Digital transformation isn't a new concept - recent years have seen the rapid evolution of technology in business, from the Internet of Things (IoT) and blockchain to chatbots, machine learning, and virtual reality. Almost all companies are involved in some form of digital transformation, but how many are actually seeing it pay off?
In this article, I want to talk about some of the common myths related to digital transformation. Even though, almost all companies are involved in some form of digital transformation, but how many are actually seeing it pay off? The answer is surprisingly few. A new analysis by Bain and Company found that solely 8% of global corporations have been capable of achieving their focused enterprise outcomes from their investments in digital technology. Said another way, more than 90% of companies are still struggling to deliver on the promise of a technology-enabled business model.
Successful transformation is complicated and includes aligning technology with business features, integrating new technologies with legacy technologies, and delivering innovation in places which are uncomfortable with risk. By contemplating digital as an enabler as an alternative of an end aim, entrepreneurs can better decide how their digital transformation technique will affect the customer experience, in addition to drive revenue and efficiency gains. If so, digital transformation is a solution for your business. According to recent research, over 40% of corporations worldwide include digitalization of their business strategy. Let's see what are the common myths about transformation.
1. Digital transformation is only about technology.
Technology is essential of course, but the transformation is not only about it. Transformation is not only a software upgrade or a supply chain improvement project. Transformation is actually about your corporation and how your objective, strategy, and progress will survive amid a sea change of expectations from customers, workers, and partners. A transformation like 5G can definitely inform and guide your workflow, however the fact is that a workflow that's well-designed, intentional, related to the enterprise, present with technology trends, and most significantly meant to make your business extra efficient can also stand up to main disruptions.
The digital transformation exercise should impact real metrics-revenue, profit, cost, customer engagement, retention, or repeat buying-and therefore influence business in a optimistic manner. Transformation is about positioning the company strategically to compete within the digital age and coping with new market realities. If you need to lead your organization's technology transition, step one is grasping the realities of digital transformation - rather than getting seduced by the hype.
2. Transformation is an isolated, one-off project that follows a regular approach and requires firm-wide change.
One of the most important myths surrounding digital transformation is that it's an isolated, one-off project. For a digital transformation initiative to succeed, it needs to be a corporate-wide undertaking with involvement from stakeholders across the organization. Marketers will only achieve success of their digital transformation if they truly understand what their clients need and build digital experiences around that perception.
This myth connected to digital transformation is that it requires an organization-wide transition to digital. It doesn't. Yes, stakeholders from throughout the organization need to be concerned, however not every operation across departments needs to shift to digital. Building an effective digital strategy starts with evaluating the market, as well as the organization and its objectives. This will provide the data needed to determine where to spend money on digital, and the way best to profit from these investments. In some cases, there are non-digital processes in an organization that works quite well and might not warrant being digitized.
3. We already have a good digital strategy
Digital transformation is the process by which corporations are radically changing themselves to better meet clients' expectations and desires. By radical change, I mean fundamentally changing everything: customer and employee-facing systems; business processes; products and services; even the brand. 90 % of companies believe they have a digital strategy in place, but only 14 % have the technology and skills needed to deliver that strategy. What's extra, few corporations approach their digital strategies efficiently.
Only 25 % have mapped the client journey - an important step for transformation - and only 42 % are investing in digital channels. In reality, almost 90% of CIOs in the latest survey have admitted that a digital transformation project has failed, been delayed or lowered in scope.
To implement digital transformation in pieces doesn't require cleansing up the universe of data throughout the organization (though it is best) or having absolutely strong datamarts that are simply accessible/relational/editable/IAM-gated, and so on. This is variously termed digital transformation or tech-enabled enterprise transformation, however no matter label, technology leaders are on the center.
4. Digital Transformation is a separate "thing" that is added to your existing business model.
Transformation isn't just adding extra tech to your present strategy, a side project for your IT department. For instance, cloud-based technologies and subscription-led services are nice enablers of digital transformation; they're affordable and businesses of every size can utilise them without breaking the bank. To launch a digital transformation of enterprise processes, it's essential to purposefully model these processes with tools that enable inventive, empirical simulations.
Transformation is an ongoing process; one that may require changes to maintain success. An enterprise architect is a person in charge of your company on a day-to-day basis. Due to the role they play, enterprise architects are also a critical element of your firm's digital transformation and strategy.
If you get these myths, you will be less more likely to fall prey to the hype about transformation and be extra aware of how arduous the process actually is. Eliminating these myths and gaining a transparent view of what's required for transformation is important for success.
If you would like to transform your business successfully, contact us today. Our training courses will help you in your digital transformation process.
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