Within the context of the business world, the term digital transformation is widely used but seldom fully understood.
Across the web, various authors and journalists have endeavored to bring meaning to the esoteric term with varying degrees of success. The definition is actually deceptively simple; it means a fundamental change to business practices through digital technologies or processes. The hard task for CEO’s and change advocates alike is to continually evolve in-house systems, behaviors and practices but also adapting to ever-changing ecosystems and sometimes even rethinking business models. Simply refreshing the company website once every couple of years is not enough, businesses need to change, and change often, because consumer behavior and expectation are constantly changing.
But it’s not just consumer behavior that can shift the business you are in. Changes in the digital landscape can leave some brands struggling to remain agile, even relevant in some cases, amid the digital revolution.
The automotive industry should have already created transformational change but instead, car manufacturers have been left scratching their heads, trying to figure out why Millennial’s have little or no interest in owning cars. The fact that the model hasn’t significantly changed is testament to exactly how ingrained car ownership is on society. The rise of the sharing economy has started a shift away from ownership towards access anywhere alternatives such as Zipcar and Uber.
From 2007 to 2011, the number of cars purchased by people aged 18 to 34, fell almost 30%. For a growing number of Millennial’s the independence, individuality and freedom gained from owning a car can be more affordably expressed through social channels instead. With driverless technology just around the proverbial corner, what happens to the role of the driver in a world full of passengers?
It’s time for car manufacturers to enact a digital customer experience transformation. By developing a new service brand offering flexibility and customer-centric solutions, manufacturers could earn customer loyalty in the Millennial market once more.
By fostering a culture of innovation within their respective industries, business leaders are empowering their employees to utilize new technology and stay abreast of changing consumer behavior. Allowing them to identify potential opportunities and threats early on, and take advantage of them.
Here at Glassbox our technology captures your customer’s total digital experience and provides you with priceless insight through behavioural analytics of the customer experience. Highlighting changing consumer behavior, and empowering customer experience management. Which is why, Glassbox is the right solution for understanding digital transformation within your business, as it provides your organization with actionable transparency and true digital dividends.