Source: Analytics Insight - January 2020
As technology advances, it optimizes and improves the relationship between brands and consumers, which assists in making better marketing decisions based on target reactions and enables to have all the supply chain under control. However, digital transformation is not just about technology disruption on the business, it is also about how these technological innovations are adopted and utilized. According to a report, the global spending on technologies and services that drive digital transformation is anticipated to reach approximately US$1.97 trillion by 2022. Here are some reasons why digital transformation is essential for businesses seeking to grow and remaining competitive in this digitally connected world. Supremacy of Data and Analysis Interactions with customers digitally produce and rely on an increasing volume of data. Afterward, that data feeds the analytic functions, giving digitally transformed organizations the insights they need to reinforce the continuous cycle of satisfying customers’ needs and expectations. A successful digital transformation majorly based on the capabilities of big data. So, without making the transformation that puts data and analytics at the core of a business’s operations, that business will be left behind in the competition where their peers have made the shift. User Experience Digital transformation is forcing organizations to alter their business models and adapt to the new market reality. Today, as customers expect germane content regarding what they are doing anytime, anywhere and in the format and on the device of their choosing, this can be challenging for businesses. Thus, it is essential to embrace technology in order to deliver a unique customer experience. Most companies even put the customer at the center of their business strategy. For a digitally transformed business, each customer interaction is a gold-mining opportunity to collect information about what is working and what is not. Workforce Engagement Employers these days are looking for new ways to enhance business productivity, making workforce engagement a strategic tool for it. Digital technology here is playing a pivotal role in helping employees to become effective in their primary roles. Moreover, digital transformation offers a valuable opportunity for core business functions like finance and human resource. That is enabling to move away from manual processes to automating key areas such as payroll, giving the ability to leaders to focus on wider business opportunities. Power of AI Artificial intelligence will be a game-changer beyond the analytic power derived from big data. Nowadays, an increasing number of mundane and tedious tasks are already being automated, freeing up employees or human workers to focus on performing other tasks and addressing customer issues. However, this automation will deliver more problem-solving capabilities that emerge through AI in years to come. Also, with advanced learning, machines will be able to work collaboratively with humans to solve compound commercial issues. So, as with big data, businesses capable of taking the lead on AI developments will garner a massive competitive advantage. Cloud Migration Migration to cloud infrastructure, at the core of the digital transformation processes, is inevitable. Cloud is a significant component of digital transformation as it offers the agility organizations need to measure their data requirements. By leveraging a cloud platform along with a focus on data-driven innovation, an organization does not have to worry about the limitations of its digital infrastructure and just to focus on growth through customer insights. Understanding the Essential Pillars of Digital Transformation
So, let’s have a look at these essential pillars of digital transformation.
Customer Experience
In order to drive digital transformation initiatives within an organization, it is significant to consider the customer journey, behaviors and expectations. Creating a consistent, connected experience for customers, citizens, employees and partners is the most vital factor in satisfying peoples’ digital expectations. Customer expectations are the foundation of any investment, but asking customers to change to fit new processes, perhaps losing them altogether in the process.
Digital Supply Chain
Web-enabled connections between people, systems and devices can transform business models and produce better outcomes. However, most businesses miss the central role of end-to-end connectivity in this process, and are just focusing on the digital front-end. Simply creating pixel thin solutions through new apps also fails to address the underlying process and integration changes that are necessary to optimize digital experiences, just creating more complexity over existing silos. Thus, creating a truly digital business requires the development of end-to-end process flows that can optimize the fulfillment of connected experiences.
Innovation
To transform business processes from traditional to digital must require innovation. It can be defined as a sudden spark of creativity that paves ways to the creation of something, which transforms the face of businesses. Sometimes, these innovations are massive and completely disruptive of business models, while they can also make a small and meaningful difference that improves customer satisfaction or distinguishes an offering in the market. For any innovation, be it transformation or creating new products, there must be a space for open communication, collaboration and freedom to the creation of something different.
Leadership
Leadership within an organization can come in many forms, but when it comes to transformation, it must lead by top management. Leaders should be proactive and always be ready to make strategic business decisions and take effective actions. As the landscape of technology is moving rapidly, leaders also need to move with that change, keeping their organization stays updated and competitive. They also must carefully examine all options while investing in and leveraging advanced and emerging technologies.
Adoption of Modern Software
Making use of modern software development tools and processes, such as cloud-enabled tools and architecture, along with agile, DevOps, CI/CD and automation processes, are fundamental for digital transformation. These development tools and processes are aimed at augmenting the pace of code changes and making it simpler to manage increasingly compound applications across the board.
Thus, considering these essential pillars businesses can drive digital transformation effectively and efficiently, assisting in getting ahead of the competition.
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