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The widespread adoption of home Internet connectivity in the 1990s made online banking services popular. That was over 30 years ago. So why are lenders still touting their “digital transformation” and “digital first” approaches today as if they mattered?
The student loan company’s recent advert may have renewed my distaste for these nonsensical buzzwords, but I have an important message to share with all companies still using this provocative term. emphasized the message.
The digital revolution is already happening
There is no doubt that the world has gone through an era of digital transformation. It started as a widget that evolved into an app, and is now home to countless services and companies. Meanwhile, the small, powerful computers we carry in our pockets power about 72% of online sales.
These important milestones define the term ‘digital transformation’. That’s why a loan company that calls its online process a “digital-first strategy” is frankly not worthy of sharing its label with the most impactful innovation the world has ever seen.
Companies chasing buzzwords like “digital transformation” don’t need to lay off their marketing teams or question their company values. But with that being said, it’s time to shift our focus to something that more accurately reflects the meaning these companies are looking for when choosing these terms.
Related: How entrepreneurs are embracing digital transformation in the age of the ‘new normal’
Digital buzzwords fail to express what really matters
Even if we agree that digital transformation is far more important than a company’s projects and strategies, some leaders have resorted to more specific terms such as “digital procurement” to describe the process. I am persistent. It might seem like a step in the right direction, but it’s actually a great example of how many companies fail to recognize what really deserves their attention.
“Digital” is already here and is here. data More important than ever, the companies behind digital interfaces are not focusing on digital, but rather on collecting, managing and managing the data that helps the world’s largest companies compete on an unprecedented scale. and increased usage, we need to dig deeper.
When Amazon, one of the world’s largest companies known as the pioneer of fast delivery, started selling fresh produce and groceries, many thought Walmart was dead.Still, Walmart invested heavily in data Help us better meet consumer needs.
Walmart now dominates the online grocery market by about 20%, overtaking Amazon. That’s the power of data transformation.
Related: Amazon vs. Walmart is a Blueprint for Competitive Advantage
Shifting focus to data impacts the entire business
When companies move away from reusing terms like “digital first” and actually start finding their way in the area of data transformation, it’s not just a change of terminology. Moving to a data-first model unlocks a world of opportunities for companies that can impact every aspect of their business.
Data transformation informs Walmart’s strategic decisions, ultimately empowering giants to compete with companies many times larger than themselves and winning out. In addition to using it behind the scenes, Walmart has used it to completely overhaul the customer experience.
Airbnb is another great example of using data to shape customer perceptions of a company. The business competes with hotels and other booking sites on a 24/7 basis, but manages to come out on top because it uses data to facilitate the customer’s journey and add value to the booking experience. It is possible.
By identifying when users are hesitant to book a stay in real time, and offering discounts or reminders that the area of the month they want to travel to is already almost fully booked, Airbnb helps Make this happen. While a highly effective marketing tactic, these big data examples have made Airbnb one of the most responsive and user-friendly apps of its kind.
But how can you unlock and sharpen the value of your company’s data, both internally and externally? your edge?
Related: How Smart Buying Strategies Save Businesses Time and Money
take home the points
The message your business shares, no matter how succinct, witty, or engaging, should always make sense to those who see it. and instead you have to narrow down what it actually means.
Moving away from vague buzzwords starting with “digital” and being more specific about what’s happening in your business around data means fewer people will roll their eyes when they read about your company. As a result, you can resonate with your audience, deepen their understanding, and get them interested in what your business is trying to achieve.
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