Capture Insights

Running head: DIGITAL TRANSFORMATION DIGITAL TRANSFORMATION Name of the Student: Name of the University: Author No te: 1 DIGITAL TRANSFORMATION Contents Introduction ................................ ................................ ................................ ................................ ..... 2 The Case for Change ................................ ................................ ................................ ....................... 2 Capture Insights ................................ ................................ ................................ .............................. 3 Make Fast Decisions ................................ ................................ ................................ ....................... 4 Concluding Rem arks ................................ ................................ ................................ ....................... 5 References ................................ ................................ ................................ ................................ ....... 6 2 DIGITAL TRANSFORMATION Introduction Digital Transformation Is Process Of Using The Digital Technologies In Order To Create New Or Modifying The Existing Business Culture , processes or the experience of customers in order to meet the changing market requirements (Matt, Hess and Benlian 2015) . This reimagining of business in the age of technological advan c ement is known as digital transformation. It surpasses roles such as marketing, sales and customer service. The main aim and resolution of this assignment is to discuss about how a company can make changes within the company related to gain a competitive advantage in this digital world. The Case for Change The selected company is Selfridges which is also recognised as Selfridges &co. It is a chain of high - end departmental outlets in the United K i ngdom which is being operated by a Canadian group, Selfridges Retail Limited (Selfridges, 2021). The company was founded in the year 1856 by H arry Gordon Selfridge. The company operates in four locations which are Oxford Street London, Tra fford Centre Manchester, Exchange Square, Manchester and Bullring Birmingham. The company is able to manage their business operations because of the perfect leadership and directions that is shown to them by the upper management. The vision statement of th e business positions it to be the most advanced as well as fashion forward department outlet in Europe , by contributing the most selected brands to their clients of different ages in a n inspiring and entertaining environment . In addition to this, the mission statement of the company states that their stores must be filled with brands and events that will inspire their staff as well as customers so that they can deliver profitability (Lawrence 2017) . Apart from the retail outle ts, the company also have a n online presence where it serves its customers. 3 DIGITAL TRANSFORMATION The threat that the company has faced due to digital disruption is data breaches. As the company is new to the online marketplace, they face the threat of data breach which an inc ident where information of the company is stolen or taken from their systems without their knowledge or authorization (Dawies 2018) . These stolen data can include sensitive, confidential, proprietary information like credit card numbers of the customers , trade secrets or sometimes matter of national security. Data breach is one of the serious threats that any online company has to face. Apart from this, t he digital transformation that the company is going through is the expansion of their business into the market place and the main objective of this strategy is to reach out to wide customer base all across the world. Capture Insights It Is Important For The Company To Capture Insights Of Its Competitors In Order To Gain A Brand Awareness . There are severa l competitors within the marketplace who ae competing effectively within the marketplace and in order to gain awareness about the business environment , it is important to gain a detailed knowledge about them . Knowing and gaining a knowledge about the compe titors , such as who they are, what are they offering, whom they are targeting and more can make the products, services of the organisation stand out within the market. This knowledge can be used by the organisation to create a marketing strategy through which they will be able to take advantage of the weaknesses, and improve its own business performance. The company can gain a detailed knowledge about its competitors with the help of a five forces analysis (Mathooko and Ogutu 2015) . It is one of the most popular models that has been developed for industry analysis and it was introduced by Michael Porter in the year 1980. According to this analysis, the five forces provide an accurate 4 DIGITAL TRANSFORMATION impression of the industry in whi ch the organisation is operating and makes the analysis much easier (Zhao et al. 2016) . It is useful because after understanding the forces within the business environment or industry which can affect the profitability, it will be easier to adjust the strategy. For instance : the company can take a fair advantage of the robust position or they can even improve a weak force and avoid the wrong steps in future. In order to gain a competitive advantage, the company can use digital technology and enhance the experience of their customers by allowing the customers to view status of inventory, configure the products, measure delivery time as well as track the progress of their products (Matt, Hess and Benlian 20 15) . For instance: the company can offer their customer with an opportunity to integrate can virtually try on the dresses on certain models. They can choose any size, colour that will su it them the best . This particular strategy with the help of digital technology will help the company to gain a competitive advantage and stay ahead of the them in the marketplace. Make Fast Decisions I n order to make informed decisions , the company must take the help of a technique which will be effective. One such technique is Game theory which helps the business owners to make decisions by putting themselves on the place of third parties such as competitor, client or a customer (Peters 2015) . In additio n to this, they anticipate their actions, motives and reactions. By playing out the scenarios in a safe and hypothetical space, the business owners will be able to make decisions on the basis of outcome of the game. This theory can be a useful technique of decision - making when decisions are taken regarding third parties such as competitors. The theory was designed by John von Neumann and Oskar Morgenstern in the year 1944 . Since then , 5 DIGITAL TRANSFORMATION over 20 top economists and scientists have been presented the Nobel Prize in Economic Sciences for the evolution of Game theory. The company can measure their data with the help of KPI or Key Performance Indicator . This tool provides targets for the team to achieve , milestone to measure progress and insights th at help the people within the organisation to make better and informed decisions (Parmenter 2015) . From F inance and HR, to marketing and sales, this tool helps the company to move their business forward in each and every area of the business . The competito rs will be analysed and with the help of porters five forces, the level of competition will be evaluated. In addition to this, comparison will b e done among the organisations and the weaknesses will be turned to strengths (Pîrlog and Balint 2016) . KPI are always focused on the data that are presented, therefore, the company can guarantee that the results will be informed as well as data driven. The competitors of Selfridges are a lso the ones who are operating as an e - commerce company in the marke tplace . Therefore, with the help of KPI the company will be able to measure the number of customers visited their site and purchased product as compared to theirs and this will help them to gain a knowledge to where they are currently. Concluding Remarks Lastly from the above discussion, it can be concluded that the company has been operatic g in the market effectively, however there are several threats related to digital transformation which might impact the business of the company . But with an effective strategy and planning, the company will b e ab l e to gain strength and a competitive advantage over its competitors . 6 DIGITAL TRANSFORMATION References Dawies, W., 2018. How feelings took over the world. Sat , 8 , pp.04 - 00. Lawrence, J.C., 2017. Steel frame architecture versus the London Building Regulations: Selfridges, the Ritz, and American technology. In Structural Iron and Steel, 1850 1900 (pp. 339 - 362). Routledge. factors that influence the choice of response strategies adopted by public universities in Kenya. International Journal of Educational Management . Matt, C., Hess, T. and Benlian, A., 2015. Digital transformation strategies. Business & information systems engineering , 57 (5), pp.339 - 343. Parmenter, D., 2015. Key performance indicators: developing, implementing, and using winning KPIs . John Wiley & Sons. Peters, H., 2015. Game theory: A Multi - leveled approach . Springer. Pîrlog, R. and Balint, A.O., 2016. An analyze upon the influence of the Key Performance Indicators (KPI) on the decision process within Small and Medium - sized Enterprises (SME). Hyperion International Journal of Econophysics & New Economy , 9 (1), pp.173 - 185. Selfridges, 2021. Selfridges . [online] www.selfr idges.com. Available at: https://www.selfridges.com/GB/en/ [Accessed 7 July 2021 Zhao, Z.Y., Zuo, J., Wu, P.H., Yan, H. and Zillante, G., 2016. Competitiveness assessment of the biomass power generation in dustry in China: A five forces model study. Renewable Energy , 89 , pp.144 - 153.