Digital Transformation (DX) has changed the business landscape & there is no getting away from it. Companies that are born digital have a considerable advantage over the other mature companies who haven’t entered the door of digital.
Fail to embrace the transformation & there is every chance that your business faces the threat of fading away, in the long-term.
According to forbes.com, Digitally mature companies are 23% more profitable than their less mature peers. 56% of CEOs say digital improvements have led to increased revenue. These statistics reveal the importance & urgency of Digital Transformation.
If you don’t have any DX plan in place or planned to initiate one, then have a look at some of the best examples of Digital Transformation & learn how do they keep their competitiveness in the global market.
It is, therefore, necessary for you to explore how the giant & well-established companies apply their Digital Transformation strategies to achieve their business goals.
In this article, we’ll be looking into some of the best Digital Transformation examples that might help you to understand all about DX and how they embrace the latest technology to achieve business goals.
Digital Transformation Success: Real Word Examples
Many companies are struggling with how to channel their digital ambition. But some companies stand out from the crowd & embrace the latest technologies. Let’s now take a look at the Digital Transformation success cases of such companies.
IKEA (since 1958)
IKEA, a Swedish furniture company, is one of the best Digital Transformation (DX) examples showing how DX can transform a traditional company. IKEA’s vision is to “create a better everyday life for the many people” & it invests heavily in providing the best Customer Experience (CX).
IKEA faces a landscape of changing customer habits, some people prefer to visit an IKEA warehouse, & some prefer ordering online using the IKEA app. IKEA bought TaskRabbit which solves the assembling problem- IKEA delivers the product on the first day & assembled it by an expert the next day.
COVID-19 has grounded people all over the world, ensuring that people engage with their living spaces a lot more than before. IKEA leverages this situation to boost their sales by transforming them digitally.
To improve the customer shopping experience, the furniture giant took things to the next level. IKEA’s smart home project uses Augmented Reality which allows you to choose furniture & virtually furnish your home before making your purchase.
IKEA’s application allows you to digitally place the items that you like the most in real-time in your apartment (with the help of advanced 3D & AI technology).
Another best example of IKEA’s Digital Transformation is its Space10 project – its research & design lab. IKEA is establishing a car-free city center store, in Austria.
Interestingly, it is only reachable by public transport. IKEA’s technology-driven campaigns & sustainability-focused content series have proved it as a digitally-innovative brand.
Nike (since 1964)
Nike – the brand that needs no introduction - is another great example of Digital Transformation because it believed in ongoing DX to reinvent its brand & supply chain. “Digital is fueling how we create the future of retail,” said CEO John Donahoe and he added, “Nike’s digital transformation strategy is not easily replicated.”
Nike’s strategy for driving Digital Transformation stands out from the rest of its competitors. Their end-to-end consumer focus allows them to connect & recommend the right products to their customers. Nike partnered with Amazon to boost their online sales. They opened concept stores & improved the online & application experience.
Nike Fit app uses AR & AI to scan users’ feet for the perfect fit, which engages the customers and helps them to identify the right product. A major factor in Nike’s digital growth is its SNKRS app, a mobile application that provides an exclusive brand experience. SNKRS app outperformed all other channels in 2020 Q2, driving a digital growth of 38%.
Nike is also changing their customers’ journey of finding the right product & how it’s delivered. Nike’s new investments in RFID helps consumers to instantly track their products.
Nike has acquired Celect for $110 Million in 2019 for developing algorithms to clearly understand their customer preferences. Nike’s stock price is $52 in 2017 to nearly $128 within three years since the transformation began.
Microsoft (since 1975)
Microsoft Corporation, another best Digital Transformation example, is a mammoth brand in itself. With competition changing the rules of the game, thanks to names like like Google, Apple, and Amazon, Microsoft has been forced to re-think its DX strategy.
When Satya Nadella became the CEO of Microsoft in the year 2014, that is when the company started its Digital Transformation journey. Microsoft focused on Cloud-networking systems, which is a game-changing transformation.
Microsoft moved its focus from being a traditional software to more solid software for both personal & enterprise use. In the year 2014, the stock price of Microsoft was at $32 & now at $213.
Nadella focuses more on the latest digital transformation trends & tries to incorporate them into Microsoft.
Many leaders have been investing in the latest tools & technology to digitally transform their company. Some of the biggest problems that businesses face right now are remote Onboarding, training, ensuring remote employee productivity, and other remote challenges.
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Best Buy (since 1996)
Best Buy, a leading consumer electronics retailer, thought that Amazon will kill them until 2012. The year 2012 was a game-changer for Best Buy. It was the year they welcomed a new CEO, Hubert Joly who took many digital initiatives to improve company standards. “Our purpose is to enrich lives with the help of technology. Not to sell products to you”, says Hubert.
Since then, Best buy is not just a company that sells CDs & TVs, it uses the latest technology to enrich customer buying experience. Best Buy’s Digital Transformation journey involves price matching, delivery & the ultimate CX strategy.
In the price matching program, they provide purchasing advice to the customers (customized recommendations & assistance). They primarily focus on understanding the needs & wants rather than simply selling a product.
Best Buy set itself apart from the competitors as they never used to push strategy. Best Buy’s Geek Squad services offer a superior level of support 24/7, in-store, or even online.
Despite facing struggles initially, Best Buy has redefined itself thanks to the decisions of Hubert Joly who made them reap good benefits from their DX strategies.
You might have noticed that many companies seem to have transformed or moved to the next level after a new leader came into play. There is no surprise that industry leaders and experts are who they are because they have the vision to see what others don’t.
It is, therefore, wise to take pointers from experts and leaders, while designing your company’s Digital Transformation strategy. This guide - Top influencer tips on Digital Transformation - will help you to think innovatively, overcome the challenges and transform your business to the next level.
Since many companies have shifted to remote working arrangements due to COVID, investing in digital tools that provide effective Onboarding, training, & ensures remote employee productivity.
Apty, the next-gen Digital Adoption Platform, helps you to onboard your remote employees quickly & provides effective product training, also gives you insights on where & how your employees go wrong. Transform your company digitally by leveraging the most effective & versatile tool like Apty.