Top 9 Digital Transformation FAQs

Innovation and continuous adaptation of the latest trend and effective technologies is a must for businesses to sustain in today’s highly competitive business world. ‘Digital Transformation’ is one such latest buzz in the industry that is empowering organizations to overhaul their business processes and prospects to traverse on the path of greater glory. It is one of the most important elements required to transform the functioning of business operations where companies from all around the world are putting great attention.

Through this blog, we are going to address some of the most frequently asked questions about digital transformation to help you make the right decision towards your journey leading to full-scale digital transformation.

Digital transformation is the process of using different technologies to modify existing business processes to meet changing market needs and fulfilling a company’s business objectives very efficiently. A carefully crafted digital transformation strategy or digital transformation plan helps bring transformative changes in the organization and gives a competitive edge to grow faster. Simply, digital transformation helps enterprises to execute various of their business functions in a digitized mode to amplify the outcomes of business that are crucial for sustainable growth.

A robust digital transformation strategy can assist organizations to bring enormous positive changes and delivers several benefits like

• Modernization of legacy processes
• Increases agility, productivity, and work efficiency
• Strengthens security
• Promotes better resource management
• Provides data-driven insights and analytics capabilities
• Ensures faster turnaround time
• Helps make better quality products/services
• Improves customer experience and employee satisfaction
• Fuels innovation at the workplace

Moreover, the enablement of the digital transformation process helps enterprises to gain better profits. According to a report prepared by SAP Center for Business Insights and Oxford Economics, it is found that

• 80% of organizations that have successfully implemented digital transformation plans reported a substantive increase in profits
• 85% of organizations successfully increased their market share

Manually doing all tasks is not just time-consuming but prone to errors as well. It consumes the bandwidth of skilled employees as well and results in slow deliveries. In today’s fast-changing and hyper-competitive business environment, you cannot aspire to win the race and make a niche of your brand in the market if you fail to encash the great benefits of various digital transformation technologies. Especially, at a time when your competitors are taking the leverage from digital transformation. From small, mid-sized to well-established MNCs, all across the globe are showing immense trust in enabling digital transformation services and reaping the benefits from them.

It is everywhere. Digital transformation is not related to any specific industry. Any industry can implement digital transformation services and reap the benefits. Whether it is Manufacturing, FMCG, Healthcare, Retail, Telecom, Banking, Insurance, Real-estate, E-commerce, Energy, Media & Entertainment, or any other high-value industry, you can implement a digital transformation strategy for enhanced business growth.

Technology plays a vital role in implementing digital transformation in enterprises. Although the list is huge, we are presenting to you those 10 technologies that are believed to be revolutionizing the way companies do business. Those ten technologies are:

• Artificial Intelligence (AI)
• Augmented Reality (AR)
• Blockchain
• Internet of Things (IoT)
• Robotic Process Automation (RPA)
• Virtual Reality (VR)
• 3-D Printing
• Machine Learning
• Big Data
• Cloud Technology

If you are working in a highly competitive business space, facing challenges to grow business due to existing work inefficiencies, or want to upscale your business to reach greater heights then implementation of a digital transformation roadmap is a must for enterprises. In today’s time when the world is fast becoming global, digital transformation is a must for enterprises of all sizes.

• Whenever you bring any change it comes with resistance. Digital transformation is also not untouched by it. At an organizational level, you might face resistance from employees if you don’t take them into confidence and resolve their apprehensions.
• Digital transformation is a complex process, you need meticulous planning, execution, and support to make it a success. Working in silos can lead to unpleasant outcomes.
• Many times, it involves heavy investments and it takes time to make results visible. Therefore, patience is the key here to counter this challenge.

• List the business objectives that you want to achieve through digital transformation
• Hire any reputed digital transformation company that has credible experience in the domain
• Analyze the business processes and prepare a digital transformation roadmap
• Discuss the plan with all stakeholders to win their confidence
• Mention all the KPIs and expected output in the documentation ‘
• Select the right technology in consultation with a digital transformation partner and start developing solutions
• Test, debug, and update solution before actual roll-out
• Implement the final solution

Moreover, using a digital adoption platform (DAP), you can make technology adoption more quicker and in a seamless manner following due compliance requirements.

The best way to check this is to analyze KPIs pre and post-digital transformation roll-out. For example, the average time taken to complete a task before and after technology integration. If the results are better then it means that your employees are now more productive. This means it is working well. Similarly, check for other different aspects as well that are important for business success and compare their performance. If the results on most of the important areas are positive then it means ‘Digital Transformation’ is working well for your organization.

John Chambers of Cisco once famously said that at least 40% of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technologies. Adaption to newer technologies is thus a must to meet the changing business needs of today’s dynamic business world. Digital transformation is a solution. It is not a choice anymore, it is a need that every business must embrace to sustain and enhance their business outcomes.