How to reshape your business to meet Digital Age?
Digital transformation is a must for all businesses, from the small to big enterprise. This message comes out clearly from seemingly every keynote, panel discussion, article, or study related to how businesses can remain competitive and relevant as the world becomes increasingly digital. However, still many business leaders are confused as to what digital transformation really means. Is it just a catchy modern jargon or means moving every work to cloud? What steps they should take to make their business digitally compatible? Do they need external help or they can achieve digital transformation by hiring internally? And most importantly is digital transformation really worth it?
What is digital transformation?
Digital transformation can be seen as the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers. It is a foundational change as to how an organization delivers value to its customers. It is also a cultural change that requires organizations to continually challenge the status quo, experiment often, and get comfortable with failure. It should be noted that the process should always be carried out with improving of customer experience in mind.
Such sweeping changes are typically undertaken in pursuit of new business models and new revenue streams, driven by changes in customer expectations around products and services.
Why it matters?
A business may require digital transformation for several reasons. But by far, the most likely reason is that they have to in order to survive. Businesses usually don’t transform by choice because it is expensive and risky. Businesses have to go through transformation when they have failed to evolve.
Recent studies have reported that worldwide spending on the technologies and services that enable digital transformation is forecast to reach $2.3 trillion (£1.8 trillion) in 2023, with the period from 2019 to 2023 seeing a steady expansion of digital spending to reach this figure.
How to lead Digital Transformation?
In order to meet the ever changing customer expectations, many CIOs are aligning with key executives, making sweeping organizational changes, re-skilling employees, setting up innovation labs and experimenting with emerging technologies to meet strategic mandates issued by their CEOs and boards to reshape the business as per the digital age demands.
Digital transformation is usually perceived as a technology change rather than a business change. And this is where the challenge lies – technology programs alone will not be able to help organizations adapt to the sweeping changes being brought about by the emerging digital society.
Examples of how Digital Transformation Disrupted businesses in recent past
Many businesses have in the past failed to see the importance of Digital transformation and affects of it on their business. As consumer adoption of the digital lifestyle has gained momentum, it has disrupted established businesses. Kodak, for example, invented the digital camera, but it was so close to its successful film business that the entire digital generation passed them by. Kodak’s top management did not grasp how quickly the world around them was changing. They did not see and understand how digital photography was changing the way their customers took pictures, who took them, why and when.
Digital cameras came to be seen, not just as photographic equipment, but as electronic gadgets, and that caused an enormous shift. Newcomers like Sony were able to bypass Kodak’s distribution networks and go right into electronic retail outlets, forcing Kodak to play on Sony’s and other entrants turf rather than its own. B2B value chains are impacted as well, the prime example being how Salesforce has completely disrupted the CRM software market by putting the sales person at their center of their focus.
Digital adoption & transformation by the society as a whole has leapfrogged organizations; today, digitally savvy consumers are creating their own ecosystems to meet their specific needs. Organizations that are leveraging digital technologies to reinvent their business models and processes to establish closer customer connection and drive innovation will be the winners. Digital technologies enable businesses to engage more deeply with customers in the context of who they are, what they prefer and what they need. Companies can use these insights to implement enterprise-wide changes that enable them to quickly and cost-effectively deliver more useful, meaningful experiences.
Digital Transformation Tips
- Being Accountable — who is responsible for what — clarity is critically important upfront, but companies can follow several other steps to affect this kind of change.
- Severely focus on a clear set of objectives. Whether as a business you are transforming an existing model or starting from scratch, leaders must reach a consensus on the best path to pursue.
- Be bold when setting the scope. Successful digital transformations are 1.5 times more likely than others to be enterprise wide in scale. This will also help CIOs recognize the biggest bang from their tech investments.
- Embrace adaptive design. The days of upfront investment requirements and rigid KPIs are over. Adaptive design enables CIOs to pursue monthly or even weekly tweaks to the transformation strategy, including reallocating talent.
- Adopt agile execution. Encourage risk taking, enabling even lower-level employees to make decisions, fail fast and learn.
- It’s okay to disrupt yourself. Successful digital transformation requires preemptive changes rather than reacting to competitive pressures or disruptors
Now that you have a better understanding of what Digital Transformation is and how you can lead your business into digital transformation age you need to ask yourself; how is your organization leveraging digital technologies to drive innovation and closer customer connection? Is your company willing to rethink and disrupt itself in order to deliver improved experiences across the customer journey? Are you ready to disrupt, rather than be disrupted? To overcome this challenge, TechTIQ Solutions offers professional & cost effective digital solutions in a time-bound manner that enables businesses to digitally transform various aspects of their business. With this in mind, all you need to do is to drop a mail to firstname.lastname@example.org or visit https://techtiqsolutions.com/contact-us/ with your query and someone from TechTIQ team will get in touch with you.
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