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Top 3 Digital Transformation Trends in 2021

As the world is combating COVID-19, businesses across various industries are employing ingenious solutions to stay in the game. Organizations and start-ups are leveraging business transformation advisory services to stay on top of the latest trends and seize opportunities to transition to a better digital world. The following are the top three digital transformation trends that businesses need to gear up for.

Digital culture

Due to the hype that many digital-born organizations are creating, traditional businesses are pressurized to digitize services as well as the company’s culture. Replicating the practices of digital-born companies is however not necessarily the best-suited practice for developing digital culture, neither does one formula apply to all.

Since the strengths and weaknesses of traditional brands differ from one another, different practices would suit different companies. Businesses should avail the best digital transformation advisory service to know what works best for them.

The democratization of Artificial Intelligence (AI)

AI democratization would mean making AI available and accessible to all organizations and people within the organizations. This would require the integration of AI in recognizing user behavior patterns, analyzing data, making decisions and forecasts, improving the products or services, and all other business processes.
Gartner also makes a prediction in this regard stating that 75% of venture capitalists would be leveraging AI by 2025 to make decisions. A deeper AI penetration is therefore opined to take place gradually in all lines of businesses worldwide.

No-touch solutions

After the social distancing norms impelled due to COVID-19, a huge number of businesses are leveraging business process transformation advisory and innovating to come up with contactless solutions. The focus is on solutions that wouldn’t just minimize human-to-human contact but also make the processes brief and instant.
Digital payments characterized by various technologies and QR codes wouldn’t be something rare to see. Since digital payments are a key to access the digital economy, reduce transaction processing time, and improve transaction quality, such contactless solutions would become a new normal.

To sum up, the above-mentioned are the three key trends that are opined to drive business success in 2021. To hear about the remaining trends that are going to impact businesses specifically, partner up with the best digital transformation advisory service providers.

Count on the world’s renowned digital transformation experts

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Blue Ocean Strategy

Build your Go-To-Market Strategy: Insights from the Blue Ocean Strategy

In the current climate, competition is intensifying with many players fighting over a shrinking customer base. With that said, it’s important for businesses to take stock and develop a strategic move that will set them apart from the competition. The Blue Ocean Strategy, developed by W. Chan Kim and Renée Mauborgne, offers a comprehensive framework for businesses to break out of the status quo and move into uncontested market space. 

We’ve laid out the 6 steps that will help to guide your business towards a commercially compelling Blue Ocean Strategy.

Alternative Industries

Assess alternative industries to your own, those that would provide a different ‘means’ to the same ‘end’ for your buyers, and map out the key factors that lead buyers to trade across those alternative industries. Elevate the most critical factors, create new value-add factors and eliminate or reduce all other factors to create a Blue Ocean of new market space.

Strategic Group

Most businesses focus on improving their competitive position within a strategic group (e.g. Luxury vs. Economy). To develop a Blue Ocean Strategy, you should understand which factors determine your buyers’ decisions to trade up or down from one strategic group to another. Blurring the lines between strategic groupscould lead to novel feature sets that appeal to a wider customer base. 

Buyer Group

Competitors typically centre around a common target buyer. However, there is a chain of “buyers” who are directly or indirectly involved in the buying decision (i.e. Distributors, Purchasers, Influencers, and End-users). These buyer groups could hold different views on the value proposition of your product or service. If you shift your focus onto a different buyer group (e.g. Purchaser vs. End-user), you could unlock new value!

Scope of Product or Service Offering

Untapped value is often hidden in complementary products and services. The key is to define the total solution buyers seek when they choose a product or service. A simple way to do so is to think about what happens before, during, and after your product or service is used. At this checkpoint, ask yourself, can you incorporate any of these complementary products or services into your business offerings?

Functional – Emotional Orientation

The appeal of most products or services is governed by its matter-of-fact functional attributes or by evoking an emotional response from the buyer. When businesses are willing to challenge their functional-emotional brand appeal, they often find new market space. 

Trends Over Time

How will a persistent trend change the value to your customers and impact your company’s business model? As you look to future product/service development, question whether your efforts will actively shape your industry trends or will simply follow suit after the trendsetters.

At Millennial Partners, we help to build your strategic vision and can elevate your Go-to-Market Strategy. Our specialist consultants provide guidance by assessing current strategies and their limitations and formulating new approaches that better serve the business through greater alignment with the vision, mission, finances, and resources. 

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Digital transformation advisory service

4 Digital Transformation Mistakes to Avoid in 2021

2021 is not like any other year. We are living in a new normal. The immediate demand for agility and connectivity, and considering its long stay in 2020, escalated the need for a greater and more ready adoption of digitization.

For those who are planning to digitize, this year comes with a lot of dos and don’ts. Thus, it is better to seek digital transformation advisory services that can guide you in a challenging journey.

The following are 4 things that must not be done during digital transformation in 2021:

  • Not being proactive and starting at the mere time: 

The best time to transform is not when the traditional processes start affecting your business efficiency adversely. The key to unlocking the benefits of digital transformation lies in being proactive. Planning it comprehensively, running beta tests, and then executing it are some of the ideal steps that businesses must take at the very earliest.

  • Lacking agility:

Being highly responsive to the opportunities and threats is very important if a business doesn’t want the competition to outperform them. The organization must aim at staying active, recognizing and examining the opportunity/threat quickly, understanding its ins and outs, and taking the best measures to mint profits or prevent negative effects characterized by the event.

  • Shifting focus from value creation towards digitization

Following the flock and boarding the digital bandwagon is still acceptable, but businesses must not try to copy the pace. Every business has different resources with different capacities and pace. Copying pace and blindly digitizing can hamper the user experience. Businesses must take care that every implementation in business is aiming at enhancing customer satisfaction. If at some part, the end goal of customer satisfaction is being compromised for digitization implementation, it has the potential to bring adverse effects to the business.

  • Analysis Paralysis, delaying the execution

If your business is constantly planning and not coming to a consolidated decision, it may affect your business. This practice can kick you out of the frontline very soon. So, always be action-ready and never make the planning phase last longer than needed. If the competition takes the lead, a business can lose the chance to be the first comer with a great new strategy or product/service. Rather than constantly analyzing, businesses must follow experimenting and iteration.

Final thoughts:

These are some of the mistakes that you should avoid in 2021. If you are curious to know some more, then leverage business process transformation advisory.

Avail the best digital transformation advisory services by Millennial Partners

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

3rd March

Reasons your business needs blockchain integration: Part 2

In the previous part of the blog, we discussed the three reasons why your business should embrace blockchain integration. Let’s discuss more reasons why you should capitalize on the potential of enterprise blockchain solutions for your business.

1.Convenient and Secure Trans-border Payments

Although various innovations have made cross-border payments less of a problem, blockchain along with smart contracts brings decentralization and unparalleled transparency to the system, making it more reliable than ever.

Unlike other modes of payments that may take days or hours, cryptocurrency payments take minutes for settlement. Top banks and money lending corporations have shaken hands with the best business process engineering advisory services to integrate digital money – bringing greater traceability and proficiency in terms of speed, cost, and process.

2. Easy Handling of Sensitive Data

The importance of data in today’s time can’t be overlooked. Top innovation businesses today want to secure their data related to clients or their solutions that are under testing.

By putting the data on the blockchain, it becomes secure and hack-proof. The unbreakable security of the network achieved by the cryptographic algorithms keeps it free of illegitimate activities. Businesses can take advantage of the unsurpassed privacy and security that the blockchain brings.

3. Transparency Increases Customer’s Trust in Business

Today, customers have the power to choose from a wide array of options, more than ever before. They prefer to rely on businesses with transparent operations.

With blockchain, businesses can achieve greater transparency in their operations. Since blockchain brings everything on a distributed ledger that is accessible to everyone on the network, it promotes complete transparency. This builds people’s trust in a business.

Final Thoughts

Apart from the above-mentioned benefits, blockchain is opined to bring endless business opportunities. Since blockchain is still in its infancy, innovators can leverage their creativity and devise their strategic move in the open-ended, clear skies of blockchain possibilities.

If you are planning to develop an enterprise blockchain solution for your business, let’s shake hands.

Leverage our Consultancy for Enterprise Blockchain

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.