In the wake of the pandemic, several organizations are re-designing traditional recruiting, onboarding, development, and group collaboration processes with digital solutions. In a recent interview with Authority Magazine Ranjit Tinaikar, CEO, discusses the importance of digital transformation and how you can take your company to the next level.
What Does Digital Transformation Mean? On A Practical Level What Does It Look Like To Engage In A Digital Transformation?
The fundamental component of digital transformation is a disruption in the way customers and suppliers engage with a business. This requires businesses to radically rethink their existing products, channels, and services. It redraws the traditional boundaries between customers, suppliers, and adjacent organizations that create new digital ecosystems like media-content-entertainment and retail-payments-logistics.
Today many of the traditional siloes in the customer journey are being disrupted by the power of digital technology with digital platforms that integrate several activities in the customer’s journey in buying, using, and selling the product or service. It disrupts existing businesses in the value chain and creates new business models in this emerging digital ecosystem.
Financial, cultural, commercial and talent barriers to digital transformation are being broken down as more businesses make their transitions. My advice for companies is that the next year presents a window of opportunity to transform their business. A few will leapfrog ahead, leveraging the momentum of change the pandemic has created.
Which Companies Can Most Benefit From A Digital Transformation?
The question of digital transformation isn’t if; it’s when. And you know it is time when digital attackers are disrupting your business. However, the best time to start a digital transformation journey is before the pain of disruption threatens the existence of your business. The longer institutions wait to overhaul their systems, the harder it will be to adapt.
How Has Digital Transformation Helped Improve Operations, Processes, And Customer Experiences?
Digital transformation can fundamentally transform the relationship between you, your customer, and your supply chain. For example, using predictive maintenance reduces downtime and enables our customers to deliver value-added services that can be monetized over time.
Similarly, we have, designed contactless payment systems to transform the transit experience, transformed the in-store experience for a major retailer and much more. The list is long but what makes me particularly proud is that these transformations benefit people’s lives in their everyday experiences worldwide.
What Are Some Challenges Of Digital Transformation?
There are four significant barriers to digital transformation — financial, cultural, commercial, and talent. Companies must fully commit to digital transformation for it to be worthwhile, requiring a willingness to work around these barriers. However, the real challenge to digital transformation is that it is a necessity, but it is not a foregone conclusion. Companies must evaluate their risk and reward to conclude that digital transformation is a must.
What Are Five Ways A Company Can Use Digital Transformation To Take It To The Next Level?
- Inform products for new revenue streams or services
- Transform customer engagement
- Virtualize people processes while enhancing engagement
- Re-define supply chain boundaries
- Create new digital ecosystems
Digital transformation is about tapping the potential to transform the business model using the power of new digital technologies. Click here to read the full article and learn more about digital transformation.