What is Digital Business
What is digital business?
Digital business is the process of applying digital technology to reinvent business models and transform a company’s products and customer experiences—innovating products that create new value and connecting people with things, insights and experiences.
What are the business benefits of digital business?
Digital business enables a company to better engage its customers by:
- Reinventing how they interact with their customers, employees and partners
- Creating disruptive business models
- Envisioning and building innovative products, services and experiences
- Developing go-to-market approaches
All that, in turn, enables the business to generate new growth, meaningful differentiation and real economic value.
What is the best approach to creating a digital business?
A proven successful approach is to take data science, design thinking and deep industry and process knowledge, and combine them with deep technology capabilities to unite the physical and virtual aspects of a company seamlessly, across every channel. By applying big data and artificial intelligence (AI), businesses can:
- Uncover insights they can act on
- Develop new business models and go-to-market strategies
- Design, prototype and scale meaningful experiences for their customers
What are some required components to create a digital business?
AI. With AI, a business can stay ahead of market changes, anticipate customer desires, and forecast faster and more accurately than competitors. It knows what’s happening and why, then prescribes the best decisions to make. And it can model every aspect of its operations to solve for multi-objective outcomes in even the most complex conditions.
Digital engineering. Digital engineering transforms customer journeys, enabling the rapid innovation that launches new brands and industry-first technology that resets customer expectations.
Digital strategy. As digital tools proliferate, so do the number of customer demands and internal pressure to deliver digital-ready products and services. Implementing an effective digital strategy across front-, middle- and back-office IT environments is crucial to staying relevant.
Interactive. Well-crafted interactive experiences begin by aligning a company’s systems and stories, using a process that’s grounded in the philosophy that any human experience must be informed by what people feel, what they need—beyond what they want—and what it takes to make it happen.
Internet of Things. Smart products and solutions fueled by the Internet of Things (IoT) and the arrival of 5G will soon touch every aspect of our lives. Some will even think for us. Across industries, companies that connect products, operations and the enterprise create actionable intelligence—giving them increased efficiency, improved productivity and transformed products.
Generally speaking, digital businesses rely on technology to operate and grow. Depending on your industry, that might look like:
- Using productivity apps and task management systems to automate workflows
- Leveraging AI to improve customer experience
- Capturing data to improve business intelligence
- Or, for online-only companies, doing 100 percent of your work via digital platforms