Digital Transformation, or the 'New Business Needs'

Why companies from all spectrum of life need a digital transformation

Yechte Consulting Ltd, Ben Tellin

A sharp picture, with clear sound

Digital transformation is not an option, but a necessity

Digital technology as new strategic imperative

Every business is digitally remastered, and most companies now recognise that digitalisation is important because it leads to a competitive edge. Technology will eventually penetrate and revolutionise all products. The digitalisation of products and services is accelerating everywhere. The opportunities offered by new technologies are obvious and immense, but the path is narrow. Many businessmen have difficulties with the introduction of digital transformation in their daily business because they mostly do not perceive digital conversion as an emergency. The participation of management in the digital strategy tends to be limited. Limitations of IT systems more than ever remain a barrier to digital transformation.

Digital should become a “keyword” in business-strategy. A word so interwoven with the description of an organisation's daily functioning. Active investment and digital initiatives are important for supporting, measuring and monitoring digital transformation programs. Digital transformation can be a difficult task because it forces you to rethink what you thought you knew. But it can easily be embraced if there is a digital strategy to begin with. Digital leadership must develop, share and evolve a singular business vision.

Few simple examples to start a digital transformation:

  1. Transforming your business models with digital DNA

  2. Using digital innovation to turn structural disadvantages into benefits

  3. Develop new products and services that relate to digital synergies. Transform services into digital services

  4. Wrap digital services around physical products to create a sense of 'stickiness'

  5. Expose internal digital and information assets as platforms

  6. Promote the idea that we all must take part in the digitalisation of our daily lives

We live in an incredible time

Technology changes how we live, work and play, all around, throughout, all the time. As the world constantly changes around us, it offers opportunities for developing new business ideas. Faster than we can imagine. The world's largest corporations seem to understand that. According to the World Economic Forum, Fortune 500 organisations committed to digital transformation receive 8% or $100 million more operating income than their lagging-behind counterparts. Digital Transformation reaches your customers, clients, patients or citizens better. It essentially expands the capabilities of your employees, optimises your operations and transforms your products and services.

Social media and the growing availability of data more than ever affect products and services. At the same time, digital technology gives you a 360-degree view of your customers. This allows you to be more active, treating clients as individuals, and providing an unprecedented level of experience. Listen better and respond accurately. A sharp picture, with clear sound.

To attract and retain the best talent, you need to have a modern workplace that nurtures employees to do more, while creating new ways of working. Familiar productivity tools with advanced capabilities improve digital literacy and give users the ability to do the best job from anywhere.

When it comes to optimising your business, digital technology can increase efficiency and improve profits. By automating processes and merging the 'Internet' with 'Things' (IoT), you bridge a much-needed gap between a static level of feedback and real-time engaging responsiveness. Anticipating customer needs before they become problems.

Finally, we observe that the combination of products and digital services has become the new standard. The ability to integrate software and technology directly into products (think of a modern car) is changing the way companies approach established markets. It effortlessly paves the way for disruption and imagination.

Digital transformation transgresses the entire business: from customer experiences to productivity, to infrastructure and innovation.

What do you plan to transform through technology?

Are you experiencing any digital transformation around you? Do you foresee other changes happening?
Let us know your thoughts in the comment section below

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