Digital technologies are forcing companies to reimagine their customer value propositions. That's because new social and mobile applications, analytics, the internet of things, artificial intelligence, biometrics, blockchain, cloud and edge computing, and many other advances allow them to deliver value in ways that simply were not possible in the past.
But given all that potential, how does any company figure out which offerings are viable? Digital technologies are game-changing - they provide ubiquitous data, unlimited connectivity, and massive processing power. Savvy companies are converting all this capacity into digital offerings: information-enriched solutions wrapped in seamless, personalized customer experiences. Think of Lyft: By using mobile and cloud computing to connect people seeking a ride with drivers who will get them to their destination, it is addressing pain points customers experience when they take cabs, like not knowing where the cab is and when it will arrive, how much the ride is going to cost, or what payment options they will have.
Successful digital offerings are created at the intersection of what technologies can deliver and what customers want and will pay for. That point of intersection, however, has proved to be elusive. To find it, companies must experiment repeatedly, cocreate with customers, and assemble cross-functional development teams - and the insights gleaned along the way must be shared internally.