Chapter 1

Question 1

Digital transformation (DT)

Answer 1

process of integrating & implementing new
technologies in all aspects of society, including everyday life & workplace.

Aim:
- improving efficiency (e.g. automation - faster)
- competitiveness (cost reduction, innovation, agility)
- value for customers (personalization, enhace communication)

Question 2

evolution

Answer 2

1900-1950-1990: Age of manufacturing/distribution.

Sources of information: inventory data, sales, financial data (trends) & direct mail.

1990-2010: Information age.

Sources of information: call center, customer survey/data, transaction data,
third party data

2010: Customer age.

Sources of information: behavioral data, social data, mobile
data.
Tools used: Focus groups, customer segmentation, transactional analysis,
demographics (age, gender, location…), customer journey mapping (how
customers behave in a certain period), survey analysis, High-value customers (HVCs).

Question 3

5 market imperatives (strategic priorities) in Age of customers

Answer 3

● Customer experience (transform)

● Drive business growth with privacy

● Turn Big data into Business Insights

● Embrace the mobile mind shift

● Accelerate your digital Business

Question 4

data centric companies

Answer 4

organisations prioritize data as a key asset.

Question 5

+ data centric companies

Answer 5

• better decison making (analysing data)
• improve customer experience
• proactive instead of reactive (innovation, improve risk management)
• competitive advantage (anticipate market changes, newtrends)

Question 6

Big data allows:

Answer 6

● Data-driven decisions
● Developed personalized products/services
● Improve customer experience

Question 7

Impact of technology on society & businesses:

Answer 7

● Adding value to legacy brands
● Data-driven approach making analytical decisions (more accurate).
● Better internal & external communications using virtual tools.
● Streamlined operations & increased productivity with cloud.
● Growth & expansion with digital presence

Question 8

pillars of DT for success:

Answer 8

• technology
• talent
• culture of company
• new business models

Question 9

Challenges of Digital Transformation:

Answer 9

● Resistance to change
● Lack of digital skills
● Legacy systems
● Cybersecurity & data privacy concerns
● Uncertainty about ROI

Question 10

Opportunities of digital transformation:

Answer 10

• Increased efficiency & productivity (easy and quick)
• optimizes resources (reduces costs)
• improve customer experience
• enhance agility & flexibility
• Development/identify new business models/opportunities & revenue streams
• Access to new markets & global expansion opportunities