Digital Transformation of Traditional Businesses

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Question

  1. Explain the important roles of digital transformation identified in authors research.
  2. You are required to analyse the drivers of New Information Technologies and describe why the authors are emphasising its importance in their research.
  3. Discus the role of Meditation Strategies and how they have improved on the authors research findings

Solution

“Explain the important roles of digital transformation identified in author’s research.”

From the world when the selling community was overwhelmingly dominated by bricks-and-mortar-based outlets, present day business models have come a long way. In response to not only the changing market conditions but also the rapidly evolving customer expectations, typical business models have also gone a sea change. However, if changing market scenarios had triggered the gradual shift to the newer clicks-and-order based model, it’s the disruptive innovations such as the increasing digitization of the world, and specifically the maturity of the internet age, which acted as the catalyst. Thus it’s no wonder that organizations that chose to ride the digital highway far outpaced their brethren who chose otherwise.

Organizations nowadays rely heavily on the digital front as a major determinant to the business strategy. From reaching out to newer and larger segments of customers, reducing their (customer’s) searching efforts to customizing products or services to appeal to a more diverse clientele, digital transformation opens a plethora of benefits which eventually boosts customer satisfaction and often plays the role of a major differentiator from competitors. Not only this, by leveraging digitization drivers and identifying the right mode of internal logistics and end-customer delivery model (mediation based or without it),…………

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“You are required to analyze the drivers of New Information Technologies and describe why the authors are emphasizing its importance in their research.”

  • Electronic Deliverability: While it is true that organizations can reach out to a potentially larger set of prospectors and more efficiently convert them into customers, it is important to first determine the extent to which it will be effective. For products or services requiring larger investments or involvement from the customer, electronic deliverability can be successful only to the extent of information dissemination. Electronic deliverability is best suited for products where not much differentiation exists with competitors or services where the completion is delivered manually.
  • Information Intensity: Typically in the pre-digitization era, products with greater information intensity, suffered from a high time gap from the formation of the evoked set to the product shortlist. Making information available digitally had significantly shortened this period enabling a quicker turnaround time for the sales cycle.
  • Customizability: As the market is getting increasingly commoditized, the very survivability of the organization depends on the extent to which the end product can be customized for the individual client. The mantra of the day is to create a segment for every single customer. Though it might have sounded impossible even a decade back, digitization enables the customers to do just that……

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