digital transformation retail Archives

Digital transformation examples can be found almost anywhere, in almost any industry. Its past successes – and future potential – are well documented, chronicled in the billion-dollar valuations of the frontrunners in the practice.

Amazon began as a disruptor to brick-and-mortar bookstores, eventually becoming one of the most obvious digital transformation examples as it went on to revolutionize online shopping.

Netflix’s origins were similar – annihilating its former rival Blockbuster and the entire DVD rental market to become a dominant streaming platform and media publisher.

Disruption is the common theme. Netflix decimated the DVD rental market while Amazon continues to play a role in “high-street” shopping’s decline.

As technology continues to disrupt markets, digital transformation is do or die.

According to IDC’s digital transformation predictions report for 2019, these types of initiatives are going to flood the enterprise during the next five years.

The following three examples highlight the extent to which digital transformation is reshaping the nature of business and government and how we – as a society – interact with the world.

Digital Transformation in Retail

The inherently competitive nature of retail has made the sector a leader in adopting data-driven strategy.

From loyalty cards to targeted online ads, retail has always had to adapt to stay relevant.

Four main areas in retail demonstrate digital transformation, with a healthy data governance initiative driving them all.

With accurate, relevant and accessible data, organizations can address the following:

Customer experience: If your data shows a lot of abandoned carts from mobile app users, then that’s an area to investigate, and good data will identify it.
Competitive differentiation: Are personalized offers increasing sales and creating customer loyalty? This is an important data point for marketing strategy.
Supply chain:Can a problem with quality be related to items shipping from a certain warehouse? Data will zero in on the location of the problem.
Partnerships:Are your partnerships helping grow other parts of your business and creating new customers? Or are your existing customers using partners in place of visiting your store? Data can tell you.

This article further explores digital transformation and data governance in retail.

Digital Transformation in Hospitality

Hospitality is another industry awash in digital transformation examples. Brick-and-mortar travel agencies are ceding ground to mobile-first (and mobile-only) businesses.

Their offerings range from purchasing vacation packages to the ability to check in and order room service via mobile devices.

With augmented and virtual reality, it even may be possible to one day “test drive” holiday plans from the comfort of the sofa – say before swimming with sharks or going on safari.

The extent of digitization now possible in the hospitality industry means these businesses have to account for and manage an abundance of data types and sources to glean insights to fuel the best customer experiences.

Unsurprisingly, this is yet another area where a healthy data governance initiative can be the difference between industry-disrupting success and abject failure.

This piece further discusses how data is transforming the hospitality industry and the role of data governance in it.

Digital Transformation in Municipal Government

Historically, municipal government isn’t seen as an area at the forefront of adopting emerging technology.

But the emergence of “smart cities” is a prominent example of digital transformation.

Even the concept of a smart city is a response to existing digital transformation in the private sector, as governments have been coerced into updating infrastructure to reflect the modern world.

Today, municipal governments around the world are using digital transformation to improve residents’ quality of life, from improving transportation and public safety to making it convenient to pay bills or request services online.

Of course, when going “smart,” municipal governments will need an understanding of data governance best practices.

This article analyzes how municipal governments can be “smart” about their transformation efforts.

Mitigating Digital Transformation Risks

Risks come with any investment. But in the context of digital transformation, taking risks is both a necessity and an inevitability.

Organizations also will need to consult their data to ensure they transform themselves the right way – and not just for transformation’s sake.

A recent PwC study found that successful digital transformation risk-takers “find the right fit for emerging technologies.”

Doing so points to the need for both effective data governance to find, understand and socialize the most relevant data assets and healthy enterprise architecture to learn what systems and applications create, store and use those data assets.

With application portfolio management and impact analysis, organizations can identify immediate opportunities for digital transformation and areas where more consideration and planning may be necessary before making changes.

As the data governance company, we provide data governance as well as enterprise architecture software, plus tools for business process and data modeling, data cataloging and data literacy. As an integrated software platform, organizations ensure IT and business collaboration to drive risk management, innovation and transformation efforts.

If you’d like to learn more about digital transformation and other use cases for data governance technologies, stay up to date with the erwin Experts here.

Technological revolutions of the past usually came with a bang. However, that’s not the case today as industry quietly transitions systems and processes to incorporate more advanced technology. Still, the outcomes tend to be dramatic with market disruptions and societal advances.

