Technology has always had a great impact on business and society. But, in recent years the speed at which technological evolution is taking place and accelerating needs a transformation of the mindset. The impact is not only evident at the industry level but also the way the users and customers are interacting with businesses.
Creating the conditions to be ready for rapid evolutions and ideally pro-adapt and take the lead, changing the status quo, is part of business transformation.
Any change causes disruption and disruption may initially cause a hype or some kind of danger. This may lead to mistakes, blunders or losses initially but the lessons learnt at the end are surely going to future proof the business. Adapting to technology and going digital is the way to the future.No one can deny that.
If buyers want to buy online and want the product to be delivered at their place, then every business owner needs to have an online presence. Either the online presence is on an already existing online marketplace like Amazon, Flipkart, etc. Or it is on the company website depends on the initial investment the business owner wants to make.
Digital Transformation refers to changes that take place in an organization when digital technology is embraced by the business. According to MIT Center for Digital Business and Capgemini Consulting – Digital transformation (DT) is the use of technology to radically improve performance or reach of enterprises .
Major digital transformation initiatives are centered on re-envisioning customer experience, operational processes and business models. Companies are changing how functions work, redefining how functions interact, and even evolving the boundaries of the firm. Successful DT does not happen bottom up. It must be driven from the top.
Digital affects and can reshape every aspect of a modern enterprise.
As it is very clear in the image above, digital has an overall impact on decision Making, Connectivity, Automation and Innovation.
DT is not only about changes in the functions and procedures of business but a transformation of a mindset and culture of the organization. Hence undoubtedly, digital transformation requires strong leadership to drive change. To bring about any change a strategy is needed and priorities have to be set. If a step by step approach is not taken then the disruption caused can topple the existing setup and create a turbulence leading to chaos.
How To Rethink and Realign For DT:
Step by Step Approach to DT:
- DT has to take place at the thought level first by designing new experiences and business functions
- Ensuring that the digital culture seeps in the DNA of the existing culture
- Use data to take vital decisions and move from gut to data.
- Check the digital maturity by co-creating and co-innovating with new partners.
- The leader needs to educate, plan, assess and support the team to attain digital transformation and digital maturity.
- Don’t be in a hurry to calculate the ROI.
Digital Transformation is not a onetime update. DT will constantly call for change as the technology keeps on getting updated and the user needs to keep pace with it.
Break through the inevitable barriers, increasing your company’s odds of achieving a successful digital transformation by finding your digital sweet spot.