Listen to this articleBelow is our recent interview with Dharmesh Trivedi, the Founder and CEO of DXFactor:
Q: Can you tell us something more about the company and what you do?
A: Digital transformation is a practice that does not live in simply one space, or vertical. Digital transformation is a radical rethinking of how to use technology, people and processes which transcends every industry, company, market, government, and community.
Today, you won’t find a forward-looking enterprise that isn’t leveraging some combination of cloud, analytics, artificial intelligence and machine learning to better serve customers or streamline operations. Most companies are authoring their own digital journey, but most will fail and few will reap the benefits of their Digital Transformation strategy. Wipro Digital pointed this out in a recent study, citing that a majority of senior executives believe their company is failing in about half of their Digital Transformation initiatives. Forbes reiterates this, pointing to an 84% failure rate by companies trying to digitally transform.
A whopping $1.1 trillion was spent on digital transformation last year, but 84% of digital transformation (DX) projects have been reported to fail, resulting in $900 billion in wasted DX efforts. We noticed this incredible waste and were very puzzled by it, so we spent months analyzing thousands of DX use cases to find the root causes of these failures. Out of that analysis, we realized that at its core, digital transformation must be Outcomes Driven paired with external data in order to be successful. And with that realization, DXFactor was born!
We then developed our proprietary Outcomes Platform, which fuses client data with external datasets, then matches this with meta attributes from successful digital transformation use cases. Using this method, we ensure that businesses of all sizes can begin implementing digital transformation successfully, every time. Additionally, our data helps clients enforce a Customer Empathy model, in which they better serve their customers by knowing why they make certain decisions, instead of only knowing what decisions they’re making. By combining all of these factors, we can create an Outcomes Driven Economy, which will completely change the way our world works and benefit society in a positive and permanent way. In fact, our industry’s first outcomes approach has already generated more than $2 billion in direct outcomes for clients.
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Q: You’ve recently been named one of the Top 50 Tech companies in the US at the InterCon Conference; could you tell us something more?
A: We were very honored to be named one of the Top 50 Tech companies, especially because they receive thousands of nominations every year. The nominees are all judged on five parameters: Overall Reach, Industry Impact, Spirit Of Innovation, Future Readiness, and Market Demand. DXFactor scored in the top 50 of all tech companies in the entire country, which led us to be named a Top 50 tech company. We were awarded specifically for our transformative work for our clients who leverage our Outcomes Platform. In less than six months since launching, we’ve partnered with Fortune 500 and Fortune 50 companies as clients. Being recognized as a Top 50 Tech Company is an amazing testament to our team’s work, but more importantly to the outcomes our clients have achieved and the impact they have made around the world. We believe what we have built isn’t just game-changing — it’s redefining the game entirely.
Q: Your key differentiator is The Outcomes Platform. What exactly is it?
A: I touched on it briefly earlier, but the Outcomes Platform is our proprietary tool which fuses client data with external datasets and is built to identify the “What” at the beginning of a company’s digital transformation journey, which is the most difficult piece of the DX journey. It’s the industry’s very first outcomes-driven platform which allows our team to propose to clients only the solutions that, if precisely implemented, are guaranteed to generate successful outcomes. The Outcomes Platform proposes one of our four DX solutions that are proven to generate successful business outcomes: DXCapture; Customer Acquisition; Customer Churn Avoidance; Customer Experience Prescription. We have built an automated digital transformation consultancy, and our team builds and implements the proposed Outcomes DX solution to the client and works with them however we can to make sure their outcomes are achieved.
Q: What makes your solutions unique?
A: Not only is our Outcomes Platform the very first (and only) of its kind — which already makes it a huge key differentiator — but it also helps our clients work from a Customer Empathy business model, which is a rare feat for any business. In our current data-driven business climate, it’s fairly easy for any company to see what decisions their clients are making and how they behave. However, it’s not at all easy for companies to figure out WHY their customers are making certain purchasing decisions or behaving in a certain way. But when companies gain insights regarding customer empathy, through the Outcomes Platform, we’ve discovered that this data is the key difference-maker in companies that are successful with their DX efforts, and those that are not.
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Q: What can we expect from DXFactor in the future?
A: We are proud to announce that we are now moving out of stealth mode, where we were only accepting opportunities from selected companies, and we’re now in full production mode making our Outcomes Driven Digital Transformation solutions available to the world.
We are expanding our global presence with offices in Ahmedabad and expanding our sales operations to enter three new global markets in the UK, Middle East, and Asia.
We are launching digital transformation industry-specific platforms for the Health and Fitness industry branded as DXFitness.
Something we’re incredibly excited about is our plan to hire 200+ employees in the next 6 months and we are deciding to where to stand up our official worldwide headquarters in either Washington DC or Tysons, VA.
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