When Companies Succeeded in Digital Business technology has been rapidly changing the world for years. Market research shows that these are not tech companies only that have found business technology vastly improving their efficiency. 52% of companies worldwide report an increase in worker productivity, 49% — better performance, and 46% — better customer experience after digital renovation. WALMART: Context: As a leading retail giant, Walmart has a deep sense of market changes and the importance of technology for business. The need to transform the way clients interact with the brand became evident to Walmart’s team. Moreover, the company had enough capabilities to invest in digital transformation and upgrade back-office operations. Challenge: Bring innovation, fight competition and digitise the shopping experience. Solution: The challenge of the use of technology in business had two sides. 

On the one hand, Walmart wanted to renovate the services they deliver to a customer. On the other hand, the team needed to revamp the way they run management, administration, and other in-house processes. In 2018, Walmart invested more than $11 billion in tech renovation. As a part of their business growth strategy, they decided to partner with leading tech companies. These were Google (voice-enabled commerce) and Microsoft (cloud computing). Because of the changing consumer demands, Walmart also decided to strengthen their social media presence. Omnichannel retailing was a strategy for reaching a millennial audience and fully satisfying their needs. As for the back-office innovations, these included the modernization of the supply chain and inventory management. This enabled the company to lower the costs and service prices by optimizing and balancing them in various digital channels. AI-powered data analytics integrated into their supply chain solutions give the company access to data about a customer. Understanding client needs helps them to adjust their marketing effort and make data-driven decisions. Walmart invested in Data Café, the data storing and management hub that processes data collected from more than 20 000 Walmart stores and more than 200 internal sources. In Data Café, Walmart data experts visualize, manipulate, and interpret data for faster decision-making and better ROI. 

The company also integrated artificial intelligence technologies for business as well as blockchain. This improved the traceability of products down the supply chain. This is how the company’s digital transformation looked from the tech side: Value: Walmart digitized their supply chain management, CRM, marketing and sales, and other aspects. This enabled the company to reach efficiency and reduce expenses. Faster inventory processing reduces time to market and enables the team to diversify client experiences. Walmart becomes a highly technological company with most of the processes running digitally.

As the project administrator of Walmart, the company is relying on you to run the above project to achieve innovation, fight competition and digitise the shopping experience. Identify and discuss the FOUR (4) main elements of the project management process, detailing how they will apply to Walmart.

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As the project administrator for Walmarts digital transformation project the four main elements of the project management process that apply are 1 Initiation In the initiation phase the project object... View the full answer