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Three Essential Pillars to Power Your Digital Transformation Strategy

By Bhumika Chhabra

Dealing with multiple technologies and business systems is a significant impediment to attaining real digital transformation. Today, product companies are in constant pursuit of reinventing themselves. They need to focus on initiatives that help drive competitive advantage by making the most of existing opportunities. 

Most companies are moving toward the need for a single digital platform that can crunch advanced insights from an excessive amount of data. Fast-moving digital technologies are challenging traditional business models. Emerging technologies, such as advanced analytics, cloud computing, ML and AI, in addition to the rise of disruptors and empowered customers, are compelling traditional companies to innovate, think, and execute like never before.

Digital transformation is a top-of-mind initiative for almost all business leaders. However, to make such a project successful, companies must attain complete transparency across the entire value chain. Neil Osmond, Distinguished VP Analyst, Gartner says, "Digital transformation won't succeed without a common understanding and a clear vision across the organization."

Each company defines digital transformation differently. But, the end goal of a successful strategy is unquestionably superior product outcomes coupled with meaningful customer experiences. Every product touchpoint should be designed to consistently meet customer needs which subsequently leads to product and customer success. 

A happy intersection of technology and business weaved with a set of strong cultural values is essential for an organization to attain the above mentioned common understanding and a clear vision across the entire value chain.

Technology 

To outperform competitors and deliver frictionless customer experiences, companies must offer a 360-degree product view. Traditional product platforms built on-premise or on dated cloud technology stacks impede value chain collaboration and speed to market impacting product and customer success. 

Customers have come to expect integrated, connected, secure, and scalable solutions along with focused industry and technology expertise. Modern cloud technologies, therefore, will play a pivotal role in helping organizations traverse the digital transformation journey. 

According to IDC's forecast of today's trillion-dollar market for digital transformation–related technology, the use of cloud-delivered software involved with these projects is growing at 30% a year. By 2024, nearly 50% of cloud software spending will be tied to digital transformation. To tackle the sophisticated technological challenges of this transformational age, it is vital to engage, educate, and re-skill today’s digital talent by driving workforce evolution strategies. 

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Business 

Legacy business models and processes cannot support the connected experiences desired by customers. Current siloed product platforms fall short of integrating technology with business processes, files, and data. 

Companies need to invest in rapidly changing business technologies that demand new and improved skills to improve employee efficacy as well as overall organizational viability. Business tools offering less programming, a modern user interface, and easy knowledge retention and transfer help drive innovation and market leadership.

Culture 

Boundaries of organizations are blurring quickly, which is creating an obvious need for robust collaboration. Internal and external stakeholders want a collaboration platform that offers complete visibility, trust, consistency, and logic. But, many current systems fall short, as they still utilize on-premise, legacy collaboration systems. 

According to Ovum, “An engaged workforce is more likely to understand and appreciate the need for change, thus enabling businesses and institutions to move forward at pace as they evolve to meet new market demands and customer expectations.” A company must, therefore, be transparent and involve its employees, external teams, and customers right from the beginning in the decision-making process. 

Does a product innovation platform offer a happy intersection of technology, business, and culture?

Propel is one of the many innovative ISVs extending Salesforce with a technology stack completely built on its top-rated modern cloud platform. At the forefront of fueling the digital transformation economy, Salesforce, along with its comprehensive ecosystem, continues to create new business revenue streams for its partners and customers worldwide. 

Propel's product 360 platform is flexible, integrated, easy-to-use, and deploys faster. Coupled with the Salesforce Customer 360 platform, Propel provides unparalleled speed and flexibility to manufacturers across several industries, including med-tech, hi-tech, and consumer packaged goods. 

Nielsen Bainbridge, one of the world’s leading producers of products for framing professionals uses Propel for greater flexibility and scalability. In today’s digital age, several elements are required to be aligned for a successful product launch. With so many moving parts within a product launch, maintaining consistency is key. 

Nielsen managed all product data on manual tools such as disjointed spreadsheets which proved to be slower, unreliable, and non-collaborative. It resulted in issues with maintaining data consistency and impaired the product launch timelines.

By using the combined Propel and Salesforce solution, Nielsen is able to contextually collaborate and efficiently manage product launch processes through accurate forecasts and link product, sales, marketing, and customer data.

Is your organization ready to transform? Are you prepared to offer your customers a faster, smoother, seamless, and cost-effective experience? Failure to do so could risk the overall viability and long term success of your company. In today’s digital era, where radical start-ups regularly challenge incumbents, the need to reinvent oneself is not discretional.   

References:

  1. How to Revitalize a Stalled Digital Transformation https://www.gartner.com/smarterwithgartner/how-to-revitalize-a-stalled-digital-transformation/
  2. IDC white paper sponsored by Salesforce, The Salesforce Economic Impact: 4.2 Million New Jobs, $1.2 Trillion of New Business Revenues from 2019 to 2024, October 2019
  3. Twelve ways to engage every employee, Salesforce blog, May 2016 

 

Tags: digital transformation, Innovation, collaboration, Technology, product success, Product 360