As technology evolves, and buyer behavior changes, companies need to be able to adapt to these changes. Look at how traditionally prevalent business functions have had to change over the years. Manual processes have made way for automation in almost all core functions in the workplace. With Digital Transformation, leaders can focus on the more important aspects of the business.
1. Improved Business workflows to stay competitive in real-time environments
2. Higher operational agility
3. Make faster, better data-driven decision making
4. Rising concerns due to use of legacy systems (digital security, less integration abilities - software work in silos)
5. Make employees more effective by increasing cross functional collaboration
The sheer pace and capabilities of all the business functions is going to further increase in the coming years for those who ably handle digital transformation.
Digital Transformation (DT or DX) is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It's also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure
Trends may not be the right word going forward. We could very well call it digital transformation priorities or digital transformation frameworks for companies. And it will involve asking the 4 most important questions:
1. How to digitize the organization?
2.How to digitize the operations?
3.How to digitize the products and services?
4. How to digitize the customer experience?
A mere glance at these trends, even from a layman’s perspective, it is easy to understand that there are going to be many benefits of digital transformation.
While these trends are expected, there are always going to be some triggers or catalysts that will make companies rethink their strategy and pace of DX implementation.
For instance, Covid-19 brought the world to a standstill. For a while, that is. World Governments had to keep running only those industries that produced or manufactured essential goods. And only after all safety procedures were heightened, with optimal workforce. Rightfully so. With many countries going under lockdown, certain segments like IT services, tech companies, financial institutions, and few others were quick to take necessary actions to ensure they continue their operations even as all employees could continue to work-from-home.
Those who already were in the midst of going through a digital transformation phase, saw it accelerate dramatically. But they were at least prepared. The others who were just mulling and watching from the sidelines, had to quickly initiate the transformation so as to continue being operational. Some have had to literally do it overnight. Thankfully, most of them already had a robust Business Continuity Plan in place, making it possible for them to undergo this change.