With the emergence of technologies such as big data, artificial intelligence, cloud, mobile, gearing up yourself for major digital transformation seems to be no longer an option; it seems to be more like a compulsion.
And if not, enterprises seem to be facing a huge threat of falling behind the competition.
About Digital Transformation
As the name implies, it is change created by integrating digital technologies into different areas of business. The change in regards to:
- How does the business operate?
- How it delivers value to end customers?
- Change in terms of the business culture/ environment
Over these years, there has been a common question that is every keynote, panel discussion, article, or study; it says how businesses can remain competitive and relevant in the long run.
In simple words, opting for digital transformation is rethinking upon old operating models to experiment more and become more agile to respond to customers.
Speaking of the term, creating a cookie-cutter solution is not an option, but this is just one of the ways to look at it where we can define digital transformation as incorporating emerging technologies into all areas of businesses leading to fundamental changes from the core.
Moreover, it’s the cultural change that requires organizations to continually challenge the status quo, experiment often, and get comfortable with failure. In layman’s language, you have to walk away from long-standing business processes and focus on relatively new ones.
Significance of Digital Transformation
Why consider digital transformation? I can give you three solid reasons but by far, the most likely is that they have to; is because of the survival of the fittest scenario. It’s more like Go ‘digital’ or go home.
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With the change in technology, customer’s buying behavior seems to have changed. They expect the same kind of experience they have with technology in their personal lives. But do you think for businesses, it can be an easy venture! Probably not! As a result, businesses demand more agile hybrid IT services and agile networking capability that aids them in getting the user experience right!
Effective workforce engagement is pretty much in demand these days. Due to which employers are looking for creating ways that lead to productivity improvements in areas like finance and HR. Gone are the days when manual procedures were given importance, with automated critical areas like payroll, enabling leaders to focus on wider business opportunities.
One of the biggest headaches for many IT, as well as non-ITs, is the process of placing more data at the edge of their networks while keeping everything safe and secured.
Today it has become a complicated task that requires rigorous enforcement around access, data compliance, and shielding from attacks. The saddest part is that even the most stringent security measures are useless in combating these unwanted attacks.
Steps To Fabricate a Digitally Mature Company
Before we jump on to any implementation, let’s take a bit detour of understanding how does a digital transformation framework look like? However, it varies depending on an organization’s specific challenges and demands, but still, there are a few constants and common themes among existing case studies and published frameworks businesses should take into account such as:
- Customer experience
- Operational agility
- Culture and leadership
- Workforce enablement
- Digital technology integration
- Time for some action
This point emphasizes on the need to assess the environment in which transformation might occur. Some industrial verticals like financial and healthcare are more likely to transform their procedures than others like insurance. The key is to open up to change and have the willingness to sell transformation for its business value.
While performing the transformation, one must trust their vendor partnership. There might be times when roles maybe threatening as transformation is assigned unambiguously. But that’s very rare or once in a blue moon situation as far as you have formal teams devoted to digital transformation.
Take small steps or baby steps; don’t go for some mega transmission. Keeping defining issues; one at a time generating relevant feedback. In simple words, try adopting an Agile approach for successful digital transformation. At the same time, do focus on achievable results over realistic periods, not spectacular promises that cannot be kept.
Analyze the Core Skillsets
If you haven’t, it’s high time you go for! When using Agile methodologies, businesses do require an additional bunch of capabilities that companies need to exhibit internally and externally. One misconception lies here is no matter what you do, one cannot master all of the skills necessary to accomplish their goals.
Seek Help from the Metrics
Keeping a close eye on the metrics can work wonders for your both long term and short term business goals. For example, if you are more into robotics, you must see empirical gains in automation. At the same time, one must also consider fraud detection and other projects where compensation should be linked to measurable impact. This reduces the risks around digital transformation.
Lastly, I would conclude by shedding some light on one of the best example- Starbucks. While others were traveling in a rat race of building a mobile app, Starbucks already came up with an end-to-end consumer platform anchored around loyalty. The main objective behind the concept was to order via your smartphones and pay app.
Convenience, line avoidance, discount are some of its core features the company highly focused upon. When this experience is merged with an extensive loyalty program, the app gives Starbucks the perfect venue to up-sell and market to consumers without too much investment.
In addition to this, the app comprises of a massive amount of user data that funnels back to the company through it. This allows them to understand their customers’ behavior and needs better.
Digital transformation is all about providing nothing but the best to your end-users.