If your biggest competitors are bragging about their digital efforts, and you are still thinking about it, should you run out the door and follow them? Well, yes and no.🚀
💡 Pursuing #digitaltransformation efforts for the wrong reasons is a good recipe for failure. Competition is for sure one of the main factors to consider during digital transformation initiatives, but not the most important one.
✅ The key factor to look for is your customer’s expectations. Are your customers considering different options because they are better served with newer or better technologies, or better user experiences based on technology? There is your answer.
❎On the other hand, having your competitor to run into some risks first by testing the waters with some new digital technologies, especially if not done properly, can shed some good learnings for you, (and even better, on your competitor’s buck).
💡Finding the proper balance between digital innovation and risk management is tough, but not doing anything about digital transformation and hope for the best, is not the answer either. Get professional advice and approach digital transformation starting with small and gradual initiatives, involving your customers (both external and internal) to increase implementation success rates. #ai #cx