizing supply chains. .
However, this powerful and versatile tool can have far-reaching unintended consequences not only on brand reputation and bottom line but, more importantly, on employees, individuals and society as a whole or executed with rigor. and insufficient discipline.
This is where responsible and ethical AI comes in. At its core, responsible AI is about considering the impact of AI systems on real people. Responsible AI helps build trusting relationships with customers. As companies take proactive steps to combat bias and improve transparency in their AI systems, customer trust increases, which improves retention, spend, and adoption of new services/products.
Respond to pressure with innovation
As unprecedented pressure mounts on organizations to reshape customer expectations, more companies will invest in becoming customer-centric by delivering customization at scale and frictionless experiences.
The opportunity to make significant leaps is here. Whatever 2023 brings, whether it’s a recession, global conflict or supply chain disruption, it’s clear that the success stories of this new year will be written by companies that have learned the right lessons from the pandemic era. These companies will be the ones that respond to market demands and embrace these new strategic benchmarks, delivering breakthroughs in customer experience, operational efficiency and competitive advantage.