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Why digital optimization is the new digital transformation

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Digital data flow on road with motion blur to create vision of fast speed transfer . Concept of future digital transformation , disruptive innovation and agile business methodology

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Digital transformation efforts have become a critical investment for companies looking to compete in the digital-first, customer-centric era. For companies who were just beginning to invest in these changes, the pandemic rapidly accelerated the need for digital products — but shifting to digital is a long-term, resource-heavy investment. IDC predicts that companies around the world will spend $6.8 trillion on digital transformation initiatives by 2023. 

The key to a successful digital strategy is understanding what keeps your customers coming back, and then optimizing and personalizing digital experiences based on those insights. Some other key considerations that every company should keep at the forefront of digital transformation projects include what follows.

Digital transformation is more than just digitization 

The general misunderstanding that digital transformation and digitization are one and the same is often the first and most common failure point for organizations. Simply bringing a non-digital product online is not digital transformation. Organizations must ingrain a digital-focus at the core of the business. For instance, a hotel moving their reservation process from over the phone to their website is digitizing their user experience, whereas organizations like Airbnb and HipCamp completely revolutionized the getaway experience. 

While digitization remains an essential part of the digital journey, it’s not the turning point that will help you attract and retain customers. Digital transformation requires organizations to rethink how to deliver value to their customers in a digital-first world and transform their business model, processes, and products to reap the full benefits of their digital technologies.

Customers will tell you how to keep them — if you’ll listen

Digitization unlocks the ability of businesses to continually engage with customers over time, shifting investment away from one-time purchases to a larger focus on retention and customer lifetime value. Despite this, many companies still focus the majority of their efforts on acquiring new customers, which is important for short-term growth, but long-term, sustainable growth requires lifelong customers and brand advocates. When you gain better insight into how your customers engage with your digital products and experiences, you can dramatically improve offerings to increase retention and, ultimately, revenue.

When developing and launching new products, pay attention to what your customers do when they use them. What parts of your product are they engaging with the most? Do you notice any overlap between customers who engage with certain features and customers who return to use the product a second time? Where are customers getting stuck or abandoning the experience?

Observing customer behavior and answering these kinds of questions will help you optimize your digital product experiences. 

Data’s value lies in access and utilization

Digital transformation must be rooted in cross-functional alignment, particularly when it comes to managing and dispensing data. Traditionally, data science teams have been responsible for collecting, analyzing and reporting on product data. However, they aren’t the only professionals at your company who benefit from access to data. This kind of traditional ownership structure can lead to bottlenecks and decreased productivity for the entire organization. Data provides much more value to the company if all teams not only can access it, but utilize it to experiment with new ideas and innovate new solutions that customers actually want.   

Most companies grow up in a planning-centric environment where a drawn-out process of market testing, proof of concept, and launch prep culminate in an 18-month go-to-market timeline or longer.

In a digital world, the market moves at a much faster pace, and products conceived 18 months ago may not be valuable today. To truly transform digitally, organizations need to be willing to take risks and place bets on engaging users with new digital experiences quickly. Moving away from project planning and fixed end-dates gives your organization greater flexibility to examine what’s working for your users and what’s not. From there, adjustments can be made, rather than spending more than a year on a product launch that might flop. 

As an example, one of the most prominent global burger chains learned from such trial and error first-hand. The team behind the company aimed to capitalize on the increasing popularity of coffee subscriptions and online ordering services. Within just a few months, the company both launched — and subsequently deprecated — a coffee subscription service in their digital application.

By using a product analytics tool, they discovered customers ultimately weren’t using the coffee business to the degree they originally expected, leading the company to quickly shut it down. Despite this decision, the team gained invaluable insights into the customer base and avoided wasting time with a 12-month launch plan that ultimately would have failed. The ability to take risks and experiment with new products empowered this organization to innovate new offerings that more closely align with their customers’ preferences.

To make it in the post-pandemic era, every business needs to undergo digital transformation — but the digital journey does not start and end there. To make digital investments worth the time and effort, businesses must first understand what it means to transform digitally. They should then digitally optimize by cultivating a culture that focuses on understanding the customers to build products that will drive long-term customer loyalty and sustainable growth.

Justin Bauer is the chief product officer at Amplitude.

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Web3 and the transition toward true digital ownership 

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Web3 and the transition toward true digital ownership 

NFT Marketplace and Decentralized Exchange Concept - A Marketplace for Non-fungible Tokens Based on New Web3 and Blockchain Technology - 3D Illustration

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How do you think you would answer if I asked you the following question: What do you own online?” 

In real life, you own your home, the car you drive, the watch you wear, and anything else you have purchased. But do you own your email address or your business’s website? How about the pictures that populate your Instagram account? Or the in-game purchases on Fortnite or FIFA video games or whatever else you are playing? 

My best guess is, after casting your mind through the things you use the internet for (which for everybody is pretty much everything, social and professional), you would struggle to find a solid answer. 

Maybe you would ask me to explain what I mean by “ownership.” But it doesn’t really matter. And while I don’t mean this to be a trick question, it kind of is. Because in the current version of the internet, we don’t have ownership rights online

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Digital ownership: Participants and products 

To understand why we don’t own anything online, we must first understand the evolution of the internet and how it gave rise to the business model that has dominated its current iteration. 

In the 1990s — the decade of desktop computers and dial-up connections — the internet was predominantly a content delivery network consisting of simple static websites showcasing information. What we refer to today as Web1 was slow, siloed, and disorganized. 

Next came the platforms, such as Facebook (now Meta) and Google, driven by wireless connectivity and the development of handheld devices like laptops, smartphones, and tablets, which gave us free-to-use services that enabled us to edit, interact with and generate content. These platforms centralized the web, putting in place a top-down structure that saw users reliant on their systems and services. 

This evolution of the internet took place in the mid-2000s and is the version we know today. We call it Web2. It is a model based on connectivity and user-generated content, made in the image and interests of companies like Facebook, Twitter, Instagram, and YouTube. 

In this environment, netizens are both participants and products. We sign up for services in exchange for our data, which is sold to advertisers, and we create content that generates value and fuels engagement for these platforms. We do all this while having no rights to anything online.

Our social media profiles can be taken down and our access to email accounts or messenger apps suspended. We don’t own any of the digital assets we purchase and have no autonomy over our data. Businesses we build online are often reliant on platforms and are therefore vulnerable to algorithms, data breaches and shadow bans. 

The deck is stacked against us. Because the option not to be involved, when so much of the commerce and communication in the world takes place online, is not really an option at all. And yet there is nothing that we can point to and call ours. Nothing we have any actual authority over.

And, it is this dynamic that Web3 is determined to change. 

Web3 and the “internet of value” 

Right now, when most people hear the term “Web3” they probably think “metaverse”. But a better way to think about Web3 is as the evolution of the internet. 

Today, the digital experience is very corporate and very centralized. Web3 will offer the dynamic, app-driven user experience of the current mobile web in a decentralized model, shifting the power from big tech back to the users. It will do this by spreading the data outward — putting it back in the hands of netizens who are then free to use, share and monetize it as they see fit — and expanding the scale and scope of interactions between users and the internet. 

Underpinning that expansion will be guaranteed access, which means anyone can use any service without permissions and no one can block, restrict or remove any user’s access. 

The idea then is that Web3 will not only be more egalitarian but that it will create an “Internet of Value” because the value generated by the web will be shared much more equitably between users, companies, and services, with much better interoperability. Users will have full ownership, authority, and control over both the content they create and their data. But how will this help us transition toward true digital ownership? 

NFTs hold the key to digital ownership 

The truth is that digital ownership is not too hard a problem to solve. And we already have the solution: NFTs. 

In the public consciousness, NFTs are known for the projects that have garnered the most media attention, such as CryptoPunks and Bored Ape Yacht Club. While projects such as these have catapulted the term into the zeitgeist, the usefulness of the underlying technology has been much less discussed. 

Simply put, NFTs act as proof of ownership. The details of the NFT’s holder are recorded on the blockchain, all transactions and transfers are tracked and transparent and available to the public, and everything is managed by the token’s unique ID and metadata.

So, how does this work in practice? Let’s say I create an NFT. As soon as I upload it, a “smart contract” is created that tracks its creation, the current owner, and the royalties I will receive. If someone decides to purchase it, they own that NFT and any additional perks that come with ownership. Their details are registered on the blockchain and nobody can edit or remove them. 

Now, let’s say that the market for my NFTs starts to heat up, demand grows and the value of my collection begins to rise. If the owner decides to sell, they make a profit and I earn a small royalty from the resale. The change in ownership is tracked on-chain in real-time and the smart contract ensures my royalty fee is deposited directly in my wallet. This is the key value proposition of NFTs: Verifiable ownership and the option to liquidate digital assets. 

What’s next for Web3? 

This is what ownership looks like in Web3. It is the promise that netizens will be able to own their digital assets in the same way that they own their home, car and watch. NFTs will usher in a more equitable digital economy and will play a central role in the future of digital commerce. 

The fact is that as of right now, we are still writing the Web3 rulebook. This is still a very new, very young space. And while few things are certain, what we can say for sure is that the internet is only moving in one direction: ownership. 

The guiding principle in Web3 is to accelerate the transition towards a more equitable digital environment. It is very much opt-in, an internet built by the people for the people. It is one in which ownership is the foundation upon which new products, networks, and experiences are being built. And it is fundamental to establishing the internet of value. 

Over the next few years, as Web3 develops it will operate alongside Web2. The infrastructure supporting Web2 is very strong and I don’t see us completely shifting away from that any time soon. However, in the medium-to long-term, Web3 will completely reshape our relationship with the internet.

Filip Martinsson is cofounder and chief operating officer of Moralis.

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Apple blocked the latest Telegram update over a new animated emoji set

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Apple blocked the latest Telegram update over a new animated emoji set

Ever since Apple launched the App Store, developers big and small have gotten caught up in the company’s approval process and had their apps delayed or removed altogether. The popular messaging app Telegram is just the latest, according to the company’s CEO Pavel Durov. On August 10th, Durov posted a message to his Telegram channel saying the app’s latest update had been stuck in Apple’s review process for two weeks without any real word from the company about why it was held up. 

As noted by The Verge, the update was finally released yesterday, and Durov again took to Telegram to discuss what happened. The CEO says that Apple told Telegram that it would have to remove a new feature called Telemoji, which Durov described as “higher quality vector-animated versions of the standard emoji.” He included a preview of what they would look like in his post — they’re similar to the basic emoji set Apple uses, but with some pretty delightful animations that certainly could help make messaging a little more expressive. 

“This is a puzzling move on Apple’s behalf, because Telemoji would have brought an entire new dimension to its static low-resolution emoji and would have significantly enriched their ecosystem,” Durov wrote in his post. It’s not entirely clear how this feature would enrich Apple’s overall ecosystem, but it still seems like quite the puzzling thing for Apple to get caught up over, especially since Telegram already has a host of emoji and sticker options that go far beyond the default set found in iOS. Indeed, Durov noted that there are more than 10 new emoji packs in the latest Telegram update, and said the company will take the time to make Telemoji “even more unique and recognizable.”

There are still a lot of emoji-related improvements in the latest Telegram update, though. The company says it is launching an “open emoji platform” where anyone can upload their own set of emoji that people who pay for Telegram’s premium service can use. If you’re not a premium user, you’ll still be able to see the customized emoji and test using them in “saved messages” like reminders and notes in the app. The custom emoji can be interactive as well — if you tap on them, you’ll get a full-screen animated reaction. 

To make it easier to access all this, the sticker, GIF and emoji panel has been redesigned, with tabs for each of those reaction categories. This makes the iOS keyboard match up with the Android app as well as the web version of Telegram. There are also new privacy settings that let you control who can send you video and voice messages: everyone, contacts or no one. Telegram notes that, like its other privacy settings, you can set “exceptions” so that specific groups or people can “always” or “never” send you voice or video messages. The new update — sans Telemoji — is available now.

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