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How to Streamline your Digital Transformation?

May 07 2019
Author: v2softadmin
How to Streamline your Digital Transformation

One thing constant in this world is “Change.” And, it is imperative to adapt to changes occurring around us so as to stay updated and improve the quality of our lives.

One of the fastest changing fields is technology! Technology, as we are aware, is advancing at a breakneck speed. The only way forward for an organization is by adopting new technologies. Digital transformation is leveraging the latest trends and technologies by an organization to enhance its product, process, strategy, and customer experience.

In the words of Brian Glynn, chief revenue officer, IDG Communications, Inc., “Technology has been a driving force in business transformation for years, but the pace at which new technologies are launching has reached its fastest speed. Now it is time to create efficiencies and differentiate through customer experience.”

It is beneficial to systematically plan your digital transformation by keeping the following factors in mind:

  • If you are looking for digital transformation for your enterprise, a starting point could be defining your objective, in other words, what you expect to achieve by adopting digital transformation.
  • Demand for your product in the market is the single most important factor for the success of your business. Digital transformation will not serve as a solution to this issue. Therefore, before transforming your business digitally, it is recommended that you analyze whether it is worth investing in your current product based on the demand for it in the market.
  • Before you plan to embark on digital transformation, gauge whether your industry and customers are ready for it.
  • One of the key factors while planning your digital transformation is having a clear understanding of your customer’s journey.
  • Although the digital transformation should be led from the top, the other key roles are software engineers, cloud computing specialists, and product managers.

Why is Digital Transformation Relevant?

Digital transformation is relevant for several reasons, as it fundamentally changes how businesses operate and deliver value to their customers. Here are some key reasons why digital transformation is important:

Efficiency and Productivity: Digital technologies enable automation, streamlining processes, and improving overall efficiency. Tasks that were once manual and time-consuming can now be automated, allowing employees to focus on more strategic and creative aspects of their work.

Customer Experience: Digital transformation allows businesses to better understand and meet customer expectations. From online shopping to personalized services, digital tools enable companies to provide a seamless and enhanced customer experience.

Competitive Advantage: Organizations that embrace digital transformation can gain a competitive edge in the market. By adopting innovative technologies and staying ahead of industry trends, businesses can differentiate themselves and attract more customers.

Data-Driven Decision Making: Digital transformation provides access to vast amounts of data. Analyzing this data can lead to valuable insights that inform strategic decision-making. Companies can use data analytics to understand customer behavior, optimize operations, and identify new business opportunities.

Agility and Adaptability: Digital technologies allow businesses to be more agile and adaptable to changes in the market. Cloud computing, for example, enables scalable and flexible IT infrastructure, making it easier for companies to adjust to evolving business needs.

Innovation: Digital transformation fosters innovation by providing a platform for experimenting with new ideas and technologies. This can lead to the development of new products, services, and business models, helping organizations stay relevant in a rapidly changing environment.

Collaboration and Communication: Digital tools enhance communication and collaboration both within and outside an organization. Cloud-based collaboration platforms, video conferencing, and other communication tools facilitate seamless interaction among team members and with external partners.

Cost Optimization: While the initial investment in digital transformation can be significant, it often leads to long-term cost savings. Automation, improved efficiency, and optimized processes can reduce operational costs over time.

Risk Management: Digital transformation can enhance security measures and risk management strategies. Cybersecurity tools and practices help protect sensitive data, and cloud-based backup solutions can mitigate the risk of data loss.

Regulatory Compliance: Many industries face increasing regulatory requirements. Digital transformation can help organizations implement systems and processes that ensure compliance with industry standards and regulations.

Various Aspects of Digital Transformation Enable You to:

  • Leverage analytics for a better understanding of the customer journey.
  • In real time predictive marketing improving top-line growth.
  • Engage with customers through social media channels.
  • Transform by automating processes using digitization.
  • Take data-based decisions, improving quality of decisions.
  • Virtualize workspace

Let us now take a look at the status of digital transformation across industries:

As per Forbes, businesses in various sectors are widely adopting digital transformation. In fact, in 2018 alone, 89% of organizations have already adopted or had plans of digital adoption. The exact figures across various sectors are:

  • Services 95%
  • Financial Services 93%
  • Healthcare 92%
  • Education 89%
  • High Tech 88%
  • Manufacturing 87%
  • Retail 86%  
  • Government 82%

Digital Transformation is Popular Because:

70% of IT professionals consider technologies such as Big Data/Analytics to be the main factor for revenue growth.

49% of organizations report enhanced business performance due to data-driven decisions thanks to Big Data.

61% of organizations with manufacturing and High-tech industries at the lead, attribute the improvement in digital strategies to IoT.

A peek into what the future holds in store for digital transformation reveals:

  • As per IDC, by 2020, 30% of G2000 companies will allocate at least 10% of their revenue towards digital strategies.
  • Most organizations are successfully employing Big Data to make data-driven decisions for better outcomes. In light of the fact that data has become a key factor in the success of organizations, machine learning, and AI will play a crucial role in data processing.
  • It is expected that in 2019, AI will be leveraged by 40% of organizations planning digital transformation. (Source-Information Age)
  • It is expected that in 2020 personal assistants and bots will influence 10% of the sales. (Source-Information Age). Intelligent Automation is expected to grow by leaps and bounds in 2019. Connected Clouds will be more popular in the future. Organizations will tend to use private, public or hybrid clouds in combination to meet their changing needs in fields such as security, storage, networking, etc.

Augmented Reality (AR) will surge ahead in 2019 due to the fact that it can be employed in a wide range of applications by organizations.

In Conclusion:

Digital transformation is here to stay! In the words of Howard King in his article in the Guardian, “Businesses don’t transform by choice because it is expensive and risky. Businesses go through a transformation when they have failed to evolve.” Organizations will need to adopt it comprehensively, else they will be left in oblivion. However, transforming digitally is a complicated task because of the need to understand various technologies and their applications, etc. Therefore, it is best to seek the help of professionals who can help your organization transform seamlessly ensuring a pleasant digital experience.

This is where V2Soft steps in!

We provide IT services and consulting services to our clients. We have our headquarters in Bloomfield Hills, Michigan and we partner with our clients, helping them grow by providing customized solutions.

Let’s Talk! Contact Us to have one of our experts reach out and discover how we can help you with your challenges.