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Really digital technologies such as advanced analytics, automation, and cloud-based applications to social media are putting an impact on the way we do business by pushing change at an exponential pace.
Digital transformation is the process of adopting new technologies across every level of your business to streamline your operations, navigate more efficiently and save time. Businesses that develop a well-considered strategy to address and incorporate digital transformation will get optimum growth in today's fastly changing and highly competitive environment. At Bridgepoint consulting, we come across three key factors highly responsible to drive digital transformation for our clients, and that are enabling better technologies, rapidly accelerating business change, and a tech-savvy workforce.
True digital transformation does more than just create an electronic version of legacy processes or help companies move ahead with technology trends. Digital transformation, when implemented with planning as part of a larger strategy, can be beneficial for companies to address growing pains, unify customers and process data, and speed time to market for new products and services.
Cloud-based applications that support sustainable growth– As clients start experiencing higher volume, they often discover that manual processes simply stop working. It is because the cost per transaction of manual processes becomes too high, making it impossible to compete with more digitized and automated rivals. Cloud applications provide the scalability and flexibility to address these issues. These always-on, always-up-to-date apps are available anywhere there's an internet connection, and make it possible to rapidly deploy reliable new services as needed to meet demand.
The power of high-speed integration capabilities– While the customer may expect that data entered as a sales order quickly flows right through to a company's financial database and shipping system, this is not the case. Most companies are still dealing with at least two large enterprise applications, and some may have an environment that needs the cloud, mobile, and on-premises systems. Therefore, they also struggle with siloed or unreliable data and cumbersome reporting processes that may only make critical financial data available on a monthly basis. Enterprise integration now provides true real-time processing available, affordable, pre-built, proven tools such as Boomi and Mulesoft. These cloud-based integration platforms can connect existing CRM and ERP systems with a range of different business systems and third-party applications and APIs.
Drive efficiency through Infrastructure as a Service (IaaS)- With IaaS, developers can make a new server instance in minutes to quickly build, test and deploy new services or applications. IaaS is almost infinitely scalable, making it easy to respond to shifting seasonal and customer demands. And as with other digital technologies, IaaS offers businesses to shift their focus from infrastructure to applications and process enablement which makes system administrators become business analysts.
Another major navigator for digital transformation is the need to adopt and evolve as competitors enter the market, to grow, or to expand into new business.
How digital transformation spurs organic growth- More and more companies now start up virtually in a cloud environment and rapidly develop a global focus. This speed has become possible through the ability to reasonably test and launch disruptive new technologies in the cloud. To keep pace with rapidly moving new businesses should also move away from a cost-cutting mentality to a focus on building growth and expanding into international markets.
How digital transformation bolsters mergers and acquisitions efforts- In this on-demand strategy, companies move into new markets by purchasing multiple software or services companies and bundling them on what the Harvard Business Review calls "new growth platforms". This practice moves so fastly that soon we see a company adding two or three entities within months while we are working on their digital transformation project.
How digital transformation helps with expanding to new markets- As businesses encounter the growth limits of their current markets, they are using digital technology to test new business models, implement them and rapidly scale. Present cloud-based applications, IaaS, and other components of DX help them to leverage existing technology, add new applications or services, or move into e-commerce.
Digital transformation needs companies to rethink how employees across the organization work together and share data. Three fundamental parts of this shift are attracting tech-savvy new talent, retraining employees whose roles are getting changed as the result of automation and digitization, and supporting change management across the company
How digital transformation allows you to adapt to a digital workforce- True digital natives such as Millennials and Generation Z, can not assume a world without the internet, mobile technology, and cell phones. And they have a low tolerance for manual processes, adapt quickly to changing technology, and expect speed and customization.
How digital transformation bolsters employee retention and retraining efforts- A workforce accustomed to a more traditional environment may exhibit some resistance to digital technology and the changes it brings to their roles and working relationships. One of the biggest challenges in a digital transformation initiative is the requirement to retrain and relocate people as manual processes are eliminated.
How digital transformation helps with change management and the digital CIO- HR and functional leadership must adopt the transformation, embracing the need for new skills and new processes. This will require aligning skillsets with roles through retraining, redeployment, and retention. For these reasons, a digital workplace also requires a different kind of CIO: not an expert in building data centers, but someone with experience in aligning processes and managing change for an organization.
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