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.”

What is Digital Transformation?

Wikipedia defines digital transformation as, “digital transformation is changes associated with digital technology in all aspects of human society.”

This implies that digital transformation does not just impact organizations but the human race as a whole. However, from an organization’s perspective, digital transformation can be defined as:

comprehensive technology related transformation across the organization, impacting all areas such as HR, marketing, operations, etc. Moreover, digital transformation is not just a one-time thing.  It is an ongoing process completely modifying the way your business functions. Digital transformation warrants investments in areas such as skill development, infrastructure changes and maybe even revamping IT Infrastructure. Digital transformation involves people, processes, machines, etc. making it a complex exercise.

Given that, there is much going on at all levels in the organization during digital transformation program, it becomes vital for continuous monitoring and intervention right from the top level to ensure that everything is working in tandem. In fact, it would not be out of place to say that although digital transformation focuses on products, services, customers, technology, etc.  A comprehensive transformation is feasible only if the leadership, people and the change in very DNA of the organization as a culture is very carefully thought about and executed.

It becomes necessary to transform digitally, but with caution.

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?

As per Forbes, Start-ups can increase their revenue by 34% by adopting a digital-first approach.

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 V2Softsteps 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.