THINK Week in Review: The “Digital Transformation Journey” Edition
The newest Global IQ study from PwC has good and bad news. The good news: CEOs have finally embraced digital. However, many organizations define digital wrong. Thirty-two percent defined digital as synonymous with IT; 29% defined it as “all technology innovation-related activities.” Only 6% got it right: Digital goes beyond technology alone to reflect a mindset that embraces constant innovation, flat decision-making and the integration of technology into all phases of the business. And, what's clear for everybody involved in digital transformation: It's not a sprint, it's a long, hard and rewarding road. Start your journey at THINK 17. And prepare yourself for the journey with these intriguing stories: Surprise! Bank Loyalty is at an all-time high among consumers. "Since the financial crisis, customer satisfaction with financial institutions has reached record highs. The improvement is visible across a variety of metrics that track customer loyalty, bank reputation and repeat usage. Even after widespread news about the Wells Fargo scandal, 82% of retail bank customers say they trust their bank to do the right thing and just 4% do no think their bank acts ethically." Oh my: "By 2020, the average person will have more conversations with bots than with their spouse." Gartner predicts a virtual world of exponential change. More importantly: "Innovation Requires Greater Investment - Through 2019, every $1 enterprises invest in innovation will require an additional $7 in core execution." In praise of cash: Cash might be grungy, unfashionable and corruptible; but it is still a public good, important for rich and poor alike. What are the top digital marketing trends and priorities in 2017? "While they aim to optimize the customer experience, they are not building their data capabilities fast enough to facilitate this." It's no secret that political parties in the US are quite polarized. This Facebook Messenger bot, Commonplace, "aims to make conversations easier by helping you expand your news diet." Each day, through Facebook's Messenger, they send you a link with a perspective you might not otherwise choose to see yourself. Enjoy.