Why digital leaders focus on building a solid business case for technology
BUSINESSES that are succeeding with digital projects and innovative initiatives are on the right track in building a digital DNA for their operations.
In order to survive in an ever-evolving market and stay relevant in a critically digital era, businesses need to embrace new-age disruptions.
Operations that are enabled by technological capabilities are performing at a higher capacity compared to traditional players or those that are yet to prioritize digitization – the laggards.
“More than 60 percent of digital champions (digitally-enabled companies) outperformed their peers in terms of time to market and cost-efficiency,” Boston Consulting Group (Munich) MD Michael Grebe said at ‘SG:D Industry Day‘.
Digital leaders are quick to implement technology components into their core operations which then result in augmented operations, optimized efficiency, and higher revenues.
They are also are able to seize new business opportunities that follow greater operational efficiency, allowing them to achieve greater market growth. Not to mention, those that are doing really well are also able to cut operational costs and delight customers.
How is this scenario possible? Can businesses only succeed in the market if they adopt more technology?
The truth is, it’s not always about the technology alone, it is about being enabled by technology and revolutionizing processes to better meet market demands.
Essentially, at the core of a successful digital transformation project is a solid business case that comprises of long term visions, result-driven initiatives, and workforce-friendly solutions.
Businesses that are leading with digital capabilities solidify use cases ahead of full-scale deployment. They strive to understand why they need to pursue a digital project and how they can maximize the return on their technology application.
It’s critical to think ahead and not reduce digital solutions to short-term business applications because it may be costly to maintain them later on.
Some experts believe that quick digital fixes can fill temporary gaps but often lose value in the long run, especially when integrated with large-scale digital projects.
Having result-driven initiatives are an important component in a digital-based business case. Focusing on how a digital solution can be extensively augmented within a narrow business application can drive positive and impactful results that change the overall momentum of the operation.
For example, businesses with a digital platform might aim to achieve greater customer experience using solutions like artificial intelligence chatbot.
Directing efforts towards thoroughly optimizing the chatbot to enable it to provide meaningful and helpful answers to customers can help achieve that goal and add value to the operation.
Last but not least, the business case for digital projects must account for the workforce that will be maneuvering and utilizing the solutions when it is deployed.
A common mistake that businesses tend to make is leaving employees out of the equation when calculating the returns of a technology solution.
Elaborating on the importance of having user-friendly solutions was Changi Airport Group CIO Steve Lee who said, “Something as simple as [a more intuitive] interface could allow users to assimilate digital tools [such as artificial intelligence] better.”
At the same time, ensuring an easy-to-navigate environment would encourage a more productive and innovative working environment, especially when employees master the use of the solutions.
Having a solid business case with those 3 core components – at least – is a great way for businesses that are lagging in terms of their digital initiative to make greater progress.
Nevertheless, the absence of effective digital solutions does not reduce laggards to their business abilities and growth potential but sooner or later, they need to realize that being agile and digitally-enabled are the ways to go.
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