Digital transformation, what exactly is it and what does it mean to you and your organization? Digital transformation is adopting the latest and frequently changing digital technology to solve business problems brought about by customer demand and market requirements.
With ever-increasing customer expectation and demand, the business would not survive without digital transformation. We have witnessed several companies across various industries, and regions implementing digital transformation using social media, mobility, automation, big data analytics and cloud.
Adapting quickly to change is becoming a make-or-break slogan. Digitally transformed companies have an edge today, but tomorrow only digitally transformed businesses will succeed. Before we leap deeper into the subject, let’s look at the benefits one can reap out of Digital transformation.
Greater resource management
Greater customer insights
Better customer experience
Creation of digital products and services
Opening the door to globalization
Increased collaboration across departments and increases transparency
Increases agility and innovation
Nurtures a digital culture
According to IDC forecasts global spending on the technology and services that enable digital transformation will reach $1.18 trillion in 2019. It is an increase of 17.9% over 2018.Discrete manufacturing $221.6 billion and process manufacturing $124.5 billion are the two industries that will invest the most in digital transformation in 2019. Followed by Retail, Transportation and Professional Services.If a company is looking for a transformation journey,
They should first focus on the Business Goal that they wish to achieve. Develop a Vision and Mission statement which are in line with the company’s growth strategy.
Digital transformation has to be a company-wide initiative and not limited to small departments.
Get the employees involved in Digital Transformation communicate the vision and helping everyone involved know what it means to them.
As the effort for Digital transformation advances, more and more companies are finding ways to use Automation to make an impact on Business Processes. Reducing the need for manual intervention in complex or repetitive business processes can have a positive impact on operations. By automating certain functions, organizations can improve the accuracy and consistency of the results. Do you know how Automation can change the face of your business?
It helps in cost reduction
Increases availability of resources
According to a study from McKinsey up to 45% of work activities could be automated using technology that already exists. So, let’s open doors for automation and reap the long-term benefits of digital transformation.