How to overcome the challenges and adopt the transformation?
The need for Digital Transformation is already well-established under the evolving digital trends ruling the global market. The obvious challenges faced by companies that make them hesitant to adopt digital transformation have also been discussed in detail. Despite the challenges, more businesses are adopting digitization much rapidly than expected. IDC forecasts that by 2019, the money spent on digital transformation will surpass $2 trillion. This means that organizations are seriously finding ways to overcome the challenges in the transformation process. As many as 87% of the businesses feel that digital transformation is a competitive opportunity. In fact, 51% opine that digital transformation has to be implemented within a year.
It is well-understood that digital transformation is imminent and cannot be avoided by businesses that strive to succeed and sustain for long in the global market. So now, the focus should be on how to overcome the challenges faced by businesses that restrain from the inevitable transformation. Here are some of the proven techniques adopted by successful companies that have helped them in effective digital transformation:
Using Data Analytics for everyday decisions
As you start using data and analytics for everyday decisions, your organization adapts to a new data-driven culture. This is the first step towards digital transformation. This implies the collection and processing of minute information regarding your business on a daily basis and analysing the same to form important business strategies. We are talking about tonnes of data, that comprises of machines, events, products, and customers, that is compiled to arrive at patterns and insights. This requires your organization to have tools that is simple enough to be handled even by the non-technical employees but sophisticated enough to compile complex data sets. The tools should also be fast enough to offer solutions within seconds in formats that can be understood by laymen. Tools that offer real-time analytics from Big Data will help the business strategize efficiently on a daily basis. Data cataloguing and big data management are two key aspects that help you transform smoothly into the digital era.
Though many businesses adopt trending technologies such as IoT and Cloud Computing, they have no clue as to how to utilize them to get the best results. IoT, for example, offers extremely beneficial information as to customer behavior and usage patterns. When businesses learn to use the data from IoT to their advantage, they can benefit from such critical information which can be the game-changer. With cloud computing, you can even share specific information with your stakeholders and clients making your business more transparent and data-driven. Utilizing the best of technologies optimally is critical to digital transformation. To make the most of such trending and valuable technologies, businesses must partner with competent service providers or outsourcing vendors. The right outsourcing partners will offer great insights and the right solutions to long-term sustainability. They will also help the business to ensure compliance with federal regulations which is also critical to digital transformation.
While adopting big data analytics tools, you also need to recruit and train your resources to use those tools in the best possible ways. Prepping the employees to data transformation is a meticulous process. It requires a change in their attitude and aptitude. With all kinds of misinformation on digitization floating around, especially the ones that affect their employment, the workforce may feel threatened. Training them on the right platforms and upgrading their skills will not only improve their morale but also increase their efficiency and productivity.
With more information digitally accessed and transmitted, data security becomes a challenge which needs serious attention. The increasing digital transactions and the advancing technologies have opened up more possibilities for the hackers and fraudsters that function online. Digital data security is utmost important in the digital transformation process and for the future of the business. Securing the classified and sensitive information is not an easy job on vulnerable networks. Businesses should adopt the latest security measures for cybersecurity and stringent security rules which they must adhere strictly.
According to a survey done by Gartner, 99% of the security flaws are known vulnerabilities which were left unattended. It is hence important to stay ahead and be proactive in securing your vast and precious business information. You can do this by adopting a combination of latest data security tools and technologies and also keeping them updated from time to time. At the same time, security should not become an inconvenience for the customers and end-users. The right balance between rigid and convenient security measures, without compromising on data privacy is critical to the business’ success.
Many businesses, in their effort to stay updated on the latest trends in the industry, may adopt digitization. But what they often fail to realize is that ultimately it is the customer who drives the business to success and not the technology. But the Technology is vital because it is capable of providing valuable customer insights which can drive success. That’s how successful digital transformation will help businesses to succeed. Technologies such as Artificial Intelligence and Machine Learning are sophisticated. But they help businesses in utilizing their customers’ behavioural patterns and purchase patterns and offering personalized recommendations and customer experience which keeps them latched to the brand.
This is critical when striving in a highly competitive global market because the customers have at least a hundred alternative options and can switch over to another brand within a blink of the eye. Offering exclusive personalized experience to esteemed customers will help to gain brand loyalty which will help in long-term profitability. The marketers will know better that lead-generation is the most challenging and expensive aspect of any business. Hence, it is important to retain the existing customers with the help of advanced technologies. Digital transformation offers critical solutions to customer retention by offering customer-centric solutions.
Digital Transformation is soon becoming a norm to be adopted by businesses across the globe. The whys have given way to the how, making technology adaptation only a matter of migrating to newer and better options. The key to overcoming the transformation challenges lay in adapting to a data-driven organization culture, empowering the employees with the digital technologies, ensuring data security, roping in technology partners, and ensuring customer-centric solutions.