When a business makes the decision to take on a Digital Transformation (Dx) initiative, there is a lot of planning involved. The enterprise cannot simply declare its intention and leave the rest to fate. It must plan carefully and include all crucial components if it hopes to succeed and to launch this initiative in a timely manner.
The term ‘Digital Transformation, or Dx, is everywhere today. If you have heard the term, but you’re not clear on its meaning, Digital transformation is a business initiative that adopts a customer focus by taking a digital or technology-driven approach to business. This approach includes business processes, software and solutions used to create concepts or products, complete tasks, work through approvals, manage projects, monitor, and manage suppliers, equipment, teams, etc. In short, every aspect of the business from business structure and models to customer interaction and operations. Digital Transformation technologies may include artificial intelligence (AI), ERP systems and solutions, private or public cloud environs, and digital solutions for augmented analytics, BI tools, workflow management, HR, product design, etc.
In recent studies, 49% of the organizations surveyed about Digital Transformation (Dx) initiatives reported that Dx gave the business the ability to better manage business performance through data availability. When it comes to Digital Transformation strategies, the wise enterprise knows to involve its team members in the requirements planning and in planning for execution and transition.
According to an Accenture study, ‘30% of companies are still considered laggards in technology adoption and innovation.’ Hopefully, your organization is not among those laggard companies! Digital Transformation (Dx) is important for many reasons, not the least of which is competitive positioning. If your business is not actively working on improving its digital response, work processes, approval procedures and customer interaction, you are already behind the competition!
Deloitte reports that ‘The implementation of digital technologies can help accelerate progress towards enterprise goals such as financial returns, workforce diversity, and environmental targets by 22%.’
In assessing the enterprise landscape and planning for a Digital Transformation (Dx) transition project, every organization will certainly focus on technology and infrastructure. Technology is, after all, inherent in the very nature of a Dx discussion. Infuture Institute recently published a study that describes the critical factors in a Digital Transformation (Dx), and one of the most provocative insights states that, ‘What we need is…the change of attitude in the approach to digital transformation – from a technological approach to the humanistic approach (human over technology, not technology over human), i.e., focus on the employees within the organization and the needs and expectations of customers and consumers.’
By its nature, Digital Transformation (Dx) relies on new and reimagined technology approaches and solutions with a goal of modifying and optimizing products, services and business processes. Among the digital strategies in place in businesses, is the addition of tools and technology for artificial intelligence (AI), the Internet of Things (IoT) and cloud computing.
When businesses consider implementing a Digital Transformation (Dx) strategy, many will struggle with the idea of improved customer satisfaction. How can streamlining and automating processes and enabling the use of technology translate into improved customer interaction and build brand and relationship stability?
According to IDC, ‘89% of enterprises are planning to adopt or have already adopted a digital business strategy.’ There is a very good reason for this impressive adoption rate. Actually, there are many good reasons. As with any other business decision, senior management weighs the value and benefits of a new strategy against the cost and time to make the change.
If your business is on the fence about making a move toward Digital Transformation (Dx), you might be interested in a recent study by IDG that surveyed businesses about the results of Dx and its benefits. 52% said that Dx enables worker productivity through tools such as AI-assisted processes, 49% said that that Dx gave the business the ability to better manage business performance through data availability and 46% said that Dx helped the business to better meet customer experience expectations.
