In a world that is changing quickly, driven largely by technology, it is no longer adequate for enterprises to move at human speed. To remain competitive, productive, and cost effective, businesses must embrace the possibilities of digital transformation and the benefits of moving at the speed of technology.
This transformation is not necessarily a comfortable concept for people to consider and ultimately accept. After all, the more technology is able to do human jobs, the less humans might be needed in the workforce. This may or may not be the ultimate reality, but either way, change driven by technology is coming and is likely to impact everything around us in one way or another over the next several years.
What is digital transformation?
What exactly is digital transformation? It’s often a hazy concept that incorporates references to big data, the growing influence of mobile technology, and the increasing movement of applications and processes to the cloud.
To disruptors in many industries, digital transformation is a tool that levels the playing field and allows them to compete with large, established enterprises without the expensive systems and equipment on which those enterprises have grown to rely.
Consider the wild success of ride-hailing service Uber. Without investing in inventory or hiring lots of staff, Uber quickly and effectively changed the transportation industry and altered consumer buying habits by harnessing the power of digital technology. Disruptors like Uber are everywhere and in every industry, trying to figure out how digital technology can provide them with a way to not just level the playing field — but to change the playing field completely.
As exciting as digital transformation is with its limitless possibilities for revolutionizing everyday processes, the advances of technology create challenges as well. The increasing use of technology produces endless data, which has value to enterprises but is difficult to process and analyze at human speeds.
To meet this challenge, data analytics tools must be implemented concurrently with content tools and process management technologies to help enterprises gain insight into what their customers want, what the market demands, and how their processes are helping — or hindering — their success.
Another challenge enterprises face is a reluctance to fully embrace digital. Enterprises often choose to harness the power of digital to solve specific problems or to automate a few selected processes. But to truly reap the benefits of technology, enterprises should embrace digital holistically, with a chief data officer at the helm focused on data, system integration, and compliance associated with digital technology.
The Speed of Data
Digital transformation is a reality, and enterprises must embrace it or risk being left behind. However, good business practices honed and perfected over decades and centuries still apply. Careful thought should be given to the company’s digital philosophy, and a well thought out strategy will help the enterprise avoid costly missteps along the way.
Contact us to learn more about how digital technology has the power to transform business processes.