2 significant observations in article bottom of page.
- Consumer behaviour will be markedly different
- It's not just Millennials but all age groups that are changing
Therefore, those organisations that merely digitise existing processes for efficiency and cost saving are doomed to death by a thousand cuts.
I was taken by Domino's Pizzas that took this to heart:
Digital transformation must be driven by vision, cultural & organisational transformation and leadership by the CEO.
Don't leave it to the CTO, CDO, CMO and other digital technology types. This needs vision, strategy, creativity, not to mention courage and a pan-enterprise commitment.
Leadership that demands the organisation starts with the customer and re-imagines:-
- Products and services
- Customer experience
- Customer Journey
It needs a brave CEO and C-Suite as too many senior and junior staff are ready to resist. "On machine-learning and AI just can't beat my team of seasoned & canny fraud investigators" is one symptom of such barriers.
But go back to the Domino's Pizza example and if you do not apply the same energy and strategy then fear for the future. Whatever industry:-
- Facilities Management
- Asset Management
- Retail & Distribution
- Construction & Engineering
- Social Housing
- Vehicle sales, service, repairs and hire
The list is never ending. If the Domino's Pizza exemple is not enough to convince you, and it should be, see:-
I find that the most interesting outcome in this scenario is the fact that digital technologies are modifying consumer behaviour, permanently. For example, in just a few short years of using platforms such as Facebook and Instagram, consumers have become accustomed to new behaviour patterns. Now, when interacting with any business or brand, many consumers expect hyper-personalisation, instant gratification, seamless cross-channel experiences and 24/7 access. Companies that do not keep up are likely to get phased out.