Digital Transformation is the use of technology to eliminate inefficiencies and solve critical problems to increase business value. In the digital age we live in today, the process of working is dramatically changing as innovation and efficiency are becoming the keys to success. However, digital transformation isn’t just about making things faster or easier. It is the process of asking how technology can change your company and how you can make the most of it. Most companies are at some stage of digital transformation, and it is important not to be left behind. Furthermore, it is of even greater importance not to start an initiative and get stuck in limbo like a large group of the companies shown below.
Digital transformations normally focus on three main areas: business processes, operations and customer relations. A business can use machine learning and AI to vastly increase their data analysis capabilities, build an ERP to make it easier to monitor its hardware or a vast variety of other initiatives to make their business more successful.
However, this is easier said than done and many digital transformations fail. This is primarily due to them not being aligned with the needs and goals of the business. McKinsey states that there are 3 overarching steps for a company’s digital transformation: “defining value, launch and acceleration, and scaling it up.” Before the process of change begins, management needs to determine what innovations will bring value and set clear, realistic targets for them. Secondly, they need to ensure that once this process has begun, it does not peter out and fail to take off. And once they see success, they need to finally “supercharge” the transformation and take it to a larger scale.
According to Forbes, 87% of companies think digital will disrupt their industry, and only 44% are prepared for that disruption; in order to be successful in our changing world, you need to ensure that your company is at the forefront of technology. To learn how we can enable your success, contact us at email@example.com for an initial discovery call.