BEST PRACTICES/DIGITAL INNOVATIONS
COMPANIES NEED TO MAP OUT A PLAN FOR
DIGITAL TRANSFORMATION TO STAY COMPETITIVE
Technological innovation is integrated throughout the daily
operations of companies across industries. According to a recent
Accenture report, 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 global pandemic prompted entire industries
to rethink their strategies and implement digital innovations to
stay connected with customers, employees and facilities.
While the future is bright, it can also be blinding for Treasure
Coast companies that made transformative changes in the last
year. With so much innovation moving so quickly, local businesses
must see clearly enough to create their own digital roadmaps.
Regardless of a firm’s industry or stage in its journey, knowing
where to focus is the first step toward building a resilient future
for it and this community. A recent Bank of America report has
identified four megatrends that will help Treasure Coast companies
navigate their digital transformation.
NO. 1: MOVING TO THE CLOUD
AI, automation and the cloud are more than technological
trends, they are key forces to organizations looking to adapt to
digital transformation. Cloud computing also makes the Internet
of Things possible, which is quickly becoming the Internet of
Everything. A Juniper Research study found that the number of
global industrial IoT connections will more than double to 36.8
billion in 2025, primarily because 5G connections and cloud computing
will make real-time data transmissions possible.
Cloud computing allows companies to successfully utilize
other technologies, including AI and analytics. Cloud adoption is
making the world more efficient. Telepresence robots, controlled
by a computer or smart phone, are restocking shelves, sanitizing
hospital rooms and helping with meetings through video capabilities
and laser pointers. The cloud also helps control Internet of
Behaviors to monitor events, data and people through facial recognition,
location tracking and big data to change experiences.
The cloud is not just a game changer in how business gets
done, but also a catalyst for new innovation. Mid-sized companies
should consider a cloud readiness assessment to determine
when and how best to adopt cloud computing by making a list of
common tasks that could be improved with greater automation
or faster connectivity.
NO. 2: REINVENTING MARKETING
Successful businesses value and nurture their customer relationships,
especially in a post-pandemic world where people are
reevaluating and redefining their interactions. 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.
The focus on customers should be front and center and data is
the key. We can expect to see an increase toward more retentionbased
marketing — by as much as 30%, according to Forrester
— and a move beyond purchase frequency rewards programs to
true loyalty programs that foster stronger ongoing engagement.
Kevin Staten is a senior vice president and
relationship manager for the Treasure
Coast market in commercial banking
at Bank of America Merrill Lynch. In this
capacity, his responsibilities include
leading a team of specialists focused on
understanding each client’s unique needs
to deliver strategic financial guidance
and solutions. Staten’s mission is to help
local companies thrive by achieving their
business goals, no matter how simple or
how complex. He has 25 years of finance
and banking experience, joining Bank of
America Merrill Lynch in 1996.
KEVIN STATEN
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
26 TCBusiness.com
beyond transactional moments.
NO. 3: COLLABORATING TO MAKE IT WORK
Whether large or small, companies should encourage their
teams to drive innovation through collaboration. Business leaders
can get caught up in concepts that seem innovative but have no
real ties to their priorities. The goal of collaboration should be to
solve challenges and create real value.
Companies can create impactful collaboration by aligning
internal resources like IT and information security to integrate
solutions or evaluate new technology to save time and money.
The focus should be on solving for needs.
NO. 4: LOOKING BEYOND YOUR ORGANIZATION
External partnerships are just as crucial as internal ones, especially
during periods of long-term transformation, intense change
or crisis.
Digital transformation is a marathon, not a sprint — as such,
these initiatives require input from all relevant sources.
McKinsey and company 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 and learnings to help
ensure everyone thrives.
Business owners should determine if they have the right mix
of external providers. It is important to manage the costs and
benefits of moving your data and avoid getting locked into a
long-term contract.
Ultimately, 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 making the digital
experience seamless for customers and employees alike.
/TCBusiness.com