One of the most important aspects of managing a successful company is digital transformation. Nevertheless, when you consider the competition to adopt cutting-edge technologies, certain businesses have distinguished themselves more than others.
Adobe and Product Transformation
Photoshop is the main source of revenue for Adobe. B2B clients were particularly hard struck by the crisis, and businesses felt no need to make investments in updated product lines during this time. The business decided to switch from a one-time purchase option to a subscription-based model since they realized that the cloud held the key to the future. They totally redesigned their company and increased the caliber of their products. With software for PC and mobile customers, Adobe suddenly had the opportunity to create repeat business rather than a one-time charge.
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Other companies have adopted a similar route with their offerings, too, by transforming one-time purchases into an opportunity for repeat business. Take online scratch cards at Paddy Power for example. Scratch cards were traditionally bought at local corner shops, with a one-time win opportunity for users. By moving them online, it’s become possible to upgrade the user experience while expanding the quality of the product itself. People also have the chance to re-play scratch cards digitally, with new game variants that include Cash Pong and Cash Squares. Movements like this just go to show that digital transformation as a whole is often the best way to expand offerings while increasing the user experience. It is also the best way to scale offerings, making them more accessible to the right target audience.
Caterpillar with Construction Equipment
Caterpillar is a leading manufacturer of construction and mining equipment. Famous for their trucks, dozers, and loaders, they had a fair market share. With that said, they have also started to solidify themselves as a hardware and software company. They are leading the charge with AI, and they are also taking steps to further the value of their machinery. Caterpillar know that the machinery they produce has a life cycle and that a good way to enhance customer loyalty would be to predict maintenance. That is why the company invested in AI and IoT sensors, which could even be placed on competitor equipment.
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By expanding the sensors beyond their machinery and by allowing them to be placed on that of their competitors, they not only solidified themselves as being a leader in the field, they also made the market less lucrative for third-party sensors. This was a bold move that paid off, and now Caterpillar is known for not just being a manufacturer of machinery, but also a leader in AI and software.
As you can see, some businesses stand out more than others for being brave and taking significant risks, despite the fact that many have experienced digital transformation. Nevertheless, they have been able to significantly improve their situation and establish themselves as market leaders by keeping the end customer in mind. As time goes on, new businesses will undoubtedly take chances to grab the lead in the race to digital transformation—Adobe and Caterpillar are just two examples. Learn More
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