It is very difficult running a business which is an amalgamation of different decisions over time regarding investment, service innovation and technology excellence. Digital transformation is not just about technological implementation, but an organizational change at the intersection of technology, business and people, such reflection must take into account countless possibilities.
According to survey, 89% of enterprises have either plans to adopt or have already adopted a digital-first business strategy with Services (95%), Financial Services (93%) and Healthcare (92%) leading all industries. Education, high-tech, manufacturing, retail, and government are frontrunners in implementing digital-first strategies to improve process efficiencies as well as exceed customer expectations.
Digital transformation is a consistent journey. Reaching one stage or milestone is often connecting layer to next step.
Digital transformation consulting will help you leverage emerging technologies, adapt to changing consumer preferences and adjust to competitive market. These qualities ultimately will help to innovate. The mandate is clear enterprises must either adapt to survive or be left behind in the race of excellence.
Understanding the difference between digitalisation versus digital transformation
A lot of people mistakenly interchange digital transformation with technology. It does undoubtedly include technology combined with emerging digital capabilities affecting all areas of the business. But it is important to understand that the transformation is not just about the technology itself, rather about implementation and leadership as well.
However, before you take a leap to the next level it is important to understand that there is a major distinction between digitalisation and digital transformation. Digitalisaiton is all about modernizing existing processes and systems and applying new technology for optimum results. For instance, a bank developing an app to scan cheque and pay into your account is an example of digitalization.
Digital transformation is about completely turning around business operations with new technology innovation. Digital transformation has radically shifted from the phase of strategy to execution in the majority of businesses across the globe.
Before you take a plunge into digital transformation, it is important to answer few questions. What is role of your business in improving lives of people? What can you do to achieve significance and add more value in lives? The answer to these questions will form the basis and a roadmap for your transformation strategy. Equally important is to understand consumer behaviors and expectations.
Remember, the key to enterprise technology services is to achieve what people expect, rather than provide solutions that are easily achievable.
Enterprise Digital Transformation Strategy: Key to Success
Digital transformation requires major investment in people, processes and products. It should be noted that the most vital performance metric is the impact on customer experience — which translates into increased retention and revenue.
Successful digital transformation is not just about digitalization, but mainly about empowering people. After all, people play a critical role in changing the organization. Is your digital transformation initiative strong enough to empower people to streamline process and quicken time to market. First, clearly define a strategy and then clearly define roles. Without the right people and the right actionable, digital transformation will fizzle out as another siloed initiative.
The next most obvious step should be geared towards incorporating technology needed to improve user experience. Product enhancement is the natural step in building user experience, leading to digital transformation. The big question is how will your product grow and evolve? In such scenario, investing in tools and technologies to improve customer experience initiatives is important rather than simple relying on real-time data.
This is a critical aspect of digital transformation.
Customers expect a highly contextual and personalized experience, and to in order to provide that, enterprises need a holistic and a 360-degree view of the customer. Data platforms offer a secure, singular view of the customer in real time, providing insights into every customer interaction across several different touchpoints so customer experiences can be truly personalized.
IT drives digital transformation. Keep in mind that the impact on customer experience should be the sole reason driving your process. Digital transformation happens across the enterprise over a period of time. Focus on areas where the will help you achieve the greatest impact coupled with a high probability of success. Customize a process to make sense for your enterprise.
Build a Solution around new technology
Digital transformation is not just about technology change. Instead, it is about attaining business objective and building a better customer experience. Digital transformation initiatives typically involve cloud computing platforms, DevOps and agile development approaches, and emerging technologies like big data analytics, AI, virtual reality (VR), augmented reality (AR), and IoT devices.
Digital Transformation Trends to Watch Out
Cloud adoption is increasing at a rapid pace. But the increase is also bringing about growing pain areas. In some cases, moving to public cloud, private cloud, or data center is not always the feasible option. And several companies have started to realize the fact. It is important to maintain a healthy mix of all. Connected clouds continue to evolve and meet companies’ changing needs—be it cloud-source storage, networking, security, or app deployment.
It goes without saying that voluminous data and actionable insights are the key to companies allowing effective decision making about products, services, employees, and more. With a plethora of companies leading the way in promoting data to provide meaningful business analytics, there is much to be done by data driven organizations. It is all about realizing the power of the data and the data being collected.
With improved processing power, enterprises and leading decision makers will invest heavily in making more of all of their data and this will be done with machine learning and AI.
Virtual assistants are becoming the norm. Companies are identifying ways to add AI into their programs to simplify life for employees and consumers. AI assistants are embedded seamlessly everywhere whether it is computer systems, platforms, applications or software. Companies are using chatbots to facilitate customer service. AI power will top the list to watch out in the coming years for digital transformation.
Remember, digital transformation is not a standalone process, rather an integral part of business strategy. The process behind digital transformation must be carefully planned with both mature and emerging technologies, skillset of your people to implement transformation initiatives and the acceptance levels of customers to undergo and experience changes.