Digital Transformation of Businesses
Digital Transformation is having an impact on all the aspects of the business at all levels, from the executive to the CEO, everyone has to learn and hone their skills.
Technology has an impact on our everyday lives. With consumers consuming most of their information online, businesses are also changing their focus to grab consumer attention and retention. Businesses are shifting from their traditional practices and are adapting tech based solutions and upgrading their day to day operations. ‘Automation of processes’ is the latest buzz word among corporates. Since change is the only constant it has become imperative for businesses to leapfrog and join the era of digital transformation also known as disruption. Irrespective of the size of the company or the industry it belongs to, delivering great experience for both customer and employees is a must. To stay ahead of competition and to ensure brand loyalty new innovative applications in the business need to be introduced. This will not only decrease the operational cost but will also increase productivity and profitability in the company. It is not about embracing and changing the systems and processes it is about knowing what is best for you to accelerate your business and bring about a transformation in your business.
What drives digital transformation?
Digital disruption in businesses is not new concept. However, the adaptation of new practices has been slow and is catching pace since the last 5 years. Factors that are driving this change include, innovation in and speed of technology development, customer behaviour and demand, competition, regulatory changes and environmental factors.
What do enterprises really need?
Innovations in any space can lead to disruptions. Businesses today are paving way for the new by moving away from the age old practices. Introducing and making optimal use of practices that are cloud based, having systems in place to study and track big data, incorporation of IOT, AI and AR are being looked into. Apart from this, there are many more innovations that enterprises need to check and look into, as increasing speed, lowering the turnaround time and delivering state of the art products is the need of the hour.If these are in place it is easy to manage the ever growing customer demands and expectations.
There are several factors that businesses need to keep in mind while evolving their business and taking it to the next level through digital disruption. Some of them include:
Customer is king: The saying that ‘customer is king’ is not new. Customers continue to be at the center of the business. In this digital age companies have no option but to evolve their services or perish. Delighting them always continues to be the key. Apart from delivering great products resolving customer queries in time helps build great loyalty and brand advocates out of customers. It’s important that you identify your customers and their market and then develop products with an outside in approach. Big data analytics will come handy to study the customer behaviour and develop and market products and services. Every aspect of business from operations to sales, from forecasting demand to sourcing materials to recruiting and training staff to balancing the books all of it needs to undergo this wave of reinvention, only then will you be able to focus on great customer service.
Process evolve and don’t vanish: Processes when digitised evolve and enable data driven decision making, reducing the room for errors. This plays an important role in improving the performance, creating transparency in the system and enabling an open the door environment in the organisation. With this the outcome and the impact made on businesses can be easily tracked and measured.
Innovation is the key: New digital processes go beyond the existing ones and they foster growth through innovation, accelerate the way products and services are conceived, designed, and delivered with no barriers between customers and the businesses. This creates a compelling value proposition in markets and enhances the value available to the customer. Businesses can also target the previously untapped value of customer relationships to improve customer experiences, collaborate more effectively with partners, and drive ongoing innovation in products and services.
Digital Transformation is having an impact on all the aspects of the business at all levels, from the executive to the CEO, everyone has to learn and hone their skills. Thus, creating an environment that accepts and welcomes change and delivers great value to its employees and customers.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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