Digital Transformation – different people have different understanding of this word and different versions are doing rounds in the market. However, most companies don’t know the right approach or how to get their companies Digitally Transformed. I have gone through certain case studies and found out that the focus has shifted from the basic to evolved technologies in the workplace.
As per a report by the Altimeter Group, 88% companies are going through Digital Transformation which is a huge number. Among these companies, 85% of decision makers have said that they have a time frame of two years to make significant inroads into digital transformation or they will suffer financially and fall behind their competitors as per PWC. Now that’s a big challenge and companies are realizing this fast! However, only 25% of companies have a clear understanding of new and underperforming digital touch points as per Altimeter Group, and that’s alarming because the need is evident, but there is little or no clarity as to how to get it addressed. Digital transformation imparts ample benefits to different organizations. Some of them are listed here:
Here are some interesting case studies of successful digital transformation that have reaped business benefits:
These case studies conclude the solution that is required to define a clear roadmap for Digital Transformation. The pace at which new-age companies find a digital transformation strategy will define the market leader in each domain and the leader is then going to rule the segment for a very long time. The companies must identify and work on different approaches. Merely regular or standard approach may not work, as you may want to segregate your entire company into different groups, as per their needs. This will help create a custom Digital Transformation process for each of them.
The one major challenge which is still unanswered for most of the companies is the scalability of the entire exercise. Everyone must go through change management and we are talking about millions of people – an entire generation getting transformed and stepping into new age technology which requires scalability. Thus, companies must be cautious while choosing the right partners for Digital Transformation to make it an organization-wide success.