Why Every Company Must Become a Tech Company
Here’s a Little Secret to Explosive Growth
How To Survive In The EXPERIENCE ECONOMY
2019 Surprise Box
Why should companies invest in ‘Intelligent Enterprise’ powered by SAP Business Suite in 2019?
2019 promises to unveil a slew of surprises from the technology and business perspectives. What we saw in 2018 was just a glimpse of the potential of technologies such as AI, Blockchain, Digital Core and Machine Learning. This year, though, is when those technologies begin to fulfill their potential. How? As organizations of all types brace themselves for the full force of the digital storm, these technologies taken together are expected to deliver the benefits derived from what experts are calling Experiential Transformation.
At its heart, experiential transformation is all about changing your customer’s mindset from ‘meh…’ to ‘WOW!’ A transformative event of this magnitude can only be triggered through powerful suggestive intelligence backed up by compelling data analytics and significant digital automation. As one might expect, this requires an investment of resources. However, the downside is that the companies who willingly invest the required resources in effective transformative technologies very often fail to realize the ROI coming from the value resulting from those investments. As a result, most businesses fall far short of their intended targets, in terms of both value and timing.
The reality is this: The rapid rate of technological evolution driving experiential transformation is forcing even the best organizations to develop new digital initiatives today. They do this in hopes of effecting that change in the customer mindset. Those readers who doubt this might want to review the following quote, taken from a survey conducted by SAP:
“72% of CEOs believe that the next three years are more critical for their company than the last 50.”
[From an SAP survey]
Do all companies need to transform?
In the digital age, three years go by in a flash and the old survivalist truism- adapt or die- is more real than ever before. Eventually, the cresting wave of digital and experiential transformations will compel businesses everywhere to reinvent themselves and evolve. The point, though, is that many industries feel the intense pressure from without and within to transform their business models now. To illustrate this, SAP AG categorized the various industries into High Winds, Severe Storm and Hurricane categories, which provides perspective on the digital storm and its effects.
Approximately 500 SAP customers were analyzed in ana effort to determine the focus and progress of their own digital transformations. This analysis grouped these companies into three categories: reimagine business model, reimagine process, and reimagine work. “Companies which are in the eye of the storm/hurricane are more focused on business model innovation. Others who are on the opposite end of spectrum are more focused on process innovations and employee experience.”
This article began by mentioning that 2019 will be a year of surprises. While many are still in their formative stages, here’s one surprise we believe is definitely going to manifest itself in the near-term: Lesser known companies that made their modest beginnings in 2017-18 are now more than ready to take on their larger competitors in 2019. The result? Many of these upstarts are going to win because they are already at work implementing the digital forces that drive effective experiential transformation.
Make no mistake about it: This fierce competition to transform the customer mindset to a WOW state is going to make or break many companies. Remember that 2018 saw the emergence of technologies like AI, ML and Blockchain, and 2019 is the year when many companies consolidate their building processes and systems, setting their customers on the journey to WOW!
Winning this combative competition comes down to a ‘battle of the swift.’ Can you transform your organization from its current state into an intelligent enterprise more quickly than your competition can? Many companies seeking a competitive edge are already investing resources in becoming the ‘Intelligent Enterprise,’ powered by SAP Business Suite on HANA. It’s an investment in future-proofing their organizations that also allows them to stay many steps ahead of the competition because today, it’s now or never!
What are your digital transformation imperatives? Please- share your perspective on digital transformation with us. Let’s make 2019 the most ‘connected’ year ever by sharing ideas and thoughts. We, at Phoenix, can be your trusted partners in delivering the experiential transformation that WOWs your customers.
By: Venkat Nanduri, Director