Should AI Be Part of Your Digital Transformation Strategy?

“If an organization’s digital transformation strategy does not already include AI, then there is a real need to revisit the overall approach to transformation, said David Homa, director of the Digital Initiative at Harvard Business School. Technology expertise and knowledge must become foundational to how an organization conceives of, not just executes, its goals. As long as technology is viewed as a tool provided by a supporting team, rather than a lens through which to understand the business and produce value, the organization will limit itself and lag others who integrate technology into the core.”

David Homa, Harvard Business School

Journey To Digital: Banking In 2025

“It is, therefore, important to realise that physical touchpoints will not be rendered obsolete [4] – rather, the introduction of AI solutions will ensure that both physical and digital interaction is available in a cohesive way. Here, the process that is the democratization of financial services becomes clearer [5]. Digital touchpoints render services more accessible to a younger demographic whilst retention of in-person customer service and alike meets the need of both the traditional and vulnerable consumer.”

Why Digital Transformation Always Needs To Start With Customers First

  • “AI and machine learning are considered essential to digitally transforming organizations and making all processes more customer-centric, with 41% of CEOs saying these technologies will improve data governance and data analytics capabilities.
  • Enterprises that have customer centricity and a data-driven mindset are the most likely to succeed with a digital transformation initiative.
  • 62% of organizations say delivering an excellent customer experience as measured by customer satisfaction scores defines success as a digital-first business, according to a recent IDG study.”

Many e-commerce platforms ‘could fail by next year’

  • “Nearly two-thirds (64%) also believe that their e-commerce platforms should be updated because of an increase in online sales.
  • Businesses looking to invest in new e-commerce platforms are said to be focusing on four core areas: Headless, Microservices, API-first and Cloud-native.
  • In a bid to make the transition more effectively, 80% of businesses reported looking for technology partners to help get the job done.
  • 84% wanting scalability and the same number expected easy integration with existing infrastructure. A sizeable 83% wanted reliability and stability, while easy customization was also on the list for 81% of respondents.”

A great technology wave is cresting over America because of the pandemic — and it’s largely a good thing

  • “The number of Zoom meetings jumped from a pre-Covid 10 million daily-meeting participants in 2019 to a whopping 300 million in April 2020.
  • As of April 21, U.S. and Canadian e-commerce orders have grown by 129% year-over-year, while global online retail orders have achieved an impressive 146% growth.
  • According to a Coresight Research report and pre-Covid-19 projections from Statista, the reality-technology market, which includes augmented reality and virtual reality, is forecast to reach $18.8 billion in 2020.”