In what has been dubbed the 4th Industrial Revolution, technology is rapidly changing virtually every aspect of business and consumer behavior. The digital era is upon us—and it’s here to stay. Across the board, tech has had a profound impact on both the B2B and B2C realms. To keep up, companies must align their operations with the demands of today’s digitally-driven society.
This dramatic shift toward new tools and processes is part of the overall movement toward digital transformation. This article defines what digital transformation is, why your business must embrace it, and how to prepare your company accordingly.
Vlocity Inc., a leading provider of industry-specific cloud software, and Deutsche Telekom, one of the world’s leading integrated telecommunications companies, announced today an agreement to use Vlocity Communications Cloud to advance Deutsche Telekom’s digital transformation initiatives in Europe. The modern cloud software will be used to help Deutsche Telekom simplify buying experiences, accelerate time to market, and increase revenue through new communication and digital services.
“We consider the selected cloud software as the best configure-price-quote solution for B2B across our EU footprint,” said Guido Menzel, SVP Technology Europe of Deutsche Telekom. “Vlocity’s commitment is very high, thus I’m fully convinced that we will execute a successful implementation and gain new growth opportunities.”
Selecting Vlocity extends Deutsche Telekom’s existing investment in Salesforce – and will provide the company with an industry-specific, cloud-based platform to embrace digital-first operating models and deliver increased business value for B2B customers and partners. Starting with OTE Group, Deutsche Telekom’s affiliate in Greece, the transformation will be rolled out to 350 sales users and include Vlocity’s complete configure, price and quote (CPQ) capabilities.
However, they put it to use in only a limited number of digital domains.Since then, the use of digital technology by coatings companies has accelerated.
Leading coating formulators now have digital initiatives across all domains. The role of digital leadership, especially chief digital officers, is poised to explode through 2019 and 2020.This report tracks the industry’s transformation and seeks to identify future opportunities that might exist for further use of digital tech. Data monetisation in particular, will transform the coatings industry in the next 10 years. Successful companies will sell not just tins of paint, but also the attributes of the paint (protection, colour, etc.) as a service. In making this transformation, coatings companies will also identify entirely new potential customers, who could benefit from the data being generated. The global coatings industry consists of a small number of large global participants and a very large number of smaller companies. The top 10 companies collectively represent 53% of the global coatings market. 8 of these 10 companies are pure coatings companies. The way in which digital technology will affect these companies will therefore be strongly influenced by the specific requirements of the coatings industry.
Long-term innovation is one of the critical factors that lead to a successful digital transformation. The majority of the digital transformation initiatives, irrespective of the scale will always be more complicated than expected. Continuous feedback on digital transformation initiatives along with transparency, support as well as direction can help C-suite executives get the company board of directors aligned with digital transformation plans.
It is essential to build a team of a few advocates to help get buy-in for a digital transformation project from leadership stakeholders. It is important to understand the unique perspectives of board members, their plans for the business and their long term company goals because that will help executives to place the vision of the future in context with the plans for transformation. They can also cultivate the support of board members by seeking their input on further development and action plan.
C-level executives should look out for board members with different backgrounds and perspectives. This will help in understanding and garnering multiple views from stakeholders regarding the project. Executives can use the feedback and opinions from various stakeholders to build a project road map
SINGAPORE: Singaporeans are scared of failing even at a very young age.
The Organisation for Economic Cooperation and Development’s Programme for International Student Assessment (PISA) test found that three in four Singaporean students grapple with a fear of failure.
As much as 78 per cent of our 15-year-olds see failure as a frightful scenario that could scuttle their plans for the future.
As we get older, we unknowingly carry this same fear into our working lives.
Many of us have experienced our job scope shifting with rapid advancements in technology and evolving demands. But automation and digitisation have frozen some people in panic mode, wondering if their jobs will be at risk.
Kount, the leader in AI-driven digital fraud prevention, released a new research report on digital innovation and emerging fraud, which found that the most innovative businesses are also the ones facing the greatest fraud threats. The report, conducted by Javelin Research, surveyed hundreds of respondents across the retail, restaurant, insurance, and financial industries and revealed more than 40% of businesses say fraud impedes their expansion into new digital channels and services. With the threat of emerging fraud and increasing expectations for a frictionless customer experience, businesses are challenged to balance revenue, expansion, and innovation priorities.
The report found that 48% of consumers are more sensitive to anti-fraud measures that disrupt their online experience than they were a year ago. This means that retailers and restaurants have an increased imperative to balance fraud mitigation and customer experience. Yet, only 64% of organizations’ customers have confidence in the security of their digital channels. In this era of high customer expectations, increasing fraud risk, and competition to continuously innovate, businesses must address this critical interconnection.
“Opportunities for fraud increase as businesses adopt new features, such as voice ordering or mobile wallets. Businesses do this to engage their customers and provide an enhanced customer experience,” said Rich Stuppy, Chief Customer Officer at Kount. “Unfortunately, these businesses are not adopting the proper controls related to fraud. This report underscores the fact that digital innovation and the corresponding increases in revenue in these industries will never reach their full potential without integrating suitable fraud prevention initiatives.”