Entrepreneurs are struggling to cope up with the digital disruption. Regardless of knowing the fact that digital transformation is crucial, only 3% of companies have been able to implement it in practice and reap its benefits. Legacy systems that need overhaul are either not aware of from to start or do not come across reliable digital transformation consulting services.
Several legacy system owners are under the misconception that disruption is just for startups. However, this is not true. Though a digital startup can disrupt the market, legacy companies should not underestimate their own competitive assets or commit the mistake of thinking that disruptors alone have all the cards.
A professional company offering digital transformation services reviews different aspects of business operations with respect to organization’s structure, operating model and online corporate identity. This analysis helps in strategizing the journey of digital transformation of business.
Opportunities and Challenges of Digital Transformation
Digitization offers opportunities to extend the reach of organizations, provide insights for better decision making process and speed up the development of new products and services. Fast adoption to emerging technologies can drive disruption and revamp the traditional business model to comply with the changed needs of the organization.
Though a multitude of opportunities are available for organizations that opt for digital transformation, there are several dynamic challenges that may come in the way of implementation. Organizations need to carefully move ahead in the journey of digital transformation by formulating a concrete strategy to harness its strengths and a strong plan to mitigate its challenges.
Digital Transformation - No Longer a Choice
SAP, a German-based European multinational software corporation expresses its view on digital transformation and says that digital disruption is no longer a choice, but a mandate. This transformation not only applies to business operation but also executives that need to move from simply understanding the high stakes, to activating complete end-to-end execution across their business.
The wave of digital transformation requires investment in emerging technologies and digital skills. The coming two to three years would be transitional that separates the digital winners from those left behind in the race.
Organizations around the world have started investing in the digital maturity in terms of hiring talent with digital sills and leadership qualities that can impart the learning to employees at other levels and create conditions that enable the organization to experiment, learn, and collaborate in the marketplace.
Digital Transformation Drives Innovation in Business
As per the recent study by Accenture, key drivers of digital transformation are profitability, customer satisfaction and increased speed-to-market. The main aim of digital transformation is to cope up with the changing customer demands. The strategy of digital transformation is formulated to reflect increased capabilities of the organization in lower costs.
Let’s discuss important elements that drive digital disruption in business:
Dynamic Demands of Customers
Digital transformation should always lead to sufficing the dynamically changing needs of customers. Good service, prompt response and easy accessibility are some customer centric elements that could be focused on through digital transformation.
Having a website with chatbot that responds immediately to the queries of visitors would help in higher conversion rate. Engaging customers through social media channels is yet another way of retaining existing clients, attracting new ones and building online brand reputation.
Digital transformation helps in process orientation as all employees are self-dependency and carry out all activates on a common platform. Proper accessibility and security of information helps in streamlining processes for better outcome.
The digital wave helps existing business models to think beyond the existing business models. It also fosters new innovative products and service that cater to changing business needs.
Digital transformation has revolutionized businesses in terms of streamlining internal operations, increasing productivity and extending the reach of organization in the online world. The power of digital transformation is high enough to impact levels in the organization. CIOs and business leader are stepping forward to ensure that digital transformation coupled with innovation allows business to bring in productive changes and deliver enhanced value.