Digital transformation is no longer 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% of companies already have digital transformation initiatives plans, the COVID-19 pandemic is pushing them more in that direction.
The question of how to digitally convert established businesses is what matters most in the current business context rather than whether they must. Getting stakeholder buy-in, holding them accountable, overcoming organizational silos, and removing procedural barriers are typically significant obstacles to developing digital capabilities. However, teams that can collaborate effectively across business units, with transformation partners, and in a more significant partner ecosystem will succeed.
As digital transformation tools significantly transform industry after industry, many businesses are adopting large-scale change initiatives to capitalize on these trends or keep up with competitors. More than 80% of respondents in a recent McKinsey Global Survey on digital transformations said their firms had made similar efforts during the past five years. However, success in these transitions is proving to be elusive. While our earlier research found that less than one-third of organizational transformations successfully raise a company’s performance and maintain those gains, the most recent findings reveal that digital transformation’s success rate is significantly lower.
This is evident in the transformation in four key areas: telecommuting, on-demand services, virtual events, and the Cloud.
- Telecommuting: Workstyle in every industry is almost changing, paving the way for a remote workforce. It is not just work; telecommuting is becoming the trend.
- On-demand Services: Online delivery is the new norm everywhere, so companies must alter how they deliver products and services.
- Virtual Events: Companies have discontinued events, business visits, and in-person meetings, inclining towards WebEx and other forms of digital meetings.
- Cloud: Given the operations and co-working happening in the cloud, no one can imagine a non-cloud world.
All these factors directly make digital transformation services more imperative than ever for companies globally. So, what are your plans for digital transformation?
Digitally Transform Your Business
What is Digital Transformation, and Why is it Important?
“Digital Transformation” describes the strategic process of integrating digital technology into many company domains to alter its processes. The purpose of digital transformation initiatives is to boost productivity, increase agility, and change the corporate culture to one that values the technology of the digital era. This could entail adapting established departmental responsibilities to the changing demands of the market and business environment. So, just as much as integrating digital technologies, digital transformation services also involve changing the company culture, employee mindset, leadership, and business strategy.
Digital transformation services do not occur quickly. Instead, it is a journey that can take several months or even years and will alter as technology, people, and processes advance. Therefore, senior leaders and human resources must present digital transformation solutions methods and technology partners that foster employee buy-in if the digital business transformation is to gain traction.
Most of the money spent on digital IT transformation will go into the appropriate technology, including training and an agile IT environment. Because it enables the company to connect applications more smoothly, making them faster, more dynamic, more collaborative, and more flexible to meet consumer and stakeholder demands, the cloud—whether public, private or a hybrid cloud—is crucial to modernizing your business.
Many businesses start by investing in business technology, such as CRM systems, that keeps the company online. The following steps involve assembling the ideal talent team for digital IT transformation strategy initiatives so staff members and business units can confidently use technology and new procedures.
Innovation and disruption are two cornerstones of the industry’s digital transformation trends. To implement new business models and develop and retain existing talent, businesses must know how their industry is evolving and ensure they have the necessary people. In addition, today’s corporate landscape is rife with disruptive forces. For these reasons, maintaining the effects of such a change typically necessitates a significant repair in thinking and behavior.
Businesses might operate more quickly and in novel ways to compete better in the market. For instance, cloud computing and mobile technologies backed by contemporary security software and best practices enable secure, dependable access to business applications whenever and wherever. Automation also expedites procedures and minimizes errors.
Additionally, it redirects human workers’ focus from routine, repeating jobs to higher-value tasks that machines can’t perform, which helps to improve the working environment and the experiences of both employees and customers. Finally, artificial intelligence further transforms a business by examining data sets to find issues like fraudulent conduct and then learning from that research to find new opportunities to boost income.
Useful link: What is a Digital Transformation Strategy?
Benefits of Digital Transformation
Organizations may view digital IT transformation as “modernization” and, as a result, as a required disruption for any organization that wishes to stay competitive in today’s business environment. But enterprise digital transformation is more than a matter of survival for your company. Instead, it’s about gaining the benefits of having the foresight to understand how digital transformation companies can positively alter all parts of your business, from staff productivity to customer experience and leadership.
The following are the principal advantages of a digital transformation journey:
1) Stay Competitive
If you wait to modernize when all your competitors have already started their business transformation path, you risk falling behind. You might still need to utilize obsolete software and out-of-date IT infrastructure, which will cost you time and money while your competitors are getting leaner, making decisions faster, and optimizing their processes for optimum efficiency.
