For the past many years, corporate digital transformation or digital strategy focused on operational improvements.  These improvements include internal process automation, supply chain integration, and organizational streamlining. However, it is important that companies also examine core products and services as part of digital transformation strategy.  This is a critical part of becoming a digital competitor.

Digital transformations have driven changes in the marketplace for nearly all industries.  B2C relationships have evolved with consumer buying and lifestyle demands.  Consumers can buy anytime, from anywhere and have a shortening attention span – while demanding more choice and faster delivery.  Additionally, purchase considerations and decision making has become much more interactive – relying heavily on AI-driven suggestion engines and peer recommendations.  On the B2B landscape, digital transformation has made similar impact.  These include more and better data, increasingly real-time integrated supply chains, and smarter tracking including IoT.

There is also overlap in the changes between B2C and B2B behaviors.  In fact, the lines become increasingly blurred as platforms bring suppliers and consumers closer together.  Some things to consider when formulating digital transformation of products and services:

• Personalize services – Give customers more choice, more control, and align services with consumers’ rapidly changing lifestyles
• Reinvent customer relationships – Reach customers more directly, form new relationships with customers, and broaden your influence using platforms, mobile devices and intelligent-device interactions
• Reach the customer at rest – Expand branding opportunities and customer purchasing options to all aspects of consumer life: the home, the office, the car, during travel, and more
• Develop entirely new services – Digitize services, or create new digital services that expand your customer base, or create new, untapped markets

Digital transformation is required to remain relevant.  The world around us is changing rapidly and companies that include product and service offerings in their digital strategy will leverage technology to set themselves apart in these dynamic marketplaces.

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