How digital transformation is defining a new way to do business

How digital transformation is defining a new way to do business

In a recent piece for the Forbes Technology Council, “Three ways digital transformation is changing how we do business," I explored what businesses need to know about a customer-first models.

 

According to research from Experian and Forrester Consulting, 81% of executives believe traditional business models will disappear in the next five years due to digital transformation. To my mind, these are three ways to change current ways of doing business:

  1. Adapting to the simplicity of new models
  2. Understanding a customer's context is the key to relevant experiences
  3. Automating meaningful decisions at scale

Businesses can leverage technological advances in process optimisation, automation, data analysis and cognitive science to put customers first and truly understand and address their needs. In order to stand out from the competition, businesses must optimise their decisions based on what is best for the customer. This means creating an easy to use website or platform, suggesting relevant products, and making instant decisions based on the data they have.

 

As businesses work to create the best possible experiences for customers, this begs the question of how the data gathered will be protected. It is critical that businesses not only collect data from reputable sources, but protect consumers' by putting multi-layered security measures in place.

 

If interested in the topic of digital transformation and business readiness, you can find the full Forbes article here.

 

 

Birger Thorburn
Chief Technology Officer (CTO) of Decision Analytics, Experian

Read full article

Birger Thorburn

By Birger Thorburn 03/30/2020

Related Articles

Telcos Are ASEAN’s Catalyst to Re-energising Digital Financial Inclusion for its Unbanked Communities
Telcos Are ASEAN’s Catalyst to Re-energising Digital Financial Inclusion for its Unbanked Communities

This COVID-19 crisis is a test of our resilience and the financial services landscape could change permanently during the recovery. The promise of harnessing telco data and decisioning to drive…

Learn more
Experian Selected as Leading Provider of Digital Identity Solutions
Experian Selected as Leading Provider of Digital Identity Solutions

Digital identity solutions are a crucial component to enhancing the customer experience in digital transactions. Driven by verified data, digital identity as a concept benefits both businesses and consumers. Innovative…

Learn more
2021 Global Insights Report – Wave 3
2021 Global Insights Report – Wave 3

The world is still grappling with the mental, emotional, and financial toll of the Covid-19 pandemic but there are clear signs of hope and resolution ahead. Consumer concerns about their…

Learn more