If you are part of a business or an organization, you would have probably stumbled across the word ‘digital transformation’ quite often. There is too much buzz around this topic on the internet. There are also a lot of myths around this topic that makes organizations think of this as a taboo. While most of these myths have been debunked in the recent times and the number of business and organizations who wishes to undergo digital transformation have significantly increased.
According to a report, the estimated spending on digital transformation by the companies is expected to boom around 6 to 7 trillion dollars by 2023. One of the most logical inferences we could make out of this statement is that a lot of businesses are going to undergo digital transformation on a global scale. While it is true that most businesses are focused on establishing a digital presence in the market, the scope for innovation in the B2B industry is inevitable. The number of digital transformation consultancy agencies has increased in number.
Countries like India that focuses on the service sector of the economy has facilitated companies all around the world in terms of customer support, business development, digital transformation, digital marketing, etc. As the country also doubles down as a huge market for almost anything and everything, it becomes a natural choice for industry giants to occupy a piece in this market. Digital transformation helps to build a bridge between them.
Like it or not, digital transformation is going to change the market for the better and anyone not on the ship has to evaluate their business model and try to adopt this system in their business to stay relevant in the future. If you have just begun your digital transformation journey, you have landed at the right place.
What is digital transformation?
Think of digital transformation as constructing your business, but in digital space. Digital transformation is the process of establishing your business or organization in the digital market using various technologies.
A digital transformation consultancy agency helps you to visualize your business in the digital space and incorporates the latest trends in the market to make the business more customer-friendly. The term digital transformation is understood under different contexts, but the core of the concept remains untouched. The process without providing any solutions is useless. Any transformation in business should try to solve a certain problem; else there is no need for the transformation itself. Keeping this in mind, digital transformation with solutions are most valued than a generic ‘staying in the trend’ mechanism. So it is important for a business to choose a Digital Transformation Company that better suits their needs.
With the extended power of technologies, enterprises can able to accelerate their efficiency of business operations and attain enhanced productivity. According to the Mckinsey report states that “Almost 84 per cent of professionals believe that the future business success depends on constant innovation”
In this digital evolution, Technological innovations act as a catalyst for business growth & fulfilling the precise needs of the customers.
Challenges faced by businesses and organizations in their digital transformation agency
Not every business has the funds to create an in-house digital transformation team. Even if there is one, the process needs to be well planned and is prone to many hiccups. There are many practical digital transformation challenges that would pop on your radar while undergoing the transformation, but one must keep in mind that a systemic approach to these challenges would make your system as solid as possible.
Slacking at the IT department
If digital transformation is a fort, then the IT department is the architect. Your end products’ suave depends on the space and freedom that you give to an architect i.e. IT department. It is obvious that the terms digital and IT are connected, yet most businesses do not concentrate on this part. The beautiful thing about digitalization is, you can implement the process across various departments of the system.
IT has outgrown the image of few rusty computers and a struggling OS. Now IT is all about cybersecurity, artificial intelligence, system management, coding for websites and applications and a lot more. There can be no business in the digital space without a minimum level of cybersecurity. The age of information has put big data analytics at the centre of the picture.
If you do not have an adequate IT team at your workspace irrespective of the sector you are in, then the digital transformation process will feel bigger than your business itself which defeats the whole purpose.
At the same time, don’t go too hard on this particular department and burn a hole in your pocket! The best way is to hire an expert who can analyse your strengths and weakness. There are many Digital Transformation Consulting Agencies in the market to help you with the process.
Data, data, data…
The present scenario at the market is in such a way that there exists no term called ‘useless data’. Any data available on the free space is useful data. The introduction of big data analytics has changed the course of business. The advanced methods of analysing the data at the hand have provided extra dimensions to the existing system. Almost any device that exists on the market has a counterpart to it called the ‘smart’ variant of the same device. The smart variant could hook up to the internet.
This convenience of establishing an internet connection has led birth to various types of data that were previously overlooked. This is partly due to the demands of the market, but anyone who is not in this game is facing setbacks.
If you are not investing in the science of data; could be any technology, your business has a high probability to get expired. It is important to invest in data analysts who can analyse the data more efficiently and increase your chances of succeeding in a customer-centric model.
Only by analysing data, one could identify the resource at their hand and optimize the operations to earn long term customers. This could make a big difference in your digital transformation game. Most of the time, people see data analytics as science fiction and refuse to believe in its power and versatility. No matter what business you are in, you need to have an open mind when it comes to data management.
In the beginning, we have compared digital transformation to that of constructing a building. Space at which we try to build this fort is confined. One cannot visualize and devise a strategy for the long term without being creative. In fact, most of the challenges that a business faces could be solved using creative solutions (mind the context.).
Most of the time, complex problems require simple solutions. Heard about Occam’s razor? Sometimes the simplest explanations are the right ones. The end product of a digital transformation should be a customer-centric model that is easy to use. You have to visualize the end product in such a way that a layman could easily understand the content.
People don’t want to spend too much time on a website or application, trying to figure out what does which function. It should be direct at the same time well-presented. You have to imagine a system that doesn’t reek of complexity instead simplifies the process and focuses on the user interface.
This is probably going to come as a shocker because most of the businesses that are ready to undergo digital transformation don’t pay attention to this factor. Organizations need to imply the importance of this transformation and facilitate employees to adapt to the upgraded system. A transformation may change the complete outlook of your business and could possibly add new strategies for your organization, but you should be able to manage the workforce properly.
Digital transformation may sometimes feel overwhelming and one of the main reasons is due to the lack of training. Lack of training could make this change over a nightmare for the employees. If you think about it, employees should be happy about the change, not the other way around. So give some cooling period for the employees to adjust to the new system. Use this opportunity to re-establish your vision for your business and organization. It would help a great deal if your workforce is on the same page as you.
Wrapping it up,
Enterprise Digital Transformation is all about balance. The goal is to achieve a customer-centric system that stays relevant most of the time. No digital transformation expert can pinpoint a particular trend and claim it as a 100% working model. The system should make space for evolution so that it can stay relevant in the future too. A space for growth without yanking the chain too much is all that matters. Many digital transformation consulting agencies pour in their resources to find this sweet spot. It is important to stay relevant but not at the cost of your business! A tailor-made solution that’s exclusively put together for you is what you need.