Implementing digital transformation on businesses
Digital transformation for the, digital transformation must be approached with caution. Digital can disrupt your business model, so you need to ensure that you are ahead of the curve rather than behind it. And when looking at digital technology, don’t just consider how it will help your organization – think about how it.
When looking at implementing digital transformation on businesses, you must think about how it will affect your business. This can be through how the business operates day-today or the new markets that you aim to access. It would help if you also considered how technology could integrate across operations and functions to deliver.
Companies today are faced with increasing pressure to innovate, strong competition and demands for more agile business models.
This “digital transformation” requires companies to rapidly embrace new technologies and disrupt their processes to stay ahead of the market.
Although some businesses are better prepared than others in this new digital age.
In a study by Accenture, it was found that companies who were transforming digitally outperformed the S&P Index by 202 percent over three years. Digital transformation should be prioritized above all else in these organizations’ agendas to ensure they remain competitive.
Although 76 percent of these businesses were aware of the need to transform digitally, only 32 percent stated that they had a definitive action plan in place. However, the study highlighted that organizations that had begun their digital transformation initiatives were 2.4 times more likely to achieve success than those that had not.
The research carried out by Accenture highlights that companies must act now if they wish to be future-ready. Although the transformation process is clear, many organizations are struggling with which technologies to embrace first. The study found that businesses were worried about missing out on opportunities and losing market share.
As competition continues to increase within the business world, companies need to keep up with technological advancements to survive. Some of the emerging technologies that organizations should consider are planning their transformation, including cloud computing, automation, and artificial intelligence (AI).
The cloud can store and process big data and analytics more efficiently than traditional software hosted locally. This means that companies can access their information on any device at any given time, making it easier for them to meet customer demands and remain competitive within the market.
Every business can benefit from cloud computing, whether they are already using it or plan to use it in the future. While some organizations may be concerned about storing sensitive data on a third-party platform, it is important to consider that only the people with permission can access this information.
In addition, the cloud is often more secure than traditional data systems.
Businesses should also look to automate their processes in small and large ways. Not only can automation speed up and optimize workflows, but it can also reduce the chance of human error. For example, organizations can automatically update stock levels and proactively send e-mails to clients regarding overdue payments.
Other benefits of automation include: increased productivity, reduced waiting times, and improved workflows. These changes could help companies achieve greater success within the marketplace because they will output more quality work in less time.
Artificial intelligence uses machines programmed to learn and adapt themselves by understanding, responding to, or replicating human behavior. This could be particularly beneficial for companies who already utilize software programs that need updating regularly because they will not need their employees to monitor these systems constantly.
