Modern consumers represent a dizzying challenge for businesses because those people have more choices than ever before, more buying power than ever before, and less brand loyalty than ever before.
And as digital technology has been added to that already-volatile mix, the situation for businesses has shifted sharply from challenging to existential: how do those businesses stay relevant and successful in a world that’s rapidly demanding digitally driven experiences in all facets of our lives?
Enter digital transformation, one of the most profound developments to ever hit the global economy. To keep pace with the relentless demands and expectations that come with those digitally enhanced lifestyles, businesses in every industry and across every region of the world have plunged head-first into the digital-transformation imperative on which they’ll spend more than $2 trillion—yes, that’s trillion with a “t”—over the next 5 years.
Those bet-the-company initiatives and investments have the potential to drive enormous new levels of innovation and value for the businesses that master them and for the consumers who buy from those digitally optimized businesses. But that massive potential will only be realized if business leaders realize that digital transformation—in spite of all of its potential and its mystique—is not the final destination or objective.
Rather, digital transformation is simply the vehicle that makes this profound journey possible.
For businesses today, the ultimate digital destination represents entirely new approaches to and ways of creating fabulous customer experiences by: