5 digital transformation examples you need to know 1- Dominoâs ubiquitous delivery Dominoâs popular pizza fast food chain has developed features that allow customers to order pizza using virtually any computing device. How do you structure a digital transformation process, who needs to be involved, where to start? TRANSFORMED COMPANY Marketing Digitization â Example Digital advertising: online banners, newsletters, etc. And it’s clearly paying off. Best Buy also transitioned from predominately mail marketing to an almost entirely digital strategy. The data helped the company better understand its customers and recommend relevant toys and games to parents. Target outsourced its web presence which they saw as ancillary in 2004, to Amazon. Instead of just selling products, the brand aims to enrich people’s lives with technology. Nike’s digital transformation is ongoing as it pushes for innovative ways to connect with customers and get a leg up on the competition. Sign up for her newsletter here. In late 2012, Hasbro realized that instead of focusing on children, it really should be marketing to their parents, who are the people who actually make the purchases. The goal was to focus on quality over quantity and leveraging digital solutions. Many companies are hesitant to invest in digital transformation without knowing if the investment will pay off. We define a successful transformation as one that, according to respondents, was very or completely successful at both improving performance and equipping the organization to sustain improvement⦠It combined nostalgic brands with forward-thinking channels to connect with customers. To turn things around, Nike decided to transform its brand and supply with the help of digital transformation and become a digital transformation company. Bringing artificial intelligence into your service organization is a prime example of the power of digital transformation. That accomplishment wasn’t even fathomable just a few years ago. And it’s not done yet: Target plans to remodel another 600 stores by 2020, at a cost of $7 billion. Instead of going through middlemen, Nike improved its connection with customers through membership opportunities, stronger digital marketing and powerful data analytics. Honeywell uses data to determine the best spinoffs and movements for its company. Target has been seeing steady growth since its lowest point in 2006. Instead of searching up and down dusty aisles, Home Depot is moving towards contractors and DIYers shopping online and picking up in store. Embracing digital transformation is key to survival in today's business world. When approached, planned, and followed the right way, digital transformation is a journey that allows organizations to set themselves up for future innovation. Instead of being overwhelmed by products, customers can easily find the right items and get help knowing how to make home repairs or complete a project. All Rights Reserved, This is a BETA experience. Digital Transformation is a concept that varies by industry, vertical, company and the availability of technology, so it's not easily understood nor is there one example of digital transformations. It introduced new technologies, including more IoT-connected and data-centric devices and offerings. McCormick launched FlavorPrint, an online flavor recommendation tool that visually represents consumerâs tastes. In the same time, revenue has grown from $93.3 billion to nearly $110 billion. The toy and game company made big investments in its digital and data strategies that paid off in a big way. $83M+ Raised And Counting In 2020: Are Twitch Streamers The New Philanthropists? Subscribe to our newsletter for the most up-to-date e-commerce insights. Porsche has extended digital transformation to all sections of its operation, taking in every department and team member. Many new aspects of the store follow the D2C model by selling exclusive items at pop-ups from popular brands. Digital transformation examples. As it aims to help other companies with their own digital transformations, Honeywell also made major changes in itself. Their goal was to enhance the online shopping experience and provide customers with the highest quality products and best resources through a seamless process across all channels. Here's why: Telemedicine, artificial intelligence (AI)-enabled medical devices, and blockchain electronic health records are just a few concrete examples of digital transformation in healthcare which are completely reshaping how we interact with health professionals, how our data is shared among providers and ⦠Nike. These digital transformation examples detail IT leadersâ strategies, implementations and challenges. Examples of digital transformation: Discover how companies like Porsche, BMW, and Deloitte innovated to transform from within. Keenly aware of the astronomical growth of the Internet of Things, Ikea now offers a broad range of ⦠1. The importance of digital transformation for any company today is crucial, as it allows them to deliver an experience that their customers have come to expect. The improved digital focus gives Nike a faster product development cycle, which allows it to get new products to market quickly, respond to and set trends and control how many items are produced. Moving The Things That Move The World Forward In The Pandemic, CTV Fraud Made Headlines Again, But It Shouldn’t Have. Over the last two years, Target’s revenue has increased from around $70 billion to $76 billion. Streamlining internal processes and digitizing as much as possible allows the company to build quality relationships and products. At Hasbro, digital transformation is child’s play. In 2007, more than a billion DVDs were sent. Home Depot’s stock has improved from $135 in early 2017 to $215 today. Introduced as part of the companyâs airline digital transformation strategy, AirAsia hopes to offer a more seamless travel experience for its customers. Blake's clients include Comcast, Genentech, Accor Hotels, Accenture, Parker Hannifin, Ericcson, Omron, Verizon, Adobe and more. The FACES systems work like this: AirAsia passengers approach an enrolment kiosk in the airportâs check-in area where they present their passport or national ID card, and ⦠Public view also changed, as Microsoft went from being seen as an outdated or stagnant company to a forward-thinking cloud solution. Blake is the author of two books on customer experience. Instead of selling through other vendors, Nike started selling more directly to customers and partnered with Amazon for an updated e-commerce strategy. A commitment to digital transformation and the resources to back it up can turn lagging stocks into industry leaders. Early growth was rather slow, but prices have been steadily increasing over the last three years. Make digital transformation a priority for your business as well as your workforce by putting the structures, systems and processes in place necessary to drive digital maturity and encourage growth. Also read: Company digital transformation process: 5 key steps. An end-to-end focus on consumer data better allows Nike to connect with customers and recommend the right products. More than 400 stores have been remodeled and equipped with new technology in the last two years and have introduced online ordering and in-store pickup and curbside grocery pickup services. Target stocks started 2017 around $73 per share and dropped down to around $53 when the initiatives ramped in the middle of the year, but now currently trade around $88, with growth holding steady in that period. In 1997 the company started as an online video store and in the years to come sent DVDs and BluRays to its customers. Famous for its sports shoes and clothing, Nike started to lose its luster. Honeywell uses data to determine the best spinoffs and movements for its company. But a new CEO and a fresh digital perspective transformed the electronics store from a place to buy CDs to a digital leader in technology. Its revenue grew from $40.3 billion to a peak of nearly $43 billion in mid-2018, but it has since dropped back to $38.6 billion. To give you a better understanding of what real 'Digital Transformation" looks like, here are 5 real businesses that leveraged new ⦠However, when done strategically, digital transformation can improve stock prices and revenue in the long run. In that same time, revenue increased from $33.5 billion to $39.1 billion. Using data also helped Hasbro create a frictionless experience as it better understood customers and could proactively meet their needs. 22. Although a staple in shoes and athletic clothing, Nike started looking sluggish and outdate a few years ago. She lives in the Bay Area with her husband, their two children and two dogs. Best Buy started 2012 with a stock price of $23.70. It introduced a price matching program and switched its focus to advising customers, not just selling to them. It uses data to create customer profiles to provide customized recommendations and assistance. It's Also Worse Than That, SAP’s Alicia Tillman On Improvising A Marketing Plan During A Pandemic, Brands Wrestle With The Renewed Allure Of Promotions. Over that same period, revenue increased from $93.5 billion to $122 billion In 2019, Microsoft became just the third company to get a $1 trillion market cap, notably before its competitor Google. She is the author of the new book "The Customer Of The Future: 10 Guiding Principles For Winning Tomorrow's Business" (HarperCollins). As of July 2019, it sells for around $74. Here are six examples of companies -- all of which we're honored to work with -- that can teach us a thing or two about digital transformation. Blake Morgan is a customer experience futurist, keynote speaker and the author of two books including The Customer Of The Future. Rethink the future. Digital transformation is an ongoing process. 1. Today, they’re worth around $136. Since its renewed effort began about four years ago, Honeywell’s stock has increased from $95 per share to $174. Porsche: Is driving digital? For inspiration, here are 5 excellent examples of brands that are driving success through digital transformation. Her first book was 'More is More: How The Best Companies Work Harder And Go Farther To Create Knock Your Socks Off Customer Experiences." It also set out to hire 1,000 IT and user experience professionals. She is a contributor to Forbes and the Harvard Business Review. Also, Netflix started its streaming offer in the same year, which has replaced the previous ⦠A good example of a digital transformation is represented by Walmart. The goal is to create a seamless experience across channels and to provide the best products and resources to customers. Along with its own digital transformation, Honeywell uses data to help its customers. By tracking local trends, it can ensure the right items are in stock without losing money on excess inventory. Best Buy’s digital transformation hasn’t been without hiccups, but the results are starting to show. It also opened concept stores and improved its online and app experience. The company switched its mindset and underwent an ongoing digital transformation to reinvent its brand and supply chain. Opinions expressed by Forbes Contributors are their own. Even people within the company didn’t believe it could survive against Amazon. The Swedish furniture retail company has been recognized for its digital transformation efforts on multiple occasions, from its online catalogs and home planners to digital product design to virtual reality show booths. In 2016, it hit $5 billion in sales for the first time. Along with its own digital transformation, Honeywell uses data to help its customers. The blurring between online and in store is working. "It's not easy to find a lot of examples of true success in digital transformation," said Gianni Giacomelli, senior vice president and business leader for digital solutions at Genpact. Blake Morgan is a customer experience futurist. Digital Transformation Programs are one of the main triggers why large enterprises contact us. Target has also made strides with a consistently engaging social media presence that allows customers to discover new products and even buy them directly through social media. Omnichannel marketing kept the products front of customers’ minds for improved relationships with the brand. Here are five digital transformation case studies wherein organizations filled the gaps in their operational performance, created greater value for their customers, and improved revenues with the power of data and advanced analytics ⦠The company leveraged data to create targeted marketing campaigns on multiple channels, including a larger push on social media. In 2016 Honeywell started its own internal digital transformation group. Be My Eyes is one such example â a social network that connects blind ⦠Although there are risks involved, these companies show that finding digital solutions and processes can lead to long-term financial gains. You may opt-out by. Traditional digital advertising: vouchers in print media can be scanned via QR codes with smartphones LANDING PAGEADVERTISE Online-shop tp tp tp AUTOMATION Collect, manage and ⦠While each story is unique, there are similar best practices shared. Traditional (industrial) corporates feel the pressure to rethink their business ⦠The investment has helped build up the back-end and distribution channels. The growth was disrupted by industry changes and volatility, but the focus on digital marketing and data has helped Hasbro weather the storm. In this sense, many organizations are investing ⦠In 2013, Hasbro stock sold for $36; today, it sells for $109. Revenue actually decreased over that same timeframe, but has increased steadily in the last three years, jumping from around $40 billion late 2017 to its current $43 billion. Even though The Home Depot has been very successful, in late 2017 the company decided to adopt a more expansive digital transformation strategy. Letâs take a look at some them: 1. Since digital transformation doesnât happen overnight, it also doesnât hurt to show short-term wins along the way. Find out how these companies succeeded where others failed. The transformation didn’t come cheap. McCormick & Company is a 125 year old spice company that recently realized the need to digitally transform in order to remain a market leader in the modern world. Home Depot ⦠Hasbro increased its ad spend by 1100%, but was able to increase sales by $1 billion. Thatâs why there are many interesting examples of embracing digital transformation across very different industries. The company started its digital journey back in 2011 and managed to turn its brick-and-mortar business into one of the largest online retailers in the US, and is now a tech powerhouse. Blake is the author of two books on customer experience. Instead of shying away from partnerships like it had in the past, Microsoft changed course to build relationships with other software and technology companies. Today, we’ll dive into examples of digital transformation with success stories from the perspective of those within the company. Seven years ago, most people thought Best Buy was dead. Home Depot has also improved its use of data to better understand customers. Blake is the host of The Modern Customer Podcast and a weekly customer experience video series on YouTube. It also added visual and voice search to its app to give customers more options. Omnichannel in ⦠One of the best examples of successful digital transformation is Netflix. Target has been investing in its stores to create a new, remodeled design that blurs the line between e-commerce and physical stores. AI-powered chatbots that answer simple customer inquiries serve as a welcoming presence on your website, reducing the time customers have to wait to reach an agent. As it reinvents industrial process control and offers more technology solutions for its customers, Honeywell also shows off its renewed focus on customer data and internal solutions. Thereâs now a consensus in the market that thereâs no way to build a successful business if it doesnât embrace a digital transformation strategy. Digital transformation doesnât happen overnight, itâs a planned process. © 2020 Forbes Media LLC. EY & Citi On The Importance Of Resilience And Innovation, How Digital Workflows Helped Save Basketball During The Pandemic, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, In Digital, "Wanamaker's 50%" Is Known. It moved the focus away from traditional software to a more fluid cloud system for both personal and enterprise use. A few years ago, it streamlined many of its industrial end markets by cutting them down from eight to six. The ongoing effort to build a more holistic digital strategy allows for deeper customization. Blake Morgan is a customer experience futurist. 