According to Wikipedia, digital transformation is ”the adoption of digital technology to transform services or businesses, through replacing non-digital or manual processes with digital processes or replacing older digital technology with newer digital technology.”
Until recently, companies were in a totally different scenario when it came to interacting with clients and employees. Now, digital transformation is no longer considered an option and companies are reinventing themselves through digitization to stay competitive in the market. With this modernization, executives can feel overwhelmed when they think of digital transformation as a radical change and do not think they can act in the short term.
“At least 40% of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technologies” John Chambers – Chairman of Cisco System.
Digital Transformation needs to be a gradual process according to the capabilities and needs of each company. The evolution towards digital transformation is based on these three pillars: technology, customer experience, and corporate culture.
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- Technology: Companies often spend large amounts of money maintaining outdated technologies that are no longer profitable and do not offer the digital experience that the market demands, this can be expensive and complex, it consumes valuable resources that can be invested in easier-to-use technology that will provide a better customer experience.
- Customer Experience: The engine that tends to drive digital transformation is the client. Offering an immediate response and making processes more friendly is essential. Today, digital customers are the predominant client, