As per a report by IMF, by 2022, 65% of the world’s GDP will be digitized. Digitization has taken the world by storm and we’re in the middle of Industrial Revolution 4.0 which is blurring the lines between the biological, physical, and digital spheres with the help of modern technologies.
More and more companies from around the world are initiating and adopting a digital-first approach and realizing a lot of benefits from it as well. Digitization has helped them introduce new revenue streams, improve product quality, meet changing customer demands, improve operational efficiency and more. This digitization isn’t limited to the tools and equipment of a company but extends to its employees as well.
Digital Transformation Road Map
While there is no exact blueprint for achieving digital transformation, there are a few simple steps you can take to better plan and implement the transformation.
Gather and Analyze Data
Assess your existing processes and functions before undergoing the transformation process. Analyzing existing business data will provide you with a reference to see if the transformation is beneficial for your business or not. You can compare the data from before and after the transformation to measure the difference.
Involve Senior Management
Digital transformation is not just installing new software and updating the latest tools and equipment. It involves a cultural change as well which can only happen if the senior management is on board. In a report by CIO, it was found that 39% of the CEOs thought that digital transformation is of utmost importance for their CIOs. With senior management involved, the transformation is likely to happen at a quicker pace.
Set Goals and Objectives
No venture is fruitful without an end goal in mind. The same goes for digital transformation. By setting realistic, clear, and measurable goals, organizations can set themselves up for success. Hence it is important to determine what it is you’re trying to achieve through digital transformation and what gaps need to be filled for reaching that goal.
Create a Digital-First Approach
It is important to incorporate your employees in the transformation journey as well. If they don’t see value in the new technology and processes, they won’t get behind the transformation. Apart from tools and machines, incorporate modern technologies in the day to day work of an employee as well to make their jobs more manageable and reduce any complications.
Invest in Agile Project Management
Break the project into different sprints making it easier to implement, test, and respond to changes. In an agile methodology, employees work on different sprints simultaneously and provide feedback regularly.
Focusing on Organizational Culture
There are three critical factors that help in building a scalable big data analytics pipeline:
Digital transformation should be aligned with a digital-first approach to the workforce. The transformation should happen across the organizational culture and should affect every aspect of the business it can to make it more efficient and effective. One of the biggest challenges to digital transformation is a lack of expertise and employee pushback.
Business functions ranging from sales & marketing, finance, accounting, product development, customer engagement, and more can be affected by adopting modern technologies in the business. Creating a remote workforce with virtual onboarding and online training modules is just some of the facets of a business that digital transformation can help change.
Focus on Agility
Digital tools and processes enable a company to not stay restricted to physical domains and limitations. With a robust digital infrastructure in place and solutions like CRM, ERP, HRMS, and more, businesses can migrate to a remote or work-from-home culture. Not only has this become a need of the hour because of the pandemic, but has become the new normal and is here to stay.
A majority of employees prefer working from the comfort of their homes as it makes them more productive and allows them to spend more time with their families as well. This agility is beneficial for the company as well and they can ensure that processes are running smoothly even if employees are not in the office. Disruptions like power loss, bad weather, server issues, and more won’t affect the entire workforce and will only be limited to a few employees.
Successful Digital Execution
In this ever-developing world, change is the only constant. Digital transformation is not just a ‘forward-thinking’ decision anymore and has become essential to stay competitive and agile. However, several companies often chalk up lofty expectations for themselves and are then unable to execute digitalization projects to achieve those expectations.
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Diversity and Inclusion
One more advantage of successful digital transformation is the ability to hire people from around the world and build a diverse workforce. In-person interviews and local hiring limited the scope of talent for an organization but with remote working a reality, companies can hire qualified
people no matter where they live. This diversity not just improves the productivity and performance of the company, but also creates a diverse employee culture.
With the ability to work with anyone around the world, businesses also open the door to more collaboration. They can work with freelancers or individual contributors to fulfil a temporary solution rather than running a whole placement drive. They can work with third-party contractors and service providers to take care of one aspect of the business, like ERP implementation, while they focus on daily operations. This open-talent model can prove very beneficial not just for SMEs and young startups, but bigger enterprises can leverage it as well.
The lack of a single source of truth, quality data and ad hoc manual reporting processes undermined top management’s visibility of integrated insights on sales, sales rep interactions, marketing reach, brand performance, market share, and territory management. Understandably, the client wanted to align information that has hitherto been in silos, to gain a 360-degree product movement view, to optimize sales planning and gain competitive edge.