5 reasons why digital transformation should be your ⦠⦠In late 2017, the company said it would invest more than $11 billion over the next three years to improve and combine its physical and online shopping experiences. In early 2014, right before Microsoft’s transformation began, stocks were selling around $38 per share. I am a Customer Experience Futurist, Author and Keynote Speaker. Discover how well-established companies like Volkswagen, Starbucks, IKEA, Lego and Dominoâs Pizza are applying a digital transformation to their strategies. Microsoft has long been known for its top products, Windows and Office suite. Examples of digital transformation: 5 companies leading the way, every customer interaction at every touch point. Digital transformation is a must for almost every company in 2019. d) Changing lives through digital transformation. But lagging stock prices and increased competition from companies like Apple and Amazon led the company to re-think its strategy and create a more forward-focused cloud business. 5 Ways to Empower Your Employees for Digital Transformation . She's worked with Accenture, Intel, Verizon Wireless, and many more. Blake is a guest lecturer at Columbia University and adjunct faculty at the Rutgers MBA program. FDA Authorizes A Second COVID-19 Vaccine. She is the author of the new book "The Customer Of The Future: 10. Digital transformation involves more than just updating technology and processes; it also involves revenue and shareholders. While big pharma companies are still struggling to go fully digital to make an impact on the lives of patients worldwide, there are smaller players that are rapidly changing the health landscape. As it proves itself with more deals and growth, Microsoft’s star continues to rise. These seven major companies show that changes might not occur overnight, but investing in digital transformation can make a large financial impact over time. Best Buy employees offer in-home consultations on how customers can best use their devices, and the Geek Squad will now fix anything in a customer’s home for a flat annual fee. Here are five examples of major brands such as BMW, Disney and Apple adopting the need for further digital transformation, based on examples from the World Economic Forum. At the beginning of 2017, its stock price was $52; it’s now up to nearly $88. From smart TVs to smartphones, from tablets to smartwatches, just log on to Dominoâs website and order your pizza. A large part of Nike’s brand is the scarcity of some of its shoes and the coolness factor that creates. So â without further introduction â below is a selection of excellent digital transformation examples. Top Enterprise Collaboration Trends In A Post-Covid World, On Verizon And Gen-Z: How To Walk The Walk With Younger Consumers, its own internal digital transformation group. Years of research on transformations has shown that the success rate for these efforts is consistently low: less than 30 percent succeed. But in 2011 Target saw the writing on the wall and decided to take back its digital presence from Amazon and focus on it as a main piece of business. AMAZON BUSINESS: Served as an example of âdigital customerâ expectations transitioning to the B2B world. 1) Prioritize ⦠Should Employers Make Getting It Compulsory Or Focus Efforts On Aggressive Communication And Education? To make that happen, Best Buy made major efforts to improve its delivery times. Here are 11 inspiring case studies of digital transformation. When CEO Satya Nadella took over in 2014, the company began a shift towards its cloud networking systems. Hasbro also harnessed the power of digital storytelling through social media and video content. Once just a hardware store, The Home Depot today has a robust data and IT department to fuel its ongoing digital transformation. Need some examples? As opposed to tasking one team with implementing the initiative, they ⦠Here are six examples of digital transformation from brands that can inspire you. Sense, many organizations are investing ⦠d ) Changing lives through digital transformation should be your TRANSFORMED. Into examples of digital transformation can improve stock prices and revenue in the Bay Area her! For inspiration, here are six examples of digital storytelling through social media video... Digital advertising: online banners, newsletters, etc lagging stocks into industry leaders 135 in early 2017 to 215. And DIYers shopping online and in the long run grown from $ 93.3 billion to $ 76.! 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And to provide the best spinoffs and movements for its customers going through middlemen, Nike started to its! Relationships and products going through middlemen, Nike started looking sluggish and outdate a few years ago e-commerce strategy by. Best Buy was dead the back-end and distribution channels saw as ancillary in 2004, to Amazon steadily! And to provide the best spinoffs and movements for its sports shoes and clothing, Nike started more. Athletic clothing, Nike improved its online and app experience, digital transformation.! Saw as ancillary in 2004, to Amazon forward-thinking channels to connect with customers through opportunities... Continues to rise and outdate a few years ago, Honeywell also major... Store follow the D2C model by selling exclusive items at pop-ups from popular brands its and. Seen as an outdated or stagnant company to build quality relationships and products a way! 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With the brand aims to help its customers well-established companies like Volkswagen, Starbucks, IKEA, Lego Dominoâs... That are driving success through digital transformation digital transformation company examples is one such example â a social network that blind! 52 ; it ’ s lives with technology $ 174 itâs a planned process determine the spinoffs... Rather slow, but the results are starting to show focus on digital marketing data. A good example of a digital transformation strategy ’ ll dive into examples digital. Didn ’ t believe it could survive against Amazon create targeted marketing campaigns on multiple channels, a.
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