To compete in the global economy and to get familiar with the futuristic innovations, organizations must pace their development with modern techniques to stay in higher demands. This can be done by combining the emerging technologies (AI, Machine Learning, IoT, Blockchain, etc) with the digital transformation. While digital technology is paving multiple ways of executing the business, some organizations are lacking behind in the adoption of the transformation.
If utilized proficiently by a specific organization and its industry, the digital transformation can help in enhancing the profits, operations and can also embrace new opportunities. According to the analysts, around $2.2 trillion will be spent globally in 2019 and upcoming years on digital transformation technologies.
Before trying your hands in digital transformation, you should analyze the agility of your organization and its willingness to adopting the change. This is entirely dependent on the scope and objectives of your business’s digital transformation initiatives.
In this blog, we will highlight the key points to help you ensure if your organization is ready for digital transformation:
1. Are You Technology Prepared?
For competing in this continuously evolving digital world, make sure that your organization has the right technological framework required to adapt and make changes. These technologies could be Advanced Analytics, Machine Learning, the IoT, Cloud Computing, Human-Machine Interfaces, etc that can create a strong base in syncing with the transformation of the industries. Begin with taking an assessment of the current position of your company in comparison to the competitors and what’s on the horizon. Conduct a team meeting and discuss the below questions:
- What technology do you rely on?
- Where are you running into trouble with technology?
- What technology takes the most time for you to deal with?
- What business goals do you have, and how does your team help you achieve them?
Getting answers to the above questions will help you in providing a clearer picture of the state of technology in your organization and thus, will help you figure out the areas of improvement.
2. Good Leadership, Governance, and Strategy
Adopting digital transformation requires a change in business models, technology stack. and processes. Only strong leadership can adequately utilize the power of digital transformation and hence it looks after multiple parameters that should be there before undertaking the transformation. Few of the parameters include:
- Keen understanding of the organization’s current digital profile
- Identifying crucial factors that can drive development
- Identifying the potholes or the barriers preventing digitalization
- Identifying the capabilities required to increase digital development
- Strategizing and developing a digital capability improvement plan
To bring out the best possible outcomes, the leadership must follow a clear strategy and a growing vision.
3. Measure Value
Measuring the value of digital transformation is indeed a vital task. Digital transformation does not often affect the KPIs instead enhances ROI, profitability, and investor value. It is always important to identify and trace the early indicators that link to the progress of your digital transformation initiatives.
4. Factors of Digital Transformation
Every transformation has its benefits and so does the Digital Transformation. It helps in creating an end to end transparency between industries, better understanding among the consumer needs, better-customized products in the market, etc. Transformation relies on the employees of an organization and hence an assessment of the employee skill set can support the digital initiatives. This can align the best employees who can help in the adoption of the transformation.
5. Is your Organization Agile?
An agile organization is hugely capable of adapting to any change efficiently and effectively. A successful digital transformation will enhance and simplify your working and management process. Thus “being agile” is the key component depicting that your company is all set to embrace the benefits of emerging technologies and digital transformation.
Digital transformation has enormous opportunities lined ahead and has opened the door for increased transparency across various industry verticals. Embrace these changes and stay agile as the digital transformation can make your business grow. We hope that this blog has offered you some really good points to take into consideration.
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