What is digital transformation?
It is the process of incorporating new technology into all facets of a company. This new technology will change how the company works and how it provides value to consumers.
For some companies, this may entail discarding long-standing business procedures. Companies dropped these procedures in favor of creating fresh ones. Back in the day, technology innovation took years to develop but is now on the fast track.
COVID-19 has accelerated the shift to digital business. The result is a quick increase of new services and global delivery methods.
An example is the Government of Canada's founding of the Emergency Response Benefit. This benefit provided financial help to millions of Canadians.
The Canadian Emergency Benefit completed this in a matter of weeks, thanks to their remote employees. Agents were processing more than 40,000 calls each day.
COVID has changed our lives and the flow of business significantly. Learn more about digital transformation in the age of COVID.
From smaller businesses to large corporations, digital transformation is a must. Lately, that message has come through loud and clear. Digital transformation shows that firms can remain competitive and relevant.
Many corporate executives seem to be unaware of what digital transformation involves. They may ask the following:
The COVID-19 epidemic has made digital transformation more important in recent months. This has forced many firms to speed up their transformation efforts.
Let's try to clarify and address some of the most common issues about digital transformation for businesses and IT leaders.
It is possible for any size business to embark on a digital transformation project. They may do so for any number of reasons. The most likely reason, however, is that they must — it's a matter of survival.
It has become important in the aftermath of the epidemic for a business to quickly react to:
We need to challenge traditional practices. Digital transformation is progressing steadily, even with the challenges presented by COVID-19.
According to IDC, global investment in digital services will increase 10.4% to $1.3 trillion in 2020. This is in comparison to a 17.9% rise in 2019.
It is one of the few bright spots in an otherwise dark year for technology spending.
Businesses and consumer behavior have changed in many ways since COVID-19 began. Unfortunately, when faced with fast changes in both demand and supply, some systems broke down. This is a reality that everyone experienced on a personal level during the epidemic.
One example of consumer behavior was the rapid transition toward streaming and online fitness. This is expected to continue indefinitely. The biggest changes, however, have been in the food industry.
Home cooking and grocery shopping were two categories that have resisted moving online in the past. Nowadays, these services are likely to remain or at least progress towards going digital.
Cashless transactions are gaining popularity as well. Remote selling is effective in B2B.
Each organization's challenges and demands will vary. However, there are a few givens and common aspects among current case studies and published frameworks. Technology leaders should consider these studies as they start on a digital transformation.
The following aspects are usually cited while discussing digital transformation:
Each of the above will have its own set of suggestions, activities, or factors to examine. So, transformation leaders must search for common patterns. Leaders should look for these themes while establishing their own digital transformation strategy.
Companies have been on a digital transformation journey for several years. That journey was to combat the threat of disruption.
But, progress has been slow; until the epidemic.
Large retailers shook up store operations. Stores did this by switching to curbside delivery and other contactless options. All this innovation assists shoppers in safely receiving their items.
To move forward, a company has to be more decisive. They must also apply digital transformation tactics. Here are some steps to digital transformation.
Restructure your company and services to focus on the needs of your customers. This could involve using artificial intelligence to improve operational efficiency.
To speed up transformation, companies must respond to changing customer expectations. They could also consider employing cloud software to complete digital transformation.
Banks, for example, are using self-service digital channels to change how they offer wealth and retirement options to customers.
Identify what do you hope to achieve for your customers in terms of business outcomes. Transformation leaders have to understand the problem that the company seeks to address. Also, they must connect their objectives with the desired outcome.
Business and technology leaders must unite in transformation. Traditionally, IT departments were tasked with repairing broken services. However, to solve challenges and deliver value to customers, IT must now collaborate with other departments.
The company can't simply demand technology. They need to know what they're asking for and understand how technology will deliver it.
Employees and staff will need retraining. Also, companies must be on the same page to link their goals with consumer preferences.
Businesses are retraining employees in digital marketing, sales, advertising techniques, and other technologies. As a result, the software has become a strategic asset in the transition to becoming a digital firm.
Choose strategic partners who can help. IT leaders need help in meeting digital imperatives to cut the time it takes to deliver consumer and business value. So choose the ones who have a demonstrated track record and whose values are most similar to yours.
New technology and redesigned procedures are critical to digital transformation. However, any digital transformation requires the right skills and employees.
For firms looking to launch new goods and services, some positions to fill include:
DevOps executives energize software development by combining development and operations. That allows firms to continually evolve software and deliver faster.
Corporations strive to harvest insights from vast amounts of data. As such, data scientists and data architects are in high demand. Also, that transformations increasingly rely on machine learning and artificial intelligence.
During the pandemic, a lot has changed, including our perceptions of the government's function and importance.
Just before the COVID-19 epidemic began in Canada, Canadians were to choose between two different claims on the government's effectiveness. The two questions were:
The conclusion was a toss-up.
Almost a year later, Canadians feel more positively about the federal government, and two-thirds are satisfied or very satisfied.
Digital transformations may lag or fail for various reasons, including:
Businesses need to address these problems quickly and adapt. Obsession with big bang change, cost-savings as a business driver, and failing to loop in all parts of the business are the main causes.
Take care to avoid making these mistakes when undergoing digital transformation and formulating your strategy.
If all this makes you feel like you're falling behind, don't worry. One of the most common ideas about digital transformation among companies is that all their rivals are light years ahead of them.
But there is little information out there on how difficult transformation is or how long it may take.
The right digital marketing company can help your business through digital transformation.
If you find yourself struggling to implement a digital transformation, why not contact us for help? We can help you get started today.
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