With the rise of the IoT and data – or Big Data to be precise – various industries now operate at increased levels of efficiency and productivity.

This blog post looks at some of the sectors undergoing digital transformation and the impacts.

Digital Transformation in Manufacturing and Retail

Due to the availability of digital tools and automation, manufacturers now have more streamlined and efficient operations without sacrificing quality.

Automobile makers are excellent examples in this regard, with their production plants fabricating parts that have meticulous details and measurements – a process achievable consistently and with less errors through the use of machines and computers.

Retail is another sector that’s progressing rapidly through digital transformation. For instance, the recent merger of Amazon and Whole Foods gives consumers easier and quicker access to products through a series of developments. Entire sections of various items have been added to their online shopping portals.

Retail spaces are being upgraded with interactive and/or virtual displays, giving customers new ways to test items before purchasing. The retail firm also launched its first Amazon Go store recently, which implements a ‘check-out free’ system – buyers simply get what they need and sensors embedded in the products signal the system to charge the users’ accounts as they walk out.

Digital Transformation in Transportation

Uber is the perfect example of effective digital transformation in transportation. Hailing a ride is the underlying principle, but passengers can procure transport service easier, faster and at reasonable fares.

Of course, the transition didn’t stop there. Some companies are working to make large-scale formats available, such as shuttles and car-sharing, which you could think of as the Airbnb of the transportation sector.

Digital Transformation in Entertainment and Media

Forbes says the entertainment industry is becoming the testing ground for more digital content from retailers. For example, corporations that typically sell consumer packaged goods are venturing into original content and “actually producing edgy original series.”

PepsiCo is at the forefront of this next frontier, aiming to establish a greater presence in the age of Netflix, YouTube and other fresh streaming content channels.

The F&B giant even constructed its own massive studio that can relay real-time content to the entire globe.

Digital Transformation in Logistics and Supply Chains

In terms of logistics, ‘blockchain’ technology is revolutionizing entire processes that bring products from suppliers to consumers. For instance, the world’s leading shipping company, Maersk, recently conducted a test to track its cargo with blockchain, according to Fortune.

The key takeaway here is that each container was monitored remotely through digital connections protected by cryptographic signatures.

Digitalization is applied on the part of employees as well, specifically on vehicles that deliver cargo. As of last year, the U.S. requires fleet operators to use electronic logging devices that Fleetmatics specified as devices used mainly to track hours of service.

They’re given until the end of 2017 to comply. As such, truckers now have a digital tool for recording and receiving data, saving time and resources in regard to paperwork.

Digital Transformation in Finance and Banking

The finance and banking sector was quick to adopt mobile technology. ‘Digital finance’ is giving account holders the power to conduct transactions through handheld devices.

Emerging economies benefit greatly from this trend, with many financial institutions embracing the change from traditional to digital accounts. Moreover, mobility is being used in other related processes, such as loan applications, tax collection and fund allocation.

Digital Transformation in Medicine and Healthcare

Digital equipment and devices are taking over healthcare. Dr. GSK Velu, who contributes to the Economic Times’ Healthworld, even went as far as to say that the human being is now ‘digitized.’

Vital signs and other medical data now can be monitored even when the physician and patient are not in the same room. Surgery also can be performed with the surgeon a world away from the operating table.

Digital Transformation in Government

Several government applications and processes are also undergoing digital transformation. In many cases, such processes are already conducted digitally today. And to further improve such capabilities, Forbes relayed that nations like the U.S. are deploying AI support in select tasks.

Helpdesks and contact centers have the assistance of chatbots, and more advanced cybertechnologies are used for sustainability as well as national security.

Despite this, the U.S. Bureau of Labor Statistics projected that there will be minimal loss of government jobs within the foreseeable future, as most of the manpower will be transferred to more public-centric services. It’s a win-win situation for both government and its citizens.

Digital Transformation is Everywhere

It’s clear that data makes the world go ‘round, and more developments are to come. As data collection, flow and management are further enhanced, innovations such as smart cities and connected cars will be fully realized. Futurism suggests that consumers will even begin to profit from the data they share online. It’s “the new oil.”

And with the increase in value, the volume of data has been sky rocketing. Managing all of this data is becoming ever harder, with disparate data sources being just one of many headaches for data professionals. That’s why much of our blog focusses on best practices in managing Any² – any data, anywhere.

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