Digital business models have become essential for companies across a range of industries. With social networks and e-commerce websites setting new benchmarks for speed, agility, and user-friendliness, consumers expect similar online performance from banks, retailers, and telecommunications companies.
Attackers born in the digital age give consumers what they want, but many older companies struggle to meet customer expectations. For them, going digital is now a prerequisite for surviving and thriving.
Success requires strong capabilities in four areas.
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First, companies need to become skilled at digital-product innovation that meets changing customer expectations. One such new offering for consumers is car-insurance policies enabled by geolocation-tracking technology, where the price of the policy depends on how much and how aggressively a person actually drives.
Second, companies need to provide a seamless multichannel (digital and physical) experience so consumers can move effortlessly from one channel to another.
Third, companies should use big data and advanced analytics to better understand customer behavior
Fourth, companies need to improve their capabilities in automating operations and digitizing business processes.