10 Factors That Can Drive Your ‘Digital Transformation’ Initiatives!
Digital transformation is no more a word at a distance. It has become part and parcel of every individual’s life.
For companies, this is the ‘demand of the day’ and ‘need of the hour.’
While more than 70 percent of companies already have digital transformation plans, the COVID-19 pandemic is pushing them more in that direction.
This is evident in the transformation taking place in four key areas, namely telecommuting, on-demand services, virtual events and Cloud.
- Telecommuting: Workstyle in every industry is almost changing, paving the way for a remote workforce. Not just work, telecommuting is becoming the trend.
- On-demand Services: Online delivery is the new norm, everywhere. So, it’s high time for companies to alter the way products and services are delivered.
- Virtual Events: Companies have called off their events, business visits and in-person meets, inclining towards WebEx and other forms of digital meetings.
- Cloud: No one can even imagine a non-cloud world, given the operations and co-working happening in the cloud space.
All these factors directly make digital transformation more imperative than ever for companies globally.
So, what are your plans for digital transformation?
Where is the Problem?
Digital transformation is unavoidable, but the question is the success rate of digital initiatives.
According to Harvard Business Review, USD 900 million of the total USD 1.3 trillion investment on digital initiatives went in vain with goals unmet, in 2018.
Most companies are overwhelmed by the thought that digital transformation is revamping the entire digital approach and eventually failing in implementation.
The core idea of digital transformation is to effectively utilize technology and integrate it with core business areas to solve existing or traditional problems.
A real digital transformation is never over. It’s a continuous evolution that requires a change in organizational culture and mindset.
Thinking to get faster in Digital Transformation to overcome the COVID-19 crisis?
Here are ten factors you need to consider:
1. Customer-oriented Approach
This is the fundamental basis for success in digital transformation, which needs a shift in mindset from product-focused to being customer-oriented. Every deliverable should be aiming for customer satisfaction and making things simpler to them.
2. Culture and Change
Drive in a vision backed by a collaborative mindset and effective thought leadership. Break down the siloes and bring the change management built on cultural transformation. Align the change management efforts with modern, dynamic business environments.
3. Thought Leadership
Thought leadership should begin at the top level, and leaders should emerge even at all levels, backed by a strong vision aligned to business goals.
4. Technology Decision-making
This is crucial to the success of the digital transformation. Voices of all responsible stakeholders should be heard in making technology decisions.
5. Effective Integration
With all data systems integrated with the mainstream process, a well-streamlined data strategy makes digital transformation successful.
6. Internal Experience
Internal employees should act as customers in deciding the experience factor for any digital solution. Getting the right feedback helps meet the right customer expectations.
7. Enhanced Supply Chain
Digital transformation can make your supply chain speedy, reliable, and seamless than ever. From manufacture to fulfillment and delivery, explore the ways to digitize aspects of the supply chain.
8. Data Security
As you adopt new processes, security is the foremost aspect that poses a severe threat to confidential organizational or user data. Here is where you need strong regulatory and privacy policies for data safety.
9. Service Delivery
Change the way you deliver products and services. Bring up the product delivery mechanism backed by innovation and efficiency.
Leverage the potential of digital solutions to ensure personalized product experience. Understand customer behavior with AI-like solutions and deliver the desired.
On a Concluding Note
These ten factors drive your digital transformation efforts, welcoming the new-age business continuity and the next wave of business delivery.
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