According to ZDNet, which recently covered the Forrester webinar “Digital Rewrites The Rules of Business,” there are four main rules decision makers should consider when moving their business through a digital transformation. ZDNet says that these rules “will determine the success or failure of every company by 2020.”
- Digital business ecosystems – Decision makers can accelerate their business’s transformation by building these up, ZDNet says. These ecosystems consist of “the customer’s personal value ecosystem, digital experience ecosystem and digital operations ecosystems.”
- Customer’s personal ecosystem – This consists of a customer’s unique collection of apps, which are located on their smart devices. “The apps they use most frequently are also the most capable of delivering an outcome of value,” ZDNet says.
- Digital experience ecosystems – This helps companies deliver products and services that their customers demand. Fulfilling customers’ demands, ZDNet says, helps a company succeed, even if they have to rely on services and products from more than one company: “While each company may assume it plays a distinctive role for their customer, from the customer’s perspective value is created when they achieve the outcome they most desire.” ZDNet also says that as decision makers evolve their business into the digital realm, they need to consider markets outside of their business: “because the digital leader of those market will not only shape your customers’ expectations, they may well be competing with you very soon.”
- Digital operation ecosystems – ZDNet says these increase operation agility in customer service. The digital components of businesses integrate with other companies in the market in order to create an operational ecosystem, with each company depending on each other for survival. “While the ultimate focus of this ecosystem is creating customer value, it’s more immediate effect is to drive operational agility in service of customers.”
In addition to these rules, ZDNet recommends that decision makers think of the digital transformation as more of a journey, rather than a destination. Developing this mindset can reap bigger rewards for the company, and insure its success in the future: “responding to rising customer expectations demands a state of continuous evolution. Each evolution of the experience must deliver a valuable outcome better. Done well, revenue follows.”