Enterprise Digital Transformation – A Continuous Journey
Enterprise-wide digital transformation involves the systematic integration of technologies that can radically enhance key areas such as productivity, performance, and quality. From cloud computing implementations to AI-data stream management, various technological solutions can be on boarded to enhance operational output. Close to 30% of global digital transformation initiatives successfully improve critical business areas, with several companies expanding their investment.
Why digital transformations need to be continuous is because they are challenging to execute singularly. Several issues may arise, such as technology mismatch, lack of results, manpower training, business processes challenges, etc. which need to be addressed holistically to be truly cost-effective. Business leaders need to also continue to strengthen the relationship between digital transformation and financial performance, to scale up tech initiatives successfully as well.
Why enterprises need complete digital transformation
A company should start with a robust understanding of what encompasses a digital transformation journey. Digital transformation is the complete optimization of business processes, revenue models, and organizational structures, through the adoption of key technologies that can significantly benefit business metrics. Organizations are ramping up their digital transformation investments by almost 25% in many cases, because of the value that technology creates in meeting consumer demand dynamically.
Digitally mature companies also outperform traditionally slow movers across key metrics, such as net revenue growth, profit margins, cost optimization, service efficiency, etc. In fact, a digitally mature company will have a more secure infrastructure, drive data insights seamlessly, boost workflow efficiencies, and become more agile from an operational standpoint. Business growth, coupled with productivity enhancement, are making more companies establish their own pathway for digital transformation.
The 4 key focus areas of digital transformation
Companies should focus on the 4 key areas for digital transformation, especially when scaling up technology adoption through partnerships, or end-to-end onboarding.
Technology – When exploring digital transformation for a company, it is important to understand the critical role of technology. Most enterprises initiate their DT journey through the adoption of cloud computing and machine learning. They can perform internal technology assessments to gauge their needs for tech optimization, adopting the right solutions that can offer the maximum market impact.
Data – Data plays a vital role in the optimization of processes, as it offers a singular point of truth for teams and decision makers. In fact, close to 52% of CIOs believe that real-time data analytics continues to be a challenge in 2021. From project performance to customer behaviour, data lakes and warehouses can create better business results when implemented correctly.
Processes – For a complete digital transformation exercise to become successful, companies must audit their current processes to strategically enhance process management. This dictates whether radical transformation is the key, or it is enough for stage-wise transformation for quicker results. It also reduces the risk of silos and service bottlenecks when adopting scalable digital transformation measures.
Organizational transformation – Enterprise leadership needs to spearhead digital transformation initiatives, to cultivate a culture of technology adoption and innovative thinking. Close to 75% of successful digital transformation initiatives were directly launched by leadership as a core priority.
Technologies enabling digital transformation
Several technology services and solutions are directly impacting productivity, performance, and delivery quality, within enterprises across industries.
An example of successful digital transformation through the cloud in the retail sector is that of Target. The retail giant integrated distinct applications into one seamless customer experience-focused app that relied on cloud computing to offer near real-time products and promotions. By combining couponing, promotion, ordering, and tracking, it improved direct fulfilment reaching 70% of order volume successfully.
Artificial intelligence and machine learning – AI is a core driver of long-term enterprise-wide digital transformation as it improves data analysis and insight derivation significantly. It also fuels front-end services such as chatbots, websites, and digital applications used by customers regularly.
A core example of this is Bank of America’s Erica chatbot that has is being used by more than 10 million users regularly. When the bank faced significant volumes of customer service interactions over phone and email, it pivoted to leveraging a robust chatbot to handle preliminary queries via its app. More than 60% of clients also use the bank’s chatbot, which is largely driven by the underlying AI and conversational mapping technology.
IoT and extended technologies – The internet of connected things is growing steadily across markets, with industries like healthcare and manufacturing being leaders in their adoption. Key automation and robotics initiatives are also being developed using IoT, mobility, and connected digital technologies.
Blockchain – Blockchain is one of the premier new technologies used across industries such as construction, finance, cybersecurity, and banking. Many digitally mature organizations are looking at ways that blockchain can impact their processes, owing to its distributed ledger and decentralized blocks.
With the rapidly evolving nature of digital technologies, enterprises are constantly seeking the best technological innovations in the market. Technology services, such as AR/VR, cloud computing, AI, machine learning, and IoT, can help improve productivity, streamline operations, and impact product development significantly.
Industry leaders need to constantly focus on digital transformation to continue reaping the benefits associated. That is why there is a core need for the structuring of an enterprise digital transformation journey, rather than singular integrations or technology onboarding.
How vBridge Hub helps structure continuous collaboration with tech eco-system
Enterprises need to focus on technology innovation and adoption on a continuous basis, to ensure that they are benefitting from the solutions available via the tech eco-system. vBridge Hub provides access to some of the top innovators in the technology sphere, across key domains such as blockchain, AI, machine learning, IoT, 5G, etc.
vBridge Hub structures the discovery, filtering, engagement, and testing protocols for enterprises, empowering decision makers with the right tools to onboard the right vendors. vBridge Hub also provides cutting-edge insights to business leaders that want to stay one step ahead of upcoming tech innovations.
Reach out to us today, and connect with our experts at - https://vbridgehub.com/contact-us/
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