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3 Reasons to Deploy a Customer-Focused Digital Transformation Strategy

Over the years, most businesses have matured in the digital spectrum and embraced advancement in operations. While everyone is fighting for that particular locus, it is the customer experience (CX) that leaves a lasting impact on the fate of a business. No matter how impatient the customer is, businesses have to address the soaring expectations and devise the most optimal customer-first approach.

At the same time, it is imperative to seek qualitative digital transformation advisory service.

Here’s a quick run-through of the findings from different research institutions backing the practice of a customer-centric strategy at the enterprise level.

• According to a report by IDG issued in 2019, the success of digital transformation would be gauged by a business’s ability to deliver exceptional customer experience and boost worker productivity through technological integration.

• Another 2018’s study by KPMG talks about the fact that value should lead the way for the digital transformation of an organization. It also mentions that 67% of 300 surveyed business leaders believed agility is the most priced asset of an organization.

• KPMG’s Global Manufacturing Outlook 2018 also mentions that intensified connectivity among manufacturers, suppliers, and customers induced by digital transformation would cause a positive impact on the businesses. CEOs and innovation experts are already partnering with business process transformation advisory to build solutions that make the most out of these opportunities.

Enterprises must look forward to hone their ability in deciphering customer expectations and deliver a superlative experience. It is opined that AI and machine learning would help businesses make the processes more customer-centered.

If you don’t have expertise in devising strategies for a customer-focused digital transformation, hire the experts with globalized experience at Millennial Partners.
Engage 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 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.

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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.

enterprise blockchain solutions

3 Reasons your Business Needs Blockchain Integration

As successful blockchain use-cases (such as digital banking, KYC/AML verification, supply chain, and more) continue to disrupt the market, the technology is gaining considerable popularity globally. Being a specialized consultancy for enterprise blockchain, we are witnessing the increasing adoption of blockchain across various industries – including real estate, healthcare, procurement, finance, and more. 

Here are some of the reasons why businesses are embracing blockchain integration and why your business should harness the potential of blockchain:

  • Working with multiple parties made easier

Such solutions work best for the supply chain management industry. Customized enterprise blockchain solutions can help businesses achieve complete transparency and gain full control over the supply chain.

Blockchain is capable of instilling transparency and traceability in traditional supply chain management. Several businesses can stay connected and update the processes for other parties in the chain. Better coordination results in increased productivity, reduced delays, and increased cost savings.

  • Effective inventory management

Blockchain makes it extremely easy for businesses to keep track of inventory shortages and be proactive. Before blockchain integration, the possibility of accessing real-time data on demand from several consumption points was not possible. 

Now, with the help of blockchain integration and enterprise blockchain solutions, the data from several consumption points can be immediately traced. Businesses can keep the stock ready before the order arrives on their system.

  • Elimination of middlemen

Blockchain can potentially be the technology that can eliminate the need for middlemen. Middlemen are the intermediaries that play their role in deals where sellers can’t trust buyers and vice-versa. 

Blockchain bridges the gap of trust by making the entire process 100% transparent. Records can be accessed by all the stakeholders involved in the processes. This reduces the costs and accelerates the processes.

Final thoughts

Apart from the aforementioned 3 reasons, there are many reasons why a business should embrace blockchain integration and leverage enterprise blockchain solutions.

Enhance your earning opportunities with Blockchain integration; Shake hands with Enterprise Blockchain Consultants at 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.

business transformation advisory

3 Reasons Why Business Model Innovation is Important

In the last few years, business model innovation, as a concept, has gained considerable popularity. Product or process innovations cannot bring around as much of an impact on the productivity of businesses that business model renovations can. This is why it is beneficial to leverage business transformation advisory to devise business model innovations that have the potential to disrupt the market and improve the sales growth graphs.

The business model depicts how a company operates and what its aims are. It basically conveys the following four integral elements:

  • Target customers
  • Value and benefits that it aims to bring to its customers
  • How is worth created for their customers?
  • Earning model of the company

An ideal business model would clarify the above-mentioned objectives. Business model innovation works on several integral elements of a business. The following example perfectly explains the concept.

An electronic equipment manufacturer modifies its business model and shifts from the sale to sales plus rental. This particular transformation changes its target customers (opens up their customer base to people with lower budgets and transient need), revenue model (‘sales’ in revenue model remain intact and rental income is an addition), process (there would be significant changes in business operations), and a lot more things.

Reasons why business model innovation is integral

  • Improved value creation

Businesses may reach a growth plateau at a particular time if they don’t bring a change in product, process, revenue model, or other important elements. A well-planned business model innovation works on several aspects and therefore is capable of preventing a growth plateau situation. More value can be created with such transformations that lead to increased growth.

  • Difficult for competitors to copy

Business model transformations generally involve major changes and therefore are difficult for competitors to copy. Businesses that have revamped their business models can enjoy a long and extended period of competitive edge.

  • Prepares businesses for market cycle disruptions

Many business model renovations automatically make a business relevant and less sensitive to unexpected market cycle disturbances. The best example in this regard would be businesses equipped with artificial intelligence tools to digitize their processes. During the COVID-19 pandemic, such businesses were more resilient compared to traditional business models.

The above-mentioned are some of the benefits of business model innovations that make digital transformation integral to businesses. If you’re a business planning for something similar, get in touch with seasoned advisory experts at Millennial Partners.

Leverage artificial intelligence consulting services & business transformation advisory to create a digitized, better business model:

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.

enterprise blockchain consultants

How is Blockchain Accelerating Digital Transformation – Part 2

When talking about digital technologies poised to bring the next biggest industrial revolution, blockchain cannot be overlooked. Blockchain is one of the most dominant technologies that is opined to have a radical impact on businesses and industries. Top businesses have already partnered with enterprise blockchain consultants to prepare for a better tomorrow.

In our previous blog, we covered the two roles of blockchain in accelerating digital transformation. Let us discuss the potential of disruptive digital ledger technology in fueling digital transformation.

  • Blockchain as an ideal framework for connectivity and networking

Connectivity and communication never got this much priority as they got in the digital era. Internet of Things, machine learning, and artificial intelligence are some of the digital technologies helping businesses in developing completely connected digital ecosystems.

With connectivity, comes the problem of data handling as better connectivity generates more data. Blockchain, the infallible digital ledger technology, has the potential to record data securely and transparently, leaving linear digital footprints. This makes blockchain an ideal architecture for advanced connectivity.

  • Blockchain redefining the traditional supply chain

In the coming years, the supply chain is going to undergo a myriad of redefining episodes. Costs, complexity, lack of speed, etc. remain the major pain points of the conventional supply chain models. Businesses can leverage blockchain integration and business process transformation advisory solutions to overcome these pain points and improve their operational efficiency.

Blockchain, with decentralization at its core, has the potential to bring the utmost transparency to the supply chains. From raw material procurement to closing the deal with the customer – all transactions can be recorded and tracked on an incorruptible digital ledger at lower costs. The greater transparency simplifies and expedites operations, making the supply chain more efficient than ever.

Final Thoughts:

Other than the two mentioned above, smart contracts and cryptocurrencies are solutions offered by blockchain technology that are dominating digital transformation conversations. Seeing the incomparable potential and efficiency of blockchain, we cannot deny the fact that although blockchain is in its infancy stage, it has a huge role in digital transformation.

Leverage Blockchain and Artificial Intelligence Consulting 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.

Enterprise Blockchain Consultants

How is Blockchain Accelerating Digital Transformation: Part 1

Technology is steering the change from tradition to modernity in almost every aspect of life. Emergences and advancements in technologies powered by innovations have been reinventing the world for businesses and customers.

A survey by Computerweekly shows that COVID-19 has accelerated digital transformations. At such a crucial phase, it is indispensable for the heads of innovation, CTOs, CIOs, and more to leverage enterprise digital strategy advisory and recognize the most effective use-cases and exploit technologies to the maximum potential.

Blockchain remains the talk of the town, dominating conversations about digital transformation. The points below explain the potential of blockchain to steer digital transformation.

  1. Blockchain as an archetype for digitized transactions

The technology powering the incorruptible digital ledger of financial transactions, along with cryptocurrency, can potentially bring a high level of trust to peer-to-peer transactional frameworks. This also eliminates the need for a centralized authority to drive transactions.

As blockchain provides a simpler framework equipped with a high level of trust and security, it becomes an ideal choice for businesses that need to improve their transactional processes.

By leveraging the services of enterprise Blockchain consultants, businesses can successfully integrate blockchain into their operations.

  1. Blockchain as a fillip of business procedures

Speed sets you apart. With the help of digital transformation powered by the most dependable technologies such as blockchain, businesses can ensure speed in their processes.

Blockchain doesn’t just expedite the processes but also makes them more efficient. Therefore, it is a perfect stimulant for processes.

Businesses can embrace blockchain to set up a digital environment consisting of perfectly optimized processes.

Takeaway

The above-mentioned are the two advantages that businesses can benefit from, by integrating blockchain. We’ll talk about some more benefits in the next part of the blog.

Leverage Blockchain and digital transformation advisory service 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.

digital transformation strategy

3 Pillars of Digital Transformation

We’re just about to welcome 2021 and the world knows that digitization is already a part of our lives. The COVID-19 pandemic has led to an inevitable need for digitization. Considering the situation, we can no longer state that businesses still have time to postpone devising their digital transformation strategy.
Before businesses embark on the digitization journey, it is important to understand the following three pillars of digital transformation.

  • Shopper Experience

Virtual universe connects businesses and customers more closely than ever. To keep up with this always-connected trend, businesses have to embrace technology. By digitizing and connecting with your customer on online channels, you can win chances over the traditional players in the industry.

Know your customers’ expectations, behavior, and customize a digital journey that stands out in every way. This would help you win chances over your digital competitors.

According to a report by Segment, 44% of buyers claimed to become repeat buyers after personalized experience and 71% buyers expressed frustration if experience was not optimized.

  • Operational Process

After enhancing the customer experience with digitization, businesses need to take a close look at operational efficiency. From manufacturing a product/service to its delivery and after sale service – these processes form a chain. They must be optimized to deliver increased value at each stage of the chain.

AI-enabled digital transformation tools are leading the way in improving the surveillance over processes, flow of information, coordination, and more. They can effectively help in improving the operational processes.

A report by PWC reveals that out of 1300 CEOs across the globe, 77% confide in the fact that working on operational efficiencies would drive revenue growth.

  • Business Model

You must keep track of your competition’s moves to make surethat your business model is not obsolete.

Having an outdated business model is a common mistake.Innovative industry leaders keep trying to come up with the most disruptive innovations and overlook the most important of all, keep updating your business model. The full potential of Digital transformation is only realized if your business model is updated.

A report by PLM revealed that 60% of businesses came up with new business models while transforming their businesses digitally.

The above-mentioned 3 Pillars are the most important pillars of digital transformation. However, the list of pillars doesn’t end here. Professional digital transformation experts can help you realize other important factors, tailored to your specific business needs, to build out the right strategy for success.

Leverage Digital Transformation Advisory to Devise a Perfect Strategy

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.