The Digital Revolution or the Fourth
Industrial Revolution is upon us, and it is unstoppable. Organizations are
reorienting their business processes and corporate culture to align themselves
with upcoming technologies and present-day customer needs. In nearly every
industry, new digital technologies are being adopted, which are bringing
unmatched performances to their business processes. Almost every day, there is
an innovation in Artificial Intelligence,
Robotics, Business Intelligence and Connectivity, which promises us to transform
the way we live and work. The most crucial step towards digital transformation
is that an organization first needs to understand what they are trying to
achieve and why – before choosing to transform their entire organization
digitally.
The Titanic
seemed herculean and unsinkable until the moment where it didn’t anticipate the
iceberg which later sunk it. Today, digital transformation is the iceberg,
which companies should soon apprehend in order to continue with their business
smoothly. So to embrace digital change, a business should engage itself in
digital initiatives and strategies. An organization is only going to benefit if
they smartly invest and understand the emerging technologies and how they can
be implemented to enhance processes.
That being
the case, we will focus on some points, which will give us a clear idea about
the entire ecosystem of these digital innovations and their collaboration in
business.
Digital Transformation for business success
Organizations
are looking to move above traditional software systems and adopt intelligent
platforms, which will connect their operations and processes with technologies
such as the Internet of Things, Big Data,
Artificial Intelligence, Business
Intelligence & Analytics and more in Industry 4.0. When an organization
approaches digital transformation, they need inputs or advice on how to
successfully transform into this journey. Many times, they learn on their own
by making some mistakes or errors on the way or learn from the experiences of
others. To prepare for the digital
transformation journey, one must first keep the end-goal in mind. A plan
should be devised on what are things business wants to achieve, and it can be
in the form of business gains, technical functionality, a better understanding
of market needs or improved efficiency. The next step is to discover the
potential of your organization and how you can transform into an intelligent
enterprise. By adding value drivers to your product and services, you can guide
your efforts in the right direction to reap maximum benefits.
Opportunities through Digital Transformation
If we look
at this industry, it is a multi-trillion dollar opportunity for IT companies to
help organizations make the digital transition. While all modern digital innovations
are fascinating, it is also essential to find appropriate technologies for your
business, which will keep you aligned with the current market demands. It is
easier to serve a customer when you have precisely the kind of technology,
which will meet their requirements. Technologies like Big Data and Analytics will help your organization to understand
the needs of the market and Internet of Things (IoT)
platform can be utilized to store a customer’s data based on the products and
services they are using. These technologies will extensively benefit an
organization by accurately positioning itself in the market for the right kind
of audience.
Points to consider before embarking on a Digital
Transformation journey
A. Discovering your objectives for
implementing digital technologies in
your organization should be your first step while parallelly thinking about the
result you wish to have.
B. Identifying the Key Performance Index (KPI)
in your organization will help you find the right digital solution for
improving your business.
C. Keep an eye on the rising and in-demand
technologies in the market. If you don’t pay attention to innovations in
technology and what it has to offer you, then you will lack behind and probably
be out of business. Imagine if Sony had paid a little more attention to the
digital music format, rather than allowing Apple to break new ground with iPod,
iTunes and Apple music.
D. Some businesses are making the most of
digital initiatives right now and comparing yourself with them might be unwise.
Understand that they have implemented only those technologies, which are best
for their business, and so you should do the same by adopting only those
technologies, which can improve your business.
There are multiple
processes, transactions, evolutions and innovations, which are covered under
the digital transformation umbrella. Before embarking on the digital transformation journey, you
might end up reading about specific reports, which predict the market, and
“guides” you towards widespread technology adoption, but there are specific
challenges and pitfalls, which an organization should foresee or experience
themselves. There are steps, which a leader and various departments in an
organization need to make for a successful shift in the organizational thinking
towards digital transformation adoption.