The world is getting dominated by “Digital”. We hear about digital media, digital transformation, digital marketing and others. Everyone wants to take their business digital. We all know that mobile is the future of everything due to its accessibility and affordability. So as the saying goes, “Go Digital or Go Home.”
Did you know? 55% of businesses have already adopted digital transformation. But security concerns are hindering Digital Transformation in the UK and Europe. A study by EY confirms that the majority of UK firms are holding off adopting new cost efficient technology like cloud computing due to cyber security risks. This makes the firm less competitive, put them behind their competitors.
In today's competitive world it is essential for the firms to be digital ready. According to sources, 69% believe that if they do not embrace digital transformation their businesses may sink. So, many have already started their digital journey.
Digital transformation makes the firm confidence and boost growth. It helps businesses to be mobile and accessible 24*7. Digital transformation has the power to improve the business as well as employees potential. It is not just a matter of bringing in new technologies but changing the mindset of the people- changing the way people work and think.
Some cannot afford to invest in new technology. Hence, they seek external help. May be because the firms don’t have internal skills or have budget constraints. Bringing in external support can deliver power results.
It means the integration of all business areas of digital technology that is changing the way how you operate and deliver value to customers. It’s also a cultural change that requires organization to continuously challenge the status quo, experiment and get comfortable with failure. Digital transformation involves change in leadership, new business models, innovation, different thinking, and increased use of technology to improve the experience of customers, suppliers and stakeholders. There are numerous definitions given by experts and each have a unique way of defining this term.
In simple terms, it is the new, fast way of solving problems. It's a concept of going paperless. It has created unique opportunities and challenges for the organization.
Let’s see a good example of Digital Transformation in all sectors. Starting with marketing, here the goal is to find more customers while spending less money. Email, social media marketing, mobile app etc is inexpensive than any other non digital marketing thus reaching your goal becomes more fruitful.
In the banking sector, ATMs have streamlined the process by reducing the waiting time for customers who deposits or withdrawals money.
Also, the new wave of payment systems such as paypal or Google Pay, allows consumers to pay for everyday purchases directly from their phone linked to bank accounts so no hassle of carrying plastic cards or cash.
You must be thinking why this digital transformation matters? Or is it necessary for your sector of business? Yes, this applies to all areas of businesses. It matters if you wish to survive in the industry. It’s not a matter of choice but a necessity if you fail to evolve. The strategy has to be merged with the technology.
Customer experience builds deep relations with the companies that goes beyond products and services. Even employee experience counts, to improve the productivity of the employee.
Without the right talent and right people organization may suffer. They are the most critical aspect of Digital transformation as they are the people to push digital efforts for the future good.
Change is inevitable. Develop a strategy to encourage change and communicate your expectations to your employees. Provide necessary tools and techniques to embrace change.
It is a spark to change something creatively. Some innovation makes the customer experience more meaningful. Innovation drives Digital Transformation forward.
Leaders should be proactive as they bring an order in the company. Leaders think differently from the rest. They should not follow the digital crowd instead should lead it and that’s what a good leader does.
The right business culture is the essence of digital transformation. Every pillar compiled together forms a good culture. By creating an open space for employees, customer experience and where innovation takes place, you will lead your organization to a culture transformation.
Nowadays, every customer whether internal or external, expects the same kind of experience they have with technology. For businesses, this can be difficult to deliver. Getting the user experience right is the ultimate goal and can be achieved digitally. Using the IT technique can help achieve this. You must ensure their experience is exceptional.
Digital Transformation has helped automate the manual process and focus on wider aspects of businesses. This increases the productivity of the employees.
The headache is to keep the data secure. This is a continuous process that requires shielding and data compliance. It is a complicated task and thus, requires a security strategy.
The ongoing change in the Industry requires to keep pace with the new technology. Hence, the need for digital transformation arises. Companies are under pressure to compete digitally.
Digital transformation is a massive undertaking for established businesses. If done right it will produce a business which will be more aligned to customer demand and resilient in the fast moving digital future. So, whatever be the goal of the business, it must include Digital transformation inorder to grow and sustain in the long run. Digital transformation pillars are the backbone of business success. Keep in mind the pillars and no one can stop you being a leader in the market.