The internet coupled with technological advancements has given rise to a new ‘world’ – the Digital World. The world of business is highly influenced by the digital wave even as companies are finding newer means to connect with customers and conduct business. Digital revolution has compelled companies to change their business model. In fact, companies are at crossroads – transform by adopting and adapting to technology or become obsolete and perish!
Is Digital Transformation necessary?
Yes, of course.
But that does not mean that a company goes all out and embraces everything that is digital which could prove fatal for both the company and its customers. Digital transformation is necessary to the extent that it helps a business create an efficient operational process without changing the fundamental concepts; it helps achieve better growths while restricting costs; and helps connect with customers while enhancing customer experience.
So, how then do we find the Best Digital Transformation Solutions?
Companies are in a hurry to embrace digital transformation either under peer pressure or due to necessity. While the first reason might result in a folly, the second one can be fiercely compelling and this is when companies must take a pause to find the best available and relevant digital transformation solutions. Listed below are a few ways:
Defining Digital Transformation: First and foremost, every company should define digital transformation from the point of view of its business and operations.
“Digital Transformation is not just about technology and its implementation, it’s about looking at the business strategy through the lens of technical capabilities and how that changes how you are operating and generating revenues.” — Issac Sacolick, top CIO and founder of StarCIO
It is important for a company to map its core objectives to digital transformation and see if the core objectives are still achievable with the transformation. Digital transformation isn’t all about technology, rather it is more about technology helping a company achieve its objectives in a much more efficient and effective manner. In simple words, digital transformation should not tamper with a company’s objectives.
Finding Relevant Technologies: There are several digital technologies that make sense and promise great change for most companies out there. But do all these technologies make sense for your current business operations? Selecting relevant technologies based on your business operations, model and needs is essential. Technologies like Cloud, Mobility, Data Analytics, Internet-of-Things, Artificial Intelligence, etc. are changing the business dynamics and scope of many companies, but does your company currently require all of these? Are mobility and data analytics good enough or should we also go with cloud? These are important questions to answer.
Analyse Current Business Model: It is important to analyse a company’s current business model. The right (and good) digital transformation solution providers understand your company’s business model, operations & processes, core business activities, etc., and map those areas that need to be transformed. Not all areas may require a complete digital transformation; focussing only on those areas which require immediate digital transformation is the right way to go. A digital transformation provider who has capabilities to study, analyse, and suggest the right means to transformation is the one you should pick to help you transition.
Modulate Transformation Process: It is very important to establish and modulate digital transformation process without which a company could end up in a sea of confusion. An elaborative process that lays the path to transformation (with all details taken into account) and one that advocates a collaborative approach by different teams towards transformation is essential. This is particularly helpful when you have different teams such as Business, Finance and IT that need to have a common understanding of both the transformation process and their respective roles.
Budgetary Concerns: The cost of digital transformation could be really high and in some cases a waste of spend; a company might have spent more than what it should have. Often, companies under peer pressure or with lesser knowledge and assessment commit the mistake of transforming digitally in an ill-advised manner and end up losing a lot of money and time. The best digital transformation solutions give value to the investment put on them.
Data Relevant and Driven: The best of digital transformation solutions allow a company to become smarter and operate more efficiently. Loads and loads of data are generated as companies embrace technologies. This data should be properly collected, analysed and be able to provide relevant insights. Data generated and analysed should prove useful in improving various business operations that range from back-end process to mid-way tasks to front end customer interfacing. Meaningful and insightful data is what makes your business different from others and is also what helps drive operational efficiencies while curtailing costs and generating higher revenues.
At the end of day, digital transformation is all about helping your business achieve greater customer experience, finding innovative solutions for your business, creating more efficient operations, making your business agile and expanding it in a shorter span of time. So if going digital helps achieve any or all of the above, it makes sense to opt for it. Also, it’s equally important to first understand how much of a digital transformation should your company embrace and in what time frame, before actually investing in it.