Every product interaction or usage is an opportunity to learn more about the performance and behaviors of that product. Every customer engagement is an opportunity to learn more about the preferences and behaviors of that customer. From Descriptive to Autonomous Analyticsĭigital Transformation is about creating an organization that continuously explores, learns, adapts, and re-learns. For example, digitalization is replacing human meter readers, who manually record home electricity consumption data monthly, with internet-enabled meter readers that send a continuous stream of electricity consumption data to the utility company.īut Digital Transformation is something bigger, harder, and much more valuable:ĭigital Transformation is where organizations have created a continuously learning and adapting culture, both AI-driven and human-empowered, that seeks to optimize AI-Human interactions to identify, codify, and operationalize actionable customer, product, and operational insights to optimize operational efficiency, reinvent value creation processes, mitigate new operational and compliance risk, and continuously create new revenue opportunities.ĭigital Transformation is about predicting what’s likely to happen, prescribing recommended actions and continuously-learning and adapting (autonomous) faster than your competition. Digitalization is the conversion of human-centric analog tasks into digital capabilities. To that factoid, I say BS! I think those 21% of companies are confusing Digitalization with Digital Transformation. For example, from the Forbes article “ 100 Stats On Digital Transformation And Customer Experience”, we get the following factoid:Ģ1% of companies think they’ve already completed digital transformation Why? Because too many folks don’t really understand Digital Transformation. My goal for chapter 8 was to push folks out of their comfort zones, especially with respect to how they are defining Digital Transformation success. In Chapter 8 of my new book “ The Economics of Data, Analytics, and Digitalization Transformation”, I discuss the 8 Laws of Digital Transformation.
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