Digital Transformation is a complete shift in the way present day business functions are conducted in organizations. The traditional rules of trade, consumerization and market study will no longer hold good. The old processes will have to be rewritten based on new thinking and supported by new technology. Business and operational activities, processes and sales models will incorporate technologies to leverage the digital capabilities and accelerate business growth. This will welcome new age thinking that considers and addresses complex societal problems with the support of new technology.
While digital transformation is currently a hot topic among corporates and business, it also impacts public sector organizations and associations. Digital transformation will help tackle complex challenges like addressing water shortage within cities, pollution, future job prospects and other key factors that impact the economic growth of a country.
1.Chalk out a digital transformation strategy
Businesses must put together a digital transformation strategy to leverage the possibilities that new digital technologies provide them. This strategy will accelerate the business capabilities and create an impact faster for future success.
Digital transformation cannot happen over-night and requires a staged approach with a clear route map that involves various departments of the business. They key is to keep updated with digital innovations and imbibe them in business processes. This will help ensure continued optimization within individual departments and will, in turn, improve the performance of the organization.
2.Let technology fuse with business goals
Digital transformation is not just about the latest technology, but how this technology has a direct impact on business decisions. Digital, now has increased capabilities to identify societal requirements, consumer problems and also actively work towards tackling these issues for an enhanced experience.
Some of the newest technologies like Big Data, Artificial Intelligence, IoT, Augmented Reality (AR) act as enablers of digital change and is one of the main reasons for digital transformation. These applications provide an inside view into customer experience, employee satisfaction, business outcomes, customer feedback among others and have brought digital transformation to the forefront.
3.Develop core capabilities across business functions
For a business to incorporate digital transformation processes smoothly, they must focus on 3 core factors. Firstly, an active awareness of the latest trends and innovations in the market, secondly, taking informed and researched decisions while implementing new processes and thirdly, fast implementation and execution to ensure minimum disturbance to business activities.
Digital business transformation needs to be an integrated activity that brings about an improvement in each of the business functions. The Business Process needs to realign to incorporate newer, innovative processing techniques. Business Activity Centers like marketing, finance, customer care will have to move towards an agile, automated revamp. Workplace employees and channel partner relations can be improved by incorporating more friendly and focused initiatives to ensure satisfaction. Digital transformation will bring about more focus on people and customers by using advanced technology.
A Change in the system calls for digital disruption
Digital disruption takes place when implementing a new business process or system that is different from the rest of the players. This new approach to the way of doing business is usually taken up by tech companies or startups that have an in-depth understanding of business activities. They are able to come up with innovative solutions that cause a change in customer behavior and overall market value, forcing other players to change their business model as well.
A holistic picture
Digital transformation is bound to seep into every industry segment; be it technology, retail, manufacturing, hotel and service, transportation, etc. In the end, it is about the experience of the customer and focuses on future improvements. Digital transformation calls for acting on the insights that digital technologies provide us and making changes to improve the daily lives, business offerings and services of fellow humans.