Thinking of going digital? Get to know your drivers first
DIGITAL transformation is a phenomenon that has already left a mark on the business world. It is an evolution that all businesses must go through, and brings great benefits to any kind of company.
Business leaders are aware of the need to transform their businesses digitally. However, often, the wheels to execute it are not placed in motion. Digital maturity amongst organizations remains low, forewarning an inability to thrive in the current digital landscape that is characterized by constant disruptions.
In reality, most organizations already possess the data required to adopt the ‘Big Three’ technologies that drive digitalization forward. Namely, these are cloud technology, process automation, and advanced analytics.
Just having massive amounts of data sitting around will not be of use to an organization. In order to thrive, businesses must understand how data-propelled digital transformation drivers can help business performance, and then integrate them into their organization.
# 1 | Cloud Computing
Cloud technology can drastically transform the way organizations think about IT services and how they are used.
Cloud-first strategies are the foundation for staying relevant in a fast-paced world. It provides organizations with services that can transform the IT environment into a more agile one. Because services provided by the cloud are scalable, they can be engaged as and when required, at a scale that best fits the company.
Also, because these services are usually delivered on a subscription basis, there are no upfront costs.
Naturally, cloud computing will help push digital transformation forward. With cloud computing managing an organizations’ IT infrastructure, resources can now be freed up to innovate in other sectors.
# 2 | Process Automation
Process automation should be a top priority in a company’s digital transformation agenda. The adoption of the cloud will not just shake up a company’s IT infrastructure and operations, but also redefine business processes and employee roles.
After the cloud, companies should consider process automation. It can streamline operations, and mitigate issues such as staff shortage, unexpected downtime, and security breaches.
Basic process automation also helps in transitioning employees into an emerging age of robotic process automation, whose market has already grown more than 63 percent in 2018.
# 3 | Advanced Analytics
Digital transformation can help eliminate silos, and allow businesses to respond to real-time changes in customers’ needs, regardless of where they’re based geographically.
Data analytics can help organizations harness value from their data to gain insights into customer preferences, and also help them monitor the health of business processes. This would drastically improve customer and employee experiences.
Further, business leaders must ensure that they have the right digital success metrics, and redesign KPIs accordingly. With the right measures, pain points in an organization can be rectified to drive real change.
The market in most major industries is already saturated. To stay competitive, businesses must have mastered digital to a point of differentiation from their competitors. Change always trickles from the top, and business leaders must lead by example whilst going digital.
They should pave the way by engaging the entire organization in developing a digital-first culture, building a clear vision that is aligned with their digital goals, and take risks and openly seek feedback.
Going through transformations is challenging, but it need not be painful. With the right mindset and skillset, an organization can successfully embark on this journey towards being a better business for all.