Evolving technologies and customer behaviors, along with heightened customer expectations, is driving enterprise transformation. Globally, organizations are reimagining their existing processes, legacy systems, and user experiences, to fundamentally transform their business operations. Digital leaders are pursuing the digital transformation journey to surpass the momentum of disruptive forces as industries rapidly evolve to remain competitive and efficient.
However, despite the fact that large-scale global spending on digital transformation technologies is estimated to cross $2 trillion by 2021, the mere adoption of digital technologies is inadequate for businesses to succeed. McKinsey Research shows that about 70% of these initiatives are unsuccessful in achieving their goals. This is only natural as a digital journey is not an overnight revolution. Rather, it is about going back to the fundamentals. It is about going beyond technology to cultivate the right culture and mindset in the organization, and adopting digital change management to unlock success.
The Rising Case of Data and Analytics
In this journey of transformation, enterprises are cognizant of the role played by data and analytics along with AI-driven automation for an enhanced customer experience delivery framework. Gartner predicts that over 40% of data analytics projects will relate to an aspect of customer experience by 2020. To cater to customer expectations, key insights are critical. Inadequate and unstructured mounds of data can raise costs and reduce efficiency. For informed decision-making in the changing paradigm, it is critical for enterprises to facilitate availability of relevant and accurate data in the right format, at the right cost, and at the right time.
HFS Research has discovered that the top three drivers impacting business operations among senior executives across industries in 2018 included data explosion, digital disruption, and customer experiences. It further states that predictive decisions based on real-time data have the potential to transform business strategies. With the vast volume of enterprise data generated, there is a huge opportunity to leverage data analytics to generate business intelligence that can offer a competitive edge and enable customer experience transformation. This is a critical tool for enterprises as they engage digital change management to innovate, compete, and drive value for themselves and their customers.
The HCL Advantage
It’s important to remember that a successful digital journey requires efficient execution, patience, and a clear focus on the fundamentals. This is why the process of implementation becomes the key to achieving successful outcomes. When anybody thinks of an intervention, they think about analytics modelling only.
The general perception is that once the modelling is completed, everything will work like magic. But that’s not the case. And having such an attitude may lead to failure. Therefore, we at HCL, drive projects based on our proprietary framework, to bring in the IMPACT:
- Involve respective stakeholders in the planning stage.
- Maturity of the organization matters. We ensure that the environment is mature enough to implement the result.
- Plan and get a sign off from respective stakeholder and agree on the terms regarding possible output and implementation.
- Analytics modelling development after all the planning is secured.
- Collaboration is of utmost importance for the analytics project to be successful. The output or inference of the model needs to be implemented and that needs collaboration with the respective team and team members.
- Transformation is the output we should expect from data analytics and collaboration.
It is very important to understand that success will be defined by effective digital change management versus digital adoption.
As we’ve discussed earlier, data explosion, digital disruption, and customer experience are the three most important drivers impacting business operations. As we know, cost reduction alone can no longer lead to success and driving top-line growth is equally important. On the other hand, digital transformation is not only about technology, but also about customer experience, finding new revenue streams, and harmonizing operations. This is where HCL brings in the analytics capabilities that intersect with each of these areas:
- Customer life cycle analytics
- Disruptive business models
- Operational analytics
Great customer experience, speed, and accuracy are the needs of today’s next-gen enterprises. The generic “one-size-fits-all” approach does not work anymore as a response for the modern customer. In the volatile, uncertain, complex, and ambiguous (VUCA) world, it isn’t tools but digital change management that is the key to unlocking organizational success, and, data is the fuel which is facilitating the insights powering this change. Smart analytics integrates data and delivers insights by connecting platforms, customers, employees, businesses, and partners.
Businesses face several challenges as they attempt to achieve these competencies and combine process automation, AI, and smart analytics into an integrated solution. This is where having an efficient partner like HCL can change the game. HCL facilitates the development of a unifying framework, by integrating elements like AI, data analytics, and automation. By combining smart analytics with point solutions, HCL understands customer pain points and derives actionable business intelligence for customer success.
The question is, how will YOUR organization achieve business and customer success?