The future of business transformation lies in rethinking the way we work - and how our organization can create value for its customers. This year focus will fall on the new business models, ecosystems and customer channels that will arise from and benefit from the metamorphosis.
Here are some predictions that will rock the business world this year:
- Business Models Disrupt the World
The winners this year will be companies that are really able to execute a new transformation strategy successfully. The term “digital transformation” does not have to strike terror into the hearts of the non-technical. Although “software is eating the world,” it is the innovative business models that distinguish the winners from the companies that will disappear into meaninglessness. Leave the technology to the IT transformation people; focus on rethinking your traditional business models and tear down the walls by learning from other industries.
- Know Your Value Chain - End-to-end
Today’s company-focused process management will be supplemented by an inter-organizational process management that smoothly integrates the key capabilities of partners. Successful enterprises know and optimize their business ecosystems continuously and focus on the parts of the value chains where their individual strengths lie. Detailed understanding of interactions with partners is essential in order to deliver products and services in time and quality.
- Good Things Come in Pairs
Enterprise digital twins will gain in importance this year. Instead of static descriptions of processes and responsibilities, a dynamic living model of the company allows you to connect with real-life data, to simulate changes and effects and potentially react automatically to changing conditions. On the workforce level we will see new metaphors for the next generation of enterprise management systems providing all needed information around processes, work instructions, policies, etc. in an intuitive way.
- Know Your Customers
The major part of digitalization happens at the points of customer interaction, so “know your customer” will be the big mantra for the future. Knowing the customer’s touchpoints and moments of truth along the customer journey is essential to keep them satisfied. Customer journeys and business processes are the two sides of the same coin – the understanding of the correlation of the internal and external view is the key to long-term success. AI/ML technologies will play a major role in selecting potential customers and addressing them with the appropriate portfolio and offering.
- Data Privacy Revolution
What we have seen with GDPR in the context of data privacy/protection was only the tip of the iceberg – there will be many more regulations to come. Preventing and mitigating data breaches require deep understanding and continuous realignment and optimization of processes and procedures. We see that the management of risks and controls shifting from dedicated risk/compliance units to the operational lines of business (the 1st line of defense) - and being integrated within the operational business processes.
- Joy of work
UX, UX, UX! New ways of interaction - natural language processing, augmented and virtual reality - will change the way we communicate with business solutions. Customers and employees use these solutions and apps that make it a pleasure to work with. We are almost there!
For more information on how business and IT transformation can provide the key to your business strategy by clicking below.