digital reimagination - key to winning in the digital consumer economy
DESCRIPTION
Get insights [http://on.tcs.com/WinningDigital] on how companies can digitally re-imagine their business processes, products, services, channels, workplace using the Digital Five Forces – Mobility, Big Data, Social Media, Clous and Artificial Intelligence (AI) & Robotics.TRANSCRIPT
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NEW WINNERS ARE ABOUT TO EMERGE…
Every significant economic shift is accompanied by a dramatic remaking of the major players in the economy
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…WITH THE ARRIVAL OF THE DIGITAL CONSUMER ECONOMY
Newly empowered customers with anytime-anywhere access to information Constantly connected via social networks; base purchasing decisions on their peers’ opinions
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DIGITAL FIVE FORCES ARE CHANGING THE BUSINESS CONTEXT
1. Mobility lets companies know a lot about their customers in real time
2. Big Data helps make sense of both structured and unstructured streams of information
3. Social Media provides insights into individual preferences without the observer effect
5. AI and Robotics foster automation with deep learning systems
4. Cloud puts formidable computing resources in the hands of small companies with limited budget
The Digital Five Forces
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Resolve claims
faster with digital
tools and processes
Anticipate and
resolve issues
based on sensor
data
Transfer money to contacts without account details
Verify product
allocation on store shelves
with robots
Transfer money to contacts without account details
Gain industrial-strength
computing capability
within budget
DIGITAL FIVE FORCES ARE UNLEASHING NEW OPPORTUNITIES
INSURANCE POWER BANKING SMALL FIRMS RETAIL
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Companies are faced with the value barrier—they can’t increase prices or reduce costs dramatically
The influx of ‘digital natives’ into the consumer base has increased demand for responsiveness, engagement and individualized attention
WHY RESPOND NOW?
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TYPICAL RESPONSES TO THE DIGITAL FIVE FORCES
DIGITIZATION
DIGITAL TRANSFORMATION
What it is Application Impact
Increases business velocity
Improves brand experience
Companies adopt digital devices for communication
Companies transform their channels with digital tools
Create seamless customer experience online + offline
Capture and transmit information in real time
Digitization and Digital Transformation are common but inadequate responses to the Digital Consumer Economy
Impact limited to channels; other key areas untouched
Preserves legacy workflows; rarely transformational
Limitations
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DIGITAL REIMAGINATION™
THE WINNING RESPONSE
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Digital Reimagination™ leverages the Digital Five Forces in combination to create something fundamentally new in six key areas of your company
Business Models Workplaces
Products / Services
Business Processes
Customer Segments
Distribution Channels
Digital Reimagination
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REIMAGINE BUSINESS MODELS
!Continued visibility into the usage of a product could help a company switch to a different business model !Applicable to jet engines and power generators
From Sale to Rent
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Crowdsource product design with social media; tap consumer insights without the observer effect
Credit card companies can now monetize the aggregate spend data of their customers
REIMAGINE PRODUCTS AND SERVICES
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REIMAGINE CUSTOMER SEGMENTS
Mobile and apps provide a wealth of data about individual consumers Micro-segmentation and creation of new segments are now possible
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Companies can redesign existing physical channels An app which helps customers search both the store’s shelves and inventory can help boost sales
REIMAGINE DISTRIBUTION CHANNELS
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Insurance companies can automate validation of claims approvals with advanced analytics
Reengineer paper-based business processes to make them highly accurate, speedy and responsive
REIMAGINE BUSINESS PROCESSES
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REIMAGINE WORKPLACES
Better people management with Big Data and AI !Sentiment analysis of enterprise social networks helps gauge morale without employee surveys
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DIGITAL CONSUMER ECONOMY: TOP FIVE TAKEOUTS
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1
2
3
4
5
The Digital Consumer Economy is here
Digital Consumers demand responsiveness, engagement and individualized attention
Companies facing value barrier and saddled with legacy processes run risk of extinction
Digitization or Digital Transformation not enough for continued relevance
Leverage Digital Five Forces in combination to reimagine all aspects of business key to success
FIVE Takeouts
DIGITAL REIMAGINATION: FIVE THINGS YOU CAN DO
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1
2
3
4
5
Find entirely new sources of revenue
Increase marketing efficiency, thereby revenues
Improve distribution with new digital channels
Invest in faster business processes, eliminate legacy workflows
Create digital workspaces for millennials
TAKE Action
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