Many organizations have dogmatically pursued an isolation strategy to safeguard their unique value proposition. But, consumer expectations have pushed forward-thinking businesses to shred this insular playbook. To better serve their users, organizations are actively searching out collaborative technologies to enable digital transformation. Evolving trends have compelled even the staunchest hold-outs to finally attack their digital transformation strategy with a more cooperative mindset. What are the four most important drivers of customer-focused digital transformation technologies?
Digital transformation technologies are ecosystem-driven to enable collaboration
Consumers now prioritize convenience, and they shrewdly search out companies that save them time and effort. The draw of convenience is so powerful that 83% report that it has become a leading factor in their purchase decisions compared to five years ago. Platforms that allow us to research pricing from multiple airlines at once reign over brand-specific sites. Entertainment streamers like Netflix funnel our favorite flicks from a variety of distributors into one viewing experience. Instead of shying away from the phone-as-a-wallet-trend, MasterCard became the first provider to allow customers to store their card information on ApplePay. Viewing other brands or emerging tech as a threat is now a perilous mindset. The smartest companies are now finding ways to leverage the value propositions of the businesses they once considered competitors. By adopting a more collaborative, cooperative approach, brands are able to supercharge their offerings with customer-appealing services without having to gut their entire infrastructure. Sharing data with approved third parties and entwining services into a comprehensive offering is now a competitive advantage. Taking the reins of these partnership opportunities requires more than an enterprising spirit. Banks, educators, insurance companies, and retailers need to shore up their digital infrastructure to position themselves for these valuable partnerships.
