What is the way forward for organisations that have not started their Digital Transformation journey and also if they have, we need to understand the below areas
How important is it to have a digital strategy?
With the unprecedented increase in the use of mobiles and the internet of things our lives have changed without any choices but to adapt to the technology changes and the way we live.
The pandemic has forced the entire world indoors and also altered the everyday behaviour of consumers and how we consume things. Technology has proven to be a boon to help ensure the sustainability of life.
Everything is now connected, right from your travel to the office to the residence, all your gadgets and consumables on one device.
But, before you move ahead with your digital strategy, it’s important to understand what it really means and how to derive the maximum out of it.
A well planned digital transformation will enable your organisation in all areas of operations, build sustainable relationships, also better understand the market needs and most importantly deliver a better experience to the end consumers.
When going digital, one can possibly discover new frontiers and use the right innovation and technologies to grow and sustain your business. It’s about finding new possibilities of an existing service in order to design and deliver a better experience for the customer.
The best example of successful digital transformation is Amazon which started off as an online book store in 2005 and today might be worth more than all major brick and mortar stores in the United States combined.
Strategy is more important than technology — states an MIT Sloan report.
For digitally mature companies, digital-first has helped transform business models and processes, as well as increase talent engagement.
A digital business strategy is to be viewed as a means of transforming their business, streamlining processes, making use of technologies to enhance their interaction with customers and employees and delivering an excellent customer experience at the same time. Failing to plan in this field comes with a great price e.g. Kodak
One of the main hurdles to becoming a digitally mature company is a lack of digital transformation strategy.
Points to remember for your digital strategy and transformation
- Acknowledge the Internet of things
- Stay innovative
- Keep a constant eye on emerging trends
- Move and change as per customer needs and demands
- Use design or lateral thinking
Today, Artificial Intelligence, Machine Learning, and the Internet of Things are the three top technologies enterprises are after. The right mix of these aligned to your business objectives will help you in the long run.
The time to transform is NOW.
Acquire and understand thoroughly what information you need on emerging digital technologies, put down a well-planned digital transformation strategy. Estimate how it will affect your business as well as your existing and potential consumers, leverage data to your advantage, inspire all stakeholders to move in the right direction, and you won’t be left behind.