{"id":4604,"date":"2019-05-22T16:11:49","date_gmt":"2019-05-22T16:11:49","guid":{"rendered":"https:\/\/codewaveinsdev.wpengine.com\/?p=4604"},"modified":"2023-08-01T16:22:55","modified_gmt":"2023-08-01T16:22:55","slug":"what-does-it-mean-to-be-a-digital-first-business","status":"publish","type":"post","link":"https:\/\/codewave.com\/insights\/what-does-it-mean-to-be-a-digital-first-business\/","title":{"rendered":"What does it mean to be a digital first business?"},"content":{"rendered":"\n

What being digital means to us?<\/span><\/h2>\n\n\n\n

Digital Transformation is becoming increasingly inevitable for businesses. But do we fully understand what it means to our business today, why the pressure to go digital is becoming higher now and what new possibilities we can bring to life with digital technologies? Let\u2019s start with the fundamentals.<\/p>\n\n\n\n

Understanding the word \u201cdigital\u201d<\/em><\/span><\/h2>\n\n\n\n

Our human experience of life, experience of the real world, what we see through our eyes, hear through our ears, feel through our touch is all \u201canalog\u201d information in the form of waves, be it sound waves or light waves or heat waves. Human body is a great receptor of \u201canalog\u201d information.<\/p>\n\n\n\n

For most people today \u2014 \u201canalog\u201d information is just \u201cnon-digital\u201d information. We\u2019d say \u201canalog\u201d information is the original, raw source of information of a real-world moment, in an incredibly high resolution.<\/strong>Every single \u201creal-world moment\u201d holds a large amount of information in the form of analog waves (waves of sound, light, temperature, pressure etc).<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

If we had to capture one real-world moment \u2014 say, a couple proposing to each other, on a beach, with birds chirping; earlier an analog camera was used to record the scene onto a photographic film; sounds were recorded on tapes \/ vinyl discs. Storing large amounts of information, from various moments in life, on physical storage devices like films and tapes wasn\u2019t a scalable idea. Also, with analog storage, there was no means of encrypting the information to keep it secure & guard privacy.<\/p>\n\n\n\n

The \u201cdigital\u201d disruption<\/em><\/span><\/h2>\n\n\n\n

When the \u201cdigital\u201d revolution happened (roughly post 1960), it fundamentally changed the way we captured a real-world moment and replayed it later. A real-world moment captured digitally, is a trimmed version of an \u201canalog real-world\u201d moment.<\/strong> Waves are converted into numbers, more precisely into binary information (0 & 1).<\/p>\n\n\n\n

Photos on films, are now being stored as JPEG files, Sounds as MP3s. During this conversion, from analog to digital format \u2014 some information loss happens, as the original \/ analog waves are curved; digital information would let go of the curves, take just the straight lines, trying to approximate values.<\/strong> Hence, digitally stored information can never be 100% same as the original (just like how a virtual chat can never match an in person chat), however the resolution we have with digital information today seems to be good enough, to meet business needs.<\/p>\n\n\n\n

Also digitally stored information can be easily encrypted and decrypted when needed, bringing in high levels of data security and privacy.<\/p>\n\n\n\n

For a business to be digital, it means to gain ability to intensify the experience of real-world moments, for people coming in touch with the brand, by continuously learning from data. This is achieved by creating digital touch-points for users \u2014 for example: a mobile app having context rich conversations with users, understanding users, continuously learning from data and intelligently personalizing the customer experience to create higher value.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: <\/em>PWC<\/em><\/a><\/p>\n\n\n\n

Why digital transformation is a need for businesses today?<\/em><\/span><\/h2>\n\n\n\n

We\u2019re living in a \u201cdigital information age\u201d, where businesses are increasingly wanting to scale faster<\/strong> without physical barriers, better capture real-world moments, replay that information, analyze it, derive insights from it, predict the future, visualize it and take actions.<\/p>\n\n\n\n

Today one can carry a pocket-sized disc that carries terabytes of digital information, compressed and stored. Continuous digital data storage for businesses, is really not a challenge \u2014 it\u2019s now extremely simple and less expensive.<\/p>\n\n\n\n

When we say \u201cyour business needs to be digital\u201d<\/em><\/span><\/h2>\n\n\n\n
\n

You create digital touchpoints for your customers, employees, businesses \/ people associated with your business \u2014 be it on web, mobile, watches or other smart digital mediums. You regularly record these digital engagements between your brand and people coming in touch with it, replay that information when you need, analyze piles of such information to see patterns, study cohorts & spot opportunities for your brand to better serve people, visualize these opportunities \/ risks you predict from the data you\u2019ve collected, take data informed decisions & actions to improve the performance of your business in terms of \u2014 engagement, transactions and revenues.<\/em><\/p>\n\n\n\n

You also meaningfully automate some of these tasks, involve machine intelligence to help in this process. Doing this the \u201canalog\u201d way would be near to impossible, as crazy loads of information is collected by businesses everyday.<\/em><\/p>\n<\/div><\/div>\n\n\n\n

The Information to Influence cycle<\/em><\/span><\/h2>\n\n\n\n
\"\"\/<\/figure>\n\n\n\n

Today, Bots are programmed to do most of these things,<\/strong> be it continuously learning from data (machine learning) or even sometimes proactively engaging with customers, nurturing relationships on behalf of your business (AI automation).<\/p>\n\n\n\n

Being digital, might not always intensify your customer experience \u2014 specially if you\u2019re in the business of providing say, a \u201ctouch based healing\u201d or a sound \/ radiation therapy. But by adopting digital technologies in your business \u2014 you could regularly track health of your customers, learn from data of patients with similar health conditions, analyze data holistically to be able to provide better care.<\/p>\n\n\n\n

Intelligent machines + empathetic humans<\/em><\/span><\/h2>\n\n\n\n

With the invent of cloud storage, mobile internet and smartphones that can receive or send digital information in realtime \u2014 \u201capps\u201d started becoming a great medium of exchange. Mobile apps, programmed to not just deliver information, but \u201cinfluence\u201d as well<\/strong> \u2014 were soon driving deep, contextual engagements with users, turning out to be an insightful enabler, for people to have meaningful exchanges with your brand.<\/p>\n\n\n\n

Smart drones started delivering parcels, seeding crops and carrying out surveillance activity at the borders. Machines were becoming smarter, as they were programmed to study data, derive insights and take actions on their own \u2014 pretty much carry out an entire cycle of how a human would study information from the past and take actions in the present. Smart Machines today are replacing humans in jobs that need objective, fast and precise actions. Example: Surgeries were high precision is required, Surveillance at the borders where objectivity is required<\/p>\n\n\n\n

Being digital \u2014 mature inside out<\/em><\/span><\/h2>\n\n\n\n

We\u2019re now in 2017, in a digital-first, AI-first world where businesses are competing against each other, to find that moment of \u201chighest value\u201d on the customer\u2019s journey<\/strong> while engaging with the brand and disrupt it with incredible experiences.<\/p>\n\n\n\n

To be able to do this in a highly competitive world, businesses need to be digital-mature, in the way they operate, in the way they deliver their products & services and in the way they deal with their own employees, maturing much faster than their competitors.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Example: If you\u2019re a people-centric organization, committed to developing people, you could use mobile apps to enable your employees\u2019 360 growth, through continuous peer feedback & ratings; it could also predict learning opportunities and possible career paths (based on data from the external world, on trending career paths). Adopting digital practices internally, will push you to evolve faster as a digital-first business. Codewave\u2019s Peerly \u2014 A framework for continuous growth, made easier for adoption using latest digital technologies: https:\/\/codewave.com\/peerly<\/a><\/p>\n\n\n\n

We\u2019re today at a point where, businesses have started to adopt \u201cSmart Conversational Bots\u201d<\/strong> to replace humans to create \u201crandom moments of deep engagements\u201d<\/strong> with customers. Bots can quickly read information about the user on the other side, listen to the current context of the user (eg: phone number, location, time of the day, timezone, weather etc), analyze historical transactions \u2014 and present highly relevant recommendations spontaneously. Bots do it so perfectly that it\u2019s almost hard to imagine, a human agent processing so much data and coming up with a recommendation on the spot, during a conversation with the user. Example: AI powered IVR calls, for making bookings almost replace the need for a human being at a call center, helping a customer to make a booking.<\/p>\n\n\n\n

What are some digital transformation trends we see?<\/em><\/span><\/h2>\n\n\n\n
\"\"\/<\/figure>\n\n\n\n
    \n
  • HIGHER SCALE, SPEED FOR YOUR BUSINESS
    SCALING UP FAST, ELIMINATING PHYSICAL, GEOGRAPHICAL BARRIERS<\/strong><\/li>\n\n\n\n
  • DEEPER BRAND ENGAGEMENT
    ENHANCED USER EXPERIENCE, DIGITAL TOUCHPOINTS & JOURNEYS<\/strong><\/li>\n\n\n\n
  • CONTEXT AWARE CONVERSATIONS
    CONTEXT RICH HUMAN \/ BOT INTERACTIONS & PERSONALIZATION<\/strong><\/li>\n\n\n\n
  • PROACTIVE BUSINESS DECISIONS
    DATA VISUALIZATIONS, ACTIONABLE INSIGHTS, PROACTIVE ACTIONS<\/strong><\/li>\n\n\n\n
  • MEANINGFUL AUTOMATIONS
    REALTIME AUTOMATIONS, SIMPLIFICATION OF TASKS & ACCURACY<\/strong><\/li>\n\n\n\n
  • SIMPLIFIED DATA COLLECTION
    BOT LISTENERS, TOUCHPOINTS, IoT SENSORS, CAMERAS, SCANNERS<\/strong><\/li>\n<\/ul>\n\n\n\n

    Digital technologies are aggressively pushing businesses to re-imagine themselves thriving in a highly connected & engaged world; where today\u2019s customers, employees, partners and everyone associated with your business, have already made the shift to \u201cdigital\u201d personally in their lives. As machine intelligence evolves, meaningful automations are expected to be integrated with human capabilities, transforming multiple aspects of a business \u2014 leaving humans to do more and more influential work.<\/p>\n","protected":false},"excerpt":{"rendered":"Digital transformation led disruption\/growth – Find out how intelligent machines & empathetic humans are innovating & scaling businesses?\n","protected":false},"author":1,"featured_media":4605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"full","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[34,31,33],"tags":[449,450,110],"yoast_head":"\nWhat does it mean to be a digital first business?<\/title>\n<meta name=\"description\" content=\"Digital transformation led disruption\/growth \u2013 Find 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