How to best use information
Bringing traditional enterprises to the digital world
The pillars for digital transformation
Power and valued information are the founding assets of the digital economy and are in one way or another present in most enterprises. The question is how to best use these assets to improve the businesses and embrace the opportunities brought by digital economy. Here is the main concept:
If your company owns customer data, be merry! It is a very important asset and opens a great opportunity for growth in the digital economy. Under customer data, we understand not only basic data about clients or prospect clients, but also additional information about their interests, values, needs and habits. The more you know about your customer, the more value you can offer him. In the B2B model, customer data includes numbers as well as text input about goals, mission, vision, processes, products, services, customers of the customer, projects and people.
To own a communication channel is a powerful asset. A good communication channel needs to recognize users and to enable user data collection through collaboration — that is, two-way communication. For example: banks own online banking, ATMs, branches, utilities billing and invoicing. Telcos own self-service portals and billing. Retails own online sales portals and transportation companies, shipment tracking portals. A website where the vendor is pushing information is not a true communication channel, but if there are many users visiting it, it has potential to be converted into a communication channel. A good communication channel is always adding value to customer data by registering visitors and collecting data about their interests, so it is tightly connected with customer data collection. One of the reasons why social networks are very good communication channels is that, by default, they are providing data about user and additional data through a collaborative approach.
Relevant content includes information about products, services, processes or any data from internal systems (bank account status, shipment tracking). It can be presented in many forms: from text and pictures to audio and video content or can be by itself a product or service.
How powerful is your enterprise?
Partnerships can help you gain access to the necessary assets
It is important that your company owns at least one of these assets and that it can build its digital economy approach based on this asset.
If your company has a great product or service, but doesn’t own the three mentioned assets, you canpartner with others who do so. If this strategy works, you can, afterward, build a direct communication channel for your brand and collect customer data. Volvo is converting their B2B strategy into B2B+C for precisely that purpose.
Traditionally a car producer, Volvo partners with distributors and dealers to sell and service their cars. But now, Volvo decided to start direct communication with its customers to collect customer data. It developed a mobile applications based on social networks like car tracking, roadside assistance, remote services such as door control, remote dashboard and starting heather. They help binding customers, improving global brand through customer experience but the most important is that Volvo builds direct communication channel and starts collecting data about customers, their interests and habits. Based on these data Volvo can offer better service at right time. Knowing how many miles or kilometers customers drive their car before they change them is very useful information for Volvo and can be the base for good service to the customer and easy sales for Volvo.
Opposite example is city administration that owns citizen’s data, communication channel and content and they can partner with commercial companies to offer better service to citizens by offering commercial products and services of controlled quality and price in the interest of their citizens.
Branislav VujovicPresident New Frontier Group
Strive to become better
Branislav Vujovic is founder and also president of New Frontier Group and has overall responsibility for the New Frontier Group, with special focus on Innovation, M&A strategy, group strategy and investor relationship.