Technological innovation is integrated throughout the daily operations of companies across industries. According to a recent report by consulting company Accenture, “future-ready” organizations – those that are resilient enough to survive a disruption – are twice as efficient and three times as profitable as their peers.
These companies have doubled down on their digital transformation. In fact, the COVID-19 pandemic prompted entire industries to rethink their strategies and implement digital innovations to stay connected with customers, employees and facilities.
With so much innovation moving so fast, knowing where to focus is critical. We have identified four “megatrends” from a recent Bank of America Corp. report that will help companies in Rhode Island and elsewhere navigate their digital transformation:
Moving to the cloud. Artificial intelligence, automation and the cloud are more than technological trends, they are key forces to organizations looking to adapt to digital transformation.
Cloud computing allows companies to successfully utilize other technologies. Cloud adoption is already making the world more efficient: telepresence robots, controlled by a computer or smartphone, are restocking shelves and sanitizing hospital rooms and helping with meetings through video capabilities.
The cloud is not just a game-changer in how business gets done but also a catalyst for new innovation. Consider a cloud-readiness assessment to determine when and how best to adopt cloud computing.
What matters is choosing the right technology to stay competitive.
Reinventing marketing. Successful businesses value and nurture their customer relationships, especially in a post-pandemic world where people are reevaluating their interactions. Research and advisory firm Forrester notes that more marketers are realizing the mistake of separating customer acquisition from customer retention. Merging them is not only critical, but in some cases requires reinventing the entire marketing function.
Companies should review their marketing mix and determine if customer acquisition and retention are aligned. They can explore how to offer more meaningful incentives and engage with customers beyond transactional moments.
Collaborating to make it work. Whether large or small, companies should encourage their teams to drive innovation through collaboration.
Taco Inc., a global manufacturer of heating, ventilation and air conditioning systems and components headquartered in Cranston, is a good example. It utilizes collaborative partnerships at all levels of the organization. “With the rapid communication adaptations and dynamic supply chain created by the pandemic, collaboration and transparent communication have never been more important,” said CEO Cheryl Merchant. “Whether internal systems, supplier relations, new product development, or customer service, collaboration is paramount within our organization to ensure that innovation is focused on solving problems and making business easier for all stakeholders.”
Companies can create impactful collaboration by aligning internal resources such as information technology and information security to integrate solutions or evaluate new technology to save time and money.
Looking beyond your organization. External partnerships are just as crucial as internal ones, especially during periods of long-term transformation, intense change or crisis.
Management consulting firm McKinsey & Co. offered this advice: Look beyond the boundaries of your own company across enterprises to include your channel partners, vendors and suppliers. Chances are they are willing to collaborate and share data to help ensure everyone thrives.
Whether it’s the cloud or AI, customer data or collaboration, digital transformation must be grounded in serving customers while reducing risk. New technology is exciting, but there will always be new technology – what matters is choosing the right technology to stay competitive and make the digital experience seamless for customers and employees alike.
Oliver Bennett is senior relationship manager of global commercial banking for Bank of America Corp. He is based in Rhode Island.
