Due to COVID-19, every aspect of our life has shifted to the internet, and we’ve discovered that the methods that previously worked no longer do.
However, the pandemic has accelerated the pace of digital transformation, allowing us to completely redefine how we conduct business and deliver products and services to clients through modern, digital channels in a way that is agile, intelligent, and personalized.
A digital transformation is no longer a nice-to-have event in the face of a quickly changing technology landscape and significant demand from customers for connected, anytime-anywhere services offered with super productivity.
It’s a must-have item. Organizations recognize the technological inflection moment we are at now and are working on a number of digital transformation projects.
Making organizations digitally fit, on the other hand, entails much more than simply integrating technology. The goal of digital transformation is to avoid the shallowness of simply establishing digital tools.
To construct connected organizations that perceive, watch, learn, and evolve like living organisms, a data-centric and human-ware strategy is required.
The approach begins with a data-driven assessment of all company stakeholders, including people, processes, and technology.
Each department has its own set of requirements, which change as the company grows and advances.
Is it better to be or not to be?
In a continually evolving business landscape, a one-size-fits-all approach will not cut it.
Companies must be flexible in adapting digital transformation to stay relevant in the future due to the decreased lifespan of technology cycles.
However, in order to undertake efficient digital transformation, each organization must take its own path.
To define their future ahead of others, organizations must ask and seek answers internally to the question, “Is your organization ready for digital transformation?”
Digital transformation is more than just adding digital plugins to your website, such as mobile banking apps. It digitizes a business model’s core.
When it comes to digitizing the core, a data-driven examination of operations is essential to determine the precise levels of digitization required.
It has ramifications when we don’t have a clear view of the current state — uncertainty in the remedies we seek to apply.
An examination of a process’s preparedness for digital transformation, for example, may find that it isn’t producing enough volume to make an automation project profitable.
This kind of visibility can help inform business strategy decisions and save money on unneeded digital deployment.
So, how can businesses determine whether they are actually ready for digital transformation?
Data is crucial. The first step in determining transformation readiness is to evaluate present capabilities and forecast the requirement to digitally change based on key business indicators.
There is no one-size-fits-all strategy for doing this examination, but a top-down approach is a tried and true method.
It starts at the top of the business and delves into new-age digital and psychological criteria like customer happiness, user experience, information security, career advancement, and work-life balance, as well as traditional metrics like cycle time, cost, AHT, and accuracy.
Back to the basics
After defining the existing status, the next stage is to determine where it falls within the industry in terms of digital maturity.
1). Benchmarking, which is the standard practice of identifying key metrics related to a process, business unit, or industry (based on the level of assessment) and mapping them against industry or best-in-class practices.
2). Digital Maturity score, which charts out the near exact levels of digitization in an organization using culture, customers, operations, and technology as parameters.
3). Client and industry, level data are often necessary for benchmarking to be weighed against the specified parameters, which may or may not be readily available.
Even if it is, there is a potential that most of our competitors are either ahead of us or on a level with us.
Although the digital maturity model is more difficult to implement than benchmarking, businesses are increasingly using it to better understand processes and activities, as well as the levels of digitalization within them.
The concept, which is based on long-term objectives, proactively examines capabilities within an organization rather than depending on external comparisons of best-in-class practices, resulting in a more accurate assessment of digital maturity.
A digital transformation journey, like evolution, is a continual activity. It necessitates numerous changes during the deployment process, based on real-time input and technical advancements.
To fully grasp the potential of digital transformation, an organization must behave like a living creature, intelligent, aware, learning, and developing.
Executives can have their own training track in your digital academy, including skill overviews to help them make better business and management decisions.
Digital transformation will take time, but if you focus your efforts on the right transformational technologies, developing a monetization strategy and a transformational vision, and implementing online training programs to improve the skill value of your entire organization from top to bottom, you will see results.