Looking to give your company a digital edge? Focus on the top three digital trends shaping the future – mobile, personalization, and data analytics. Watch Christopher Vollmer, Managing Director of Strategy& Digital Services, explain his key insights on how to get ahead in the digital race.Vollmer does a fine job of simplifying and summarizing these digital trends. However, the CEO appreciates that if his or her company wishes to embark on a digital transformation, then there has to be broader look and deeper dive into what these trends mean vis-a-vis the company. Mobile is ubiquitous indeed, and hordes of companies are looking into or are being advised to look into it, in order to tease out market opportunities. I think this poses two challenges: (a) How do you differentiate your insight, strategy and approach from those of your competitors, that are broadly and deeply eying these trends? (b) Mobile is not the only device that customers are using, so where do traditional fare like desktops or laptops, even TV and radio fit for your target and prospective markets?
Personalization and data analytics really go hand in hand. While Vollmer is right that companies ought to provide a personalized experience for their customers, this is a more complex, sensitive issue than he covered in short order. From our social media activity, to our online itinerary and device usage, there is an unbelievable amount of information we, all of us, generate and companies ought to be licking their chops about how much they can know about us. But how must they, or how can they, draw actionable insight and ensure business impact from a veritable googol of data? Furthermore, whereas effective, value-add data analytics requires both statistical prowess and business savvy, personalization demands a judicious balance between access and privacy. Too many companies over the past few years, from Google to Facebook, have breached customers' trust. So how do you as the CEO create a personalized experience without being creepy, illegal or unethical?