2) Geographical Boundaries Will be No Longer Exist
Because of digital technologies, businesses now have access to various new markets. Today, many individuals already utilize digital communication tools for personal purposes, making it easier for us to communicate with others. Therefore, a digital transformation strategy within a company would entail using digital tools, such as communication software, the cloud, the Internet of Things, and other remote working tools, to boost workplace flexibility and the capacity to interact effectively from anywhere, at any time.
3) Increase Employee Retention
Utilizing business process automation and artificially intelligent solutions will raise employee morale by relieving staff of tedious tasks. By incorporating these technologies into your processes, you may tell your staff that you don’t want to give them time-consuming manual tasks. Instead, their time is freed up so they can concentrate on projects that highlight their value as benefits. As a result, your staff will be more effective, efficient, and satisfied as a result of the business transformation of your company.
4) Enhance User Experience
Businesses are becoming more conscious of the need to engage customers in this age of mobile devices, social networking, and social media. By turning your company into a digital one that leverages technology, you may enhance your internal and external processes to become more user-centric. Customers are more likely to try a new product, recommend you to others, or spread the word about you when they feel involved in a digital transformation journey.
5) Data-Driven Decision-Making
Adopting a data management system promotes the making of informed decisions. Your digital interactions generate data that becomes a treasure of insights that will change how you provide value to your consumers. You may better understand customer expectations by using analytical tools to acquire insight into consumer behavior. This knowledge can be applied to enhance content management, digital marketing, company strategy, and business models. Making precise predictions using data analysis might help you improve your business growth strategy.
Useful link: Guide to Digital Transformation Technologies and Their Business Impact
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 technologies are revamping the entire digital approach and eventually failing in implementation. The core idea of digital transformation strategy is to effectively utilize technology and integrate it with core business areas to solve existing or traditional problems.
Real digital transformation consulting services are never over. It’s a continuous evolution that requires organizational culture and mindset change.
Are you considering getting faster in the Digital Transformation platform to overcome the COVID-19 crisis?
Here are 10 factors you need to consider:
1. Customer-oriented Approach
This is the fundamental basis for success in digital transformation solutions, which requires a shift in mindset from product-focused to customer-oriented. Every deliverable should aim to satisfy customers and simplify their lives.
2. Culture and Change
Drive in a vision backed by a collaborative mindset and influential 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. Someone who is technically proficient and has a broad understanding of the industry, its customers, data science, machine learning, artificial intelligence, and the cloud. Team management, client relations, and DX plan implementation are crucial.
4. Technology Decision-making
This is crucial to the success of the digital transformation companies. All responsible stakeholders should be heard when making technology decisions. Review front- and back-end systems again to ensure a seamless, integrated, and native customer experience and, ultimately, a positive employee experience. Utilize technology to foster credibility and fulfill rising client expectations. Ensure your messages and content are platform-proof to prevent affecting user experiences due to algorithm changes.
5. Effective Integration
With all data systems integrated with the mainstream process, a well-streamlined data strategy makes digital transformation challenges 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 companies can make your supply chain faster, more reliable, and more seamless than ever. Explore ways to digitize aspects of the supply chain, from manufacture to fulfillment and delivery.
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 regulatory solid and privacy policies for data safety.
9. Service Delivery
Change the way you deliver products and services. Promote a product delivery mechanism backed by innovation and efficiency.
10. Personalization
Leverage the potential of digital solutions to ensure a personalized product experience. Use AI-like solutions to understand customer behavior and deliver the desired results.
Capping it Off
Technology has altered business operations and communications. As a result, driving digital transformation solutions is no longer viewed as a business strategy recommended by experts but rather as a must and an unavoidable requirement for any company expecting to stay relevant and thrive in today’s intensely competitive business world. This solution can aid businesses in meeting their objectives, expanding into new areas, becoming more agile, increasing productivity and profitability, and retaining and motivating their workforce.
Beyond new technologies, digital transformation technologies’ success depends on the support of top-level executives, a shift in organizational culture, and employee buy-in. These ten factors drive your digital transformation efforts, welcoming the new-age business continuity and the next wave of business delivery.
These are only a few examples of digital transformation strategies your business or corporation can find motivating in the digital age. Please get in touch with Veritis, the Stevie Awards winner if you have any additional queries. We will respond to your particular requirements.
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