Digital transformation: 6 top executives bring tips to put into practice
When we talk about digital transformation, we start thinking of Industry 4.0, complex projects, high investment and sophisticated technologies. And all these tasks often end up paralyzing experienced managers and great leaders, stopping the most important thing within the digital transformation journey: taking the first step.
Invited by Zoox and MIT Technology Review Brasil, six major executives participated in the Live session 'Strategy, Revenue and Innovation: the power of data for organizations' (in portuguese only) and brought interesting insights for those who want to be the force of data-driven change in their career and/or company.
The ability to foresee substantial changes in business and the need to take risks in a safe way, based on data, are skills increasingly required from C-Levels in various segments. And these transformations, driven by society, have always happened, but they are becoming more frequent.
"We lived through the transition from the 19th to the 20th century with a very big technological transformation associated with the means of production, and now, from the 20th to the 21st century, information technology has changed our companies and our way of thinking," said André Miceli, CEO and editor-in-chief of MIT Technology Review Brasil.
Digital transformation should be seen as technological, but it requires a strong data-driven corporate culture. After all, it is people who promote transformation. The idea, in fact, is that the mindset of leaders and subordinates becomes more data-driven and that the company's processes become simpler when supported by cutting-edge technologies.
"I would say that, today, Maxpar Autoglass is more of a technology company than an automotive one. We have a super strong analytics part behind, precisely to present the right price and find the opportunities. We have always had data, but the biggest challenge is to organize it in order to find the opportunities", stated Lyssia Chieppe, Commercial Superintendent of Maxpar/Autoglass - Brasil
While Chieppe brings a vision more focused on the Insurance market, which is her expertise, it is also possible to highlight the importance of the use of data intelligence for markets such as Retail. The leader of the omnichannel strategy of a large shopping mall chain reveals that it is essential to have a global vision of the business that does not leave any of the clients out - whether they are final consumers or shopkeepers.
"We want to have the consumer-centric view, but also within the strategy of the retailers. The role of physical stores is huge, whether in logistics, experience, or withdrawal. It is fundamental to understand this entire retail ecosystem for us to come up with solutions that add value", highlighted Renato Floh, CDO of Aliansce Sonae Shopping Centers.
And on this path, in order not to leave anyone discredited in the company's strategy, it is necessary to segment, to personalize the communication and the products, in a way that meets the different customer niches.
"There are 3 very important pillars: understanding - with this huge volume of data, how do I understand my customer? - then customize the experience, and, finally, automate it all. Staying only in the analytical world does no good. You have to make the insights flow into the decision making process" concluded Beatrix Aiex, Director of Business Analytics at Nubank, concluded Beatrix Aiex, Director of Business Analytics at Nubank
A survey conducted by CI&T, in partnership with Opinion Box, with 200 leading professionals in Brazil, concluded that, in the view of the responding managers, the main challenge to consolidate more connected and digital processes in the companies is the organizational culture (75%), then the adoption of technologies (67%), and lastly, the business model (38%).In other words, to have AI-driven bots in customer communication, big data for programmatic media, marketing process automation, logistics, and others, in addition to always understanding audience nuances through machine learning, it is essential to start capturing and organizing data, to then better understand the customer.
"From the CEO to the intern, the company needs to be compromised with the idea of being data-driven. Data are the ingredients and models are the recipe, so the better the ingredients, the better the recipes will be, and therefore, your customer satisfaction", defined Rafael de Albuquerque, Founder and CEO of Zoox Smart Data.
Therefore, stimulating a change in mindset is the key to digital transformation. Only then will it be possible to leverage and achieve improved company performance, as well as optimize processes and see financial results.
And in terms of investment in technologies, the conversation with the leaders made it clear that the competitive advantage lies in being able to take risks with the security of data analytics.
Through intelligent data, you can scan your business model and correct flaws faster, as well as drive teams and initiatives that are generating the most return and also accelerate risky but certain decision-making in a world of sudden changes in consumer behavior and new solutions on the market all the time.
This investment, however, needs to be accompanied by a special care with privacy and data protection, not only because of a law requirement, but because it adds value to the product and improves the relationship with the customer.
"Privacy and data protection laws are great relationship-strengthening agents. They don't say you can or cannot do something. They say you can do it as long as the data owner agrees, is aware of it, or that the use has a purpose that makes sense. The most important thing is to study your business model and the law to understand the necessary adjustments. Don't run away from the law. Get your most creative team to come up with solutions", advised Rachel Bonel, Executive Superintendent of Data, Privacy and Business Planning at Icatu Seguros.
Digital transformation is, therefore, largely a response to new consumer behaviors - which are increasingly connected and demanding. And innovating through a responsible, ethical, cutting-edge digital transformation with a compromised team was pointed out as the best possible way forward by executives.
There are several ways to start. And it's not by updating social media or building an app. In fact, according to McKinsey, you can consider it a first step in digital transformation when a company hits one of these triggers:
- Business models: new ways to operate and get revenue;
- Connectivity: consistent, real-time audience engagement
- Processes: customer experience in focus - with the use of automation in various sectors;
- Analytics: adoption of data culture, and decision making supported by data and insights derived from it;
In this way, technology becomes more than a necessity, or a pressure from the market, but it starts to work to keep up with the movement of who matters most to your company: the customer.
Live in Full Version
Watch 'Strategy, Revenue, and Innovation: The Power of Data for Organizations' live in full by clicking on the link and discover other valuable tips for building successful strategies. Content available in brazilian portuguese only.