Digital Transformation Assisted by a robust Digital Strategy
Over the last decade the language of business has morphed from analog to binary as the human species gravitated into ‘Digital Natives’. The speciality of this tribe is that they only communicate through digital mediums. This ecosystem is fuelled by the mushrooming of a plethora of technology companies available at their disposal. They have adopted a virtual existence, transcended geographical barriers and lost patience. To cater to this societal metamorphosis, companies are forced to embrace “Digital Transformation” to be a viable business. This need has been particularly enhanced by the recent pandemic inflicted on the world in general.
In hearing the term ‘Digital’, people often associate it with Information Technology and thus companiesoften transfer the onus of addressing it to the Technology group which in most cases is a cost center for the company and habitually neglected. In reality, ‘Digital Transformation’ is a business strategy supported by technology. The onus of visualization and implementation of a successful ‘Digital Transformation’ should lie with the entire senior leadership of a company as it impacts each and every aspect of any business. It has an inevitable footprint in creating the product, finding the client, transporting the product from the plant to the buyer and maintaining the financial book. The entire business model agnostic of the industry runs on a successful Digital Strategy
The Digital Strategy is a complete paradigm shift in mindset. It eliminates the cumbersome processes and helps connect the organization to their clients at the touch of a button. The complete business model assumes a virtual state. The benefit is visible to the workforce, customers and any other external participant in the ecosystem which has a touchpoint with the company. Companies started adopting this strategy beginning inthe last decade.
Many of the early adopters are experiencing a significant upside to their revenue and client satisfaction. The flexibility enjoyed by their workforce has also attracted the some of the brightestbrains available. This spurt of growth enjoyed by the early adopters has inspired the rest of the economy to play catch-up, which has resulted in gaining significant interest about Digital Strategy & Digital Transformation among the business community.
Business has also realized the value of data. Data can be harnessed to read the pulse of the clientele, improve operations, reduce waste, upgrade financial health, develop new products and offer better working conditions for the workforce. And the process of capturing, storing, mining, analyzing and visualizing the data forms the bedrock of a successful Digital Strategy.