From being a trend, digital transformation has come to a stage of becoming the central component of modern business strategy. Several inclinations have been witnessed in the working of traditional leadership roles since recent past, with scopes of different roles widening and changing, and silos breaking down. With continuous evolution of digital technology, careful collaboration, inclusion of all department, and thoughtful planning are factors to be considered for successful digital transformation. Digital transformation reshapes all aspects of businesses.
Digital Transformation Revolutionising Organisation’s Interactions
Digital transformation describes company’s value proposition, technology strategy, and operational models to fundamental changes caused by digital technologies. The value chains ecosystems and business models of an organisation is transformed by digital transformation, in turn revolutionising the organisation’s interactions with customers by means of online platforms, social media and mobile devices. Digital transformation has conquered digital software & services, which are transforming into mainstream across several major verticals such as banking, financial services & insurance (BFSI), retail, and manufacturing sector. The customer experience at every customer touch point level is enhanced by these software & services.
Future Market Insights (FMI), in its report, has provided insights on Middle East & North Africa- MENA digital transformation market for the forecast 2014-2020. The market is projected to register a staggering growth at 15.1% CAGR, to surpass revenues worth US$ 2 Bn through 2020. The growth of the market is attributed to some major factors such as an enhanced process transparency around enterprises, and soaring necessities for enhanced customer experiences in every customer interaction point levels. In addition, various smart city and eGovernment initiatives across Saudi Arabia and the UAE, with a goal of transforming themselves into digitally-enables economies, is further expected to fuel the market growth in the near future.
Below are Enlisted Some Recent Trends Witnessed in Digital Transformation
- Analytics and Big Data– The imperativeness of big data cannot be overstated in the business world. Abundance of valuable data exists across the globe, while this data is utilised only by few companies to maximum effect. Modern enterprises experience success and incorporate new technologies to their usual operations as well as company culture by adapting to industry and marketplace shifts. Depicting ways of customer thought processes, requirements, and discerning a brand, analytics drives the business. Almost anything can be measured in the age of digital transformation. Every important decision should be supported with an application of data and analytics.
- Innovation– Proactive innovation is considered as the best way to stay competitive in current world’s evolving marketplace. Comparatively quicker analysis, testing, judgement, and assessment is required for new technologies. Businesses can no longer afford wastage of time and resources for implementing new tools that offer no real value, implying the mentality- “failures are a ladder to success”. The faster an organisation propagates from idea to implementation, the more it is able to embrace opportunities to transform and even disrupt markets and internal business models.
- Experiences of Customers– Customers are all-time cautious, shifting within brands, unaligned with their requirements and values. Customer experience is the primary focus of digital transformation. A comprehensive process, provision of top-notch user experience is a smart way of engaging customers and keeping them involved in a brand. Irrespective of the location of customer interaction with businesses, the customer experience must be consistent and positive. For example, entrepreneurs could utilise analytics to discover the customers’ origin viz. from a social media platform, blog, etc., and streamline their interaction in highly crowded areas.
- Industry and Marketplace Shifts– Adapting to industry and marketplace shifts helps modern enterprises to succeed and incorporate new technologies to their usual operations as well as company culture. However, digital transformation is not only about technology, but also aggregating the power of technology, with a culture that would lead organisations by embracing changes. Either pursued or not, change is inevitable. One needs to see the evolution in the role of cloud computing over the past few years, for understanding it.