Why Digital Transformation is Critical for Businesses Survival

Digital Transformation is Critical for Businesses Survival. Digital transformation is the adoption of digital technologies to improve processes, culture, and customer experiences to obtain new business opportunities as per the changing market needs.
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Digital transformation is the adoption of digital technologies to improve processes, culture, and customer experiences to obtain new business opportunities according to the changing market needs.

Technology is growing at an exponential speed. Digital technologies are integrated into all areas of our lives. With the proliferation of low-cost smartphones, the internet and mobile technologies have penetrated well in lower strata of society in emerging markets and developing countries.

The advancements in communication systems have blurred the differences between physical and virtual worlds. Technology is now the forefront of human interactions and defines the way we live and work.

Businesses are no exception. The traditional model of conducting businesses have become invalid and are not viable. Technology innovation is faster than technology adoption.

Digital transformation is not executives talk anymore, rather an extreme necessity for business survival. A well-designed business continuity plan is central to every aspect of the business health.

In simple terms, digital transformation can be defined as using digital technology to solve business problems. It’s about transforming the business processes that are manual to an automated process.

Digital transformation leverages the latest digital technologies to build new or update existing business processes, culture, and customer experiences to meet the ever-changing customer and market requirements.

The current crisis presents an opportunity

Digital Transformation is changing the way businesses are conducted in present times. The current pandemic has converted every company on this earth into a tech company. Currently, more than 90% of employees are working from home.

The current disruption has changed the rule of the game. Technology adoption is critical for the business continuity plan. The continuation of business as usual in the current pandemic has been a litmus test for several organizations.

Organizations addressing the changing business landscape is of paramount importance. The need for technology adoption is more than ever. Virtually every company is attempting to have a digital footprint to tap new business opportunities and potential customers.

Business survival depends on how fast a company can adopt digital transformation.

Digital Transformation is at the forefront of business strategy

Technology is no longer a choice, it’s part of core business strategy. Technology is central to business survival. The question is not whether it’s a tech or non-tech company.

Every company on this earth has integrated the use of technologies in some way or the other to connect to the customers and the way they conduct their businesses. Digital transformation has enabled and fostered the remote work model that is the future of the work trend.

The invention of the latest technologies like Artificial Intelligence, Machine Learning, Cloud Computing, IoT have touched all the businesses and societies regardless of the present technology status. Various countries have adopted the idea of smart cities.

The traffic signals, city lights, public transports, energy sectors are enabled by the use of digital technologies.

In addition to big corporates, the digital transformation has impacted organizations such as governments, public sectors, NGOs, private sectors. The use of the latest technologies, Tablets, Smartphones are pervasive in various organizations.

Technologies have a profound impact on the way organization’s activities are conducted. The rise of cloud tools and video-conferencing technologies have enabled collaboration across geographical locations.

Digital Transformation is needed across organization

The digital transformation in a business context touches upon the transformation of the following areas:

Organizational Functions

The digital transformation brings about holistic changes to various departments such as HR(interview, on-boarding, training), marketing(digital marketing), administration(smart security systems), Operations(IT-enabled services and tools).

Organizational Processes

The connected business continuity activities, seamless operations, and ongoing customer services are powered by digital transformation.

Business Model

The business model defines the way business operates, functions, and approaches to tap new business opportunities. The growth in these areas depends on the fast digital transformation.

Business Ecosystem

The digital transformation is not the adoption of digital technology within the organization only but across business partners, vendors, suppliers, and other stakeholders.

Organizational Culture

Culture is defined by the processes, organizational activities, collaboration, and digitization of manual services. The adoption of SaaS-based collaborative tools shapes the organizational culture and the way business is conducted.

Customers and go-to-market approach

Technology is the enabler for people and customers. It doesn’t replace the people, rather enhance human capabilities. The digital transformation entails the change in human behavior and mindset.

Digital transformation shapes the go-to-market approaches and renders value proposition to effectively transform the businesses and revenue sources.

Summary

Digital transformation is the profound transformation of culture, mindset, business processes, and organization activities to fully leverage the opportunities that digital technologies offer.

The development of innovations and technologies have made the business processes to be agile, customer-focused, and efficient to tap the unexplored business opportunities.

The digital transformation places the people and strategy before the technology. The current crisis has given the opportunity to rapidly respond to uncertainty and unexpected changes by advancing the digital transformation.

The integrated digitization of business processes and activities can act as a catalyst for enabling business innovations faster and at a lower cost !!

Pankaj

Pankaj

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