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

How digital transformation is defining a new way to do business
Top five customer-centric strategies to combat fraud and reduce false positives

In an increasingly competitive economic landscape, customers can be described as the backbone of any business. It is a great customer experience that sets a business apart from their competitors…

Learn more
How digital transformation is defining a new way to do business
Data Residency: The landmark Digital Economy Agreement between Singapore & Australia

The recent Digital Economy Agreement (DEA) between Singapore & Australia is set to upgrade the digital trade arrangements between Australia and Singapore significantly.

Learn more
How digital transformation is defining a new way to do business
Four ways an automated fraud management framework delivers business value in a global digital economy

In an increasingly globalised economy, businesses offering digital goods and services to regional and global audiences are seeing new opportunities and experiencing incredible growth.

Learn more