Despite the fact that Digital Transformation spending is expected to exceed $2 trillion by 2023, 87 percent of businesses have yet to reap the full benefits of their digital investments. Companies are aware of the dangers of not adopting it and many people are simply misinformed. Let’s be clear about the consequences of making a mistake.
Consumers who had to embrace digital almost overnight to deal with a pandemic, lost wages, and critical shortages of basic goods needed to feed their families and educate their children aren’t likely to wait long before moving on to companies that can help them out by getting it right — regardless of what they’re using.
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Companies are often aware of this, and funds are allocated accordingly. The error resides in the fact that digital transformation is a mentality issue, not a technological issue. We must build a digital transformation strategy that considers few essential areas. Otherwise, we risk making short-sighted choices that leave us scratching our heads as to why the several things we invested in haven’t performed as expected.
Let us have a glance over few things that we need to consider during this decade.
Work Culture & Workflow
Companies that do not accept digital payments may face a higher percentage of abandonment. The payment strategy of a corporation has evolved into its consumer strategy. The information acquired has shown changing preferences and expectations, allowing businesses to fulfil the growing demand for personalisation. Workflows and the customer experience are inextricably linked and they should be changed in the supply chain.
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Technology cannot function in isolation; it must be integrated into a larger ecosystem to be effective. Designers of technology must guarantee that it is built on a safe base that also allows for future expansion as demands evolve.
We can spend millions of dollars on millions of tools, but if the appropriate folks with the right knowledge aren’t in place to utilise the tools, ask the right questions, and make the right connections, the technology will be ineffective at best and deadly at worst. Human element, the knowledge and experience cannot be replaced by technology.
Calculation & Measurement
If we care about continuous improvement, we must focus on measuring clarity and outcomes rather than just cost savings. Otherwise, money is squandered haphazardly and indiscriminately. Although measurement has traditionally been done, digital transformation and satisfying the demands of today’s connected customer necessitates the intersection of all measuring domains.
Within the supply chain, for example, fundamental safety, productivity, and cost considerations are no longer sufficient. Sustainability initiatives and ingredient provenance, which were once only considered as part of supply chain operations, have now become intertwined with the consumer experience and preferences.
Transparency – a new readiness to conduct business with trading partners — is the key to arriving at a single source of truth. This is when we will see everything that digital transformation can help us achieve.
While technology innovation continues to accelerate, and while the cost of speed, processing power, and data storage continues to fall, the resources available to produce tech-enabled solutions will be limited.
Platforms, rather than point solutions, will be critical because they can allow for software engineering economies of scale and enable experts in the field — whether retail, supply chain, or healthcare, for example — to do the work and critical thinking rather than each company taking on all aspects alone.
Digital transformation has the potential to improve the human experience at a never-before-seen rate, but it must be integrated throughout our organisation. The IT department of a corporation does not bear sole responsibility. When we use it as the compass for all of our decisions, we will know its true worth.