Enterprise Digital Transformation Guide in the Post Covid World

Business Transformation

Uncertainty is the new normal today, with no clear end as well. Businesses, small and large, have been besieged with unprecedented challenges. Any business is constantly in a state of improvement, upgrade, and transition. This is necessitated primarily by the current pandemic, then changing market economics, customer preferences, government policies, etc. Business transformation is inevitable. It can be defined as changes or modifications to business operations necessitated by the need to improve or due to external factors such as Covid. Digital transformation is one of the key steps in business transformation.

What Is Digital Transformation?

• Is it simply the adaptation of technology in an organization?
• Using the software, tools, and other systems to replace manual work?
• Does adding more software and state-of-the-art hardware transform a business digitally?

Far From it! Adapting technology makes the job easier for sure, but digital transformation is an entirely different subject.

Digital transformation can be defined as a time-bound, holistic change in the business culture which involves people, processes, and physical aspects, driven by technology. It is a mindset that needs to be adopted by a business. To break it down, Digital transformation redefines a business operation, how employees work, how management perceives data and makes decisions. It alters the way of working in a more systematic and automated way with the singular goal of improving the business at all target levels. Digital transformation is not simply adding technology. Like replacing software with another. It's planning, analyzing, conducting & supporting business operations via technology. IDC has predicted that digital transformation will take up 50% of IT budgets by 2023.

The Need for Digital Transformation

Before we start on defining the need for digital transformation, why does an organization need digital transformation? Is it mandatory? The answer to that is simply where does the business see itself a few years down the line? If the goal is to scale, constantly get better, outrank the competition, diversify, etc, then digital transformation is a must. Customer experience is being driven by digital mediums at a rapid pace. Cheaper hardware, faster data speed also drive the need for digital transformation. In the post covid world, uncertainty is written large. No one knows for sure if the old ways of working and doing business will return. Take for example RPA or Robotic Process Automation. Gartner has predicted the spending on RPA services to grow to $2.4 billion by 2022.

Core Changes Across Business Areas 

1. Employee upskill
2. Business Process
3. Client and stakeholders empowerment
4. Partners, vendors
5. Business functions
6. Assets(Moveable and Immoveable)

Digital transformation helps customers, employees, and management gets information as and when they require it. Frictionless experience goes a long way in retaining customers.

With information available all the time, efficiency is achieved in the process, output, and decision-making.

Digital transformation's biggest plus point is the data-driven feedback which is priceless when it comes to planning. In a digital work environment, companies can pinpoint which areas, depts are bleeding, which are thriving, which need optimization.

Ease of operations invariably drives lower costs and improved bottom lines.

Tools and Frameworks

Digital transformation is applied across a wide array of business functions such as sales, marketing, HR, administration, and operations via:

• Cloud Computing for data storage.
• Big Data tools to mine data for analytics.
• Mobility to give customers an omnichannel experience.
• Mobility to give field staff the best access to resources and sales.
• CRM tools and processes for operations and administration.

Digital Road Map

Any organization that wants to radically change its course of working with Digital Transformation needs to have a digital road map. This should be time-bound and it should clearly list out the aims and objectives of the company in a short period of time frame and a long period of time frame.

Digital Transformation for the Future

The UK Govt has a beautiful slogan “Digital by Default” which summarises the importance of digital service consumption whether private or public in an increasingly digital world. As mentioned above, Digital transformation is not limited to the mere adoption of technology in the existing work culture of the organization. It is a change in the mindset of the organization in a holistic manner across functions and departments.