Significance of Digital Transformation for an Enterprise and the Latest Trends.
Guest Post by
Jitendra Kumar Singh, Senior Associate Consultant, MFGADT Online, Infosys
In businesses of all sizes and across domains, it has become imperative for companies to be digitally engaging in order to innovate and stay competitive. Instead of being a follower in technology, companies need to invest their vast resource and capital to react and also embrace the various technological disruptions.
The penetration of Internet and User base has increased significantly in the last few years and Enterprises have realized that digital technology is more than having just a basic website. The advent of Social Media platforms like Facebook, Twitter and various rating services have provided tremendous information to customer to make learned decision on purchasing. As a discipline, digital transformation incorporates a lot of latest technologies like big data, internet of things, gaming and cloud computing
According to Harvard Business Review "Technology innovation is not slowing down or leveling off, but ramping up -- and businesses will soon face a barrage of new digital possibilities."
Different businesses have different structures, customer's base, stakeholders, business model but they share few common challenges and themes.
Ø Steps involved in Transformation
ü Creation of a Business Case which is unique and which provides the road map for this change
ü Assessment of the current state of Digital Maturity in order to perform industry benchmarking and to point out the objectives.
ü Identification of the risks, compliance and legal obligations and devise steps to rectify these.
ü Obtaining the buy-in from the Key Stakeholders
ü Implement the Change as per plan.
Ø Scope of Digital Transformation and its Significance:
Digital Transformation initiative is not only about the IT or Digital Teams. Though the digital infrastructure is the backbone of any transformation but it involves all the teams and functions of the business.
ü Technology Infrastructure, IT Team, Analytics Team
ü Customers, Users, Marketing and Sales Team.
ü Compliance and Legal Team
ü People and Human Resource.
Ø Transformation can help grow business:
ü Provide more insight into the Customer behavior and trends which will help in Cross-selling and Up-Selling
ü Enhances customer satisfaction and hence retention as companies are able to provide more value per customer
ü Provides multiple channels to reach and serve the customers also new channels of revenue growth.
Ø Trends in Digital Technology:
As we have seen that in the Digital Space, it is not sufficient for the Enterprises to follow the Technologies once al the Risks have been mitigated but they have to invest their capital and resource to become a Digital Disruptor and stay ahead in competition. Some of the Latest Trends have been listed below for reference.
ü Custom applications: As the companies move towards attainment of IT agility, the need for Custom based application with a Pay per usage charging model has increased.
ü Hardware and Data Center are indispensable: The vast Data Centers are being used to provide Cloud based Storage and services on a Pay per usage model. With the ever increase in the data volume, the need for a large, cost effective data centers have increased.
ü Internet of Things: All our devices from Microwave to Cars are getting connected to the Internet and have induced a new layer of Intelligence into our lives.
ü Increased Workforce by Crowd Sourcing: Enterprises are no longer limited to their employees to get the problem solved or deliver, they can use talent from across geographies using the cloud, social collaboration technologies.
Hence the Companies need to recreate and redefine the business to stay competitive and not just become a follower. The growth and harnessing of this immense opportunity is limited only by the creativity and innovation of the enterprise itself.