The world is constantly changing, as are our companies, customers and shareholders. As a CDO, it is therefore always balancing on a very thin tightrope to keep all these stakeholders happy. Or is there a magic formula after all?
The customer in change
In recent years, digitalisation has pampered the customer. Not only can customers now shop 24 hours a day every day, they also have complete control over their data and the process.
By now, most customers have smoothly found their way to online shopping. We buy some garments, try them on quietly at home and send back what we don’t like. So companies need to get not only the delivery process but also the returns process right to keep their customers happy.
On top of that, thanks in part to Coolblue, ‘next day delivery’ has become the new norm. Coolblue is a wonderful company that has understood its customers’ needs very well. Speed & simplicity are the basis of their success. So basically, we have all the shops of the 21st century just sitting in our pocket, with our mobile phone. If we want to buy something at home, at a café, at a friend’s, … with a few clicks, we have ordered it and it is on our doorstep the next day. Haven’t we spoiled our customers too much in recent years? Or is this the ‘new normal’? And is this ecologically feasible?
The business in change
As a company, keeping systems up and running 24/7 is already quite a challenge. Let alone having to take into account the rapidly rising costs for cyber security and/or employee salaries, for instance. Again, customers are quick to overlook this. He does not want to see these costs passed on, but it is the harsh reality for companies. If your website isn’t available, doesn’t deliver fast enough, or charges shipping costs, we’ll just order it from another site anyway. So the race to efficiency and cost savings is a daily challenge for every digital leader.
Closing days are a thing of the past. Customers want to be able to order anytime and companies will have to respond to this. Because if they don’t, there is someone else in the market who will happily serve your customers.
Many business processes consist of online & offline components. Now look at cinema. The customer likes to make his movie choice online from his mobile phone and also wishes to check the tickets quickly & efficiently. Then, he or she goes to the theatre in his or her city and enjoys the film to the fullest (offline experience). Companies that can harmonise the collaboration between their online & offline processes come out much stronger. Successful CIOs & CDOs therefore spend a lot of time understanding, improving and/or complementing their offline processes.
Technology in full change
Technology evolution is moving faster than ever before. The internet that we all use every day is the basis for connecting people and businesses. Thanks to our telecom operators, we can enjoy high-speed Internet from virtually any location in Belgium. With 3G, we learned about mobile connectivity. That was good for meeting basic needs, emailing and some searches. Then we got 4G, which opened up the world of Facetime & video to us. Today, we are on the eve of 5G. This too will open up a whole new world of possibilities.
Besides the internet & connectivity, other technologies are not standing still. Blockchain, the internet of things (IoT), Saas & Paas platforms, … You can hardly keep up, let alone that we are going to change the world yet again with Generative AI or ChatGPT. As a digital leader, it is therefore very difficult to keep up with these evolutions and to focus on precisely those technologies that can add value to your business. How can we use technology to improve our online & offline processes!!!?
If you are curious to know how digital leaders in the 21st century balance on this tightrope, we would be delighted to invite you to the ‘CDO of the year’ gala at Dockx Dome in Brussels on 21 October. We look forward to inspiring you and enjoying speeches together by, among others, Erwin Verstraelen, CDIO Port of Antwerp, at this convivial digital evening. See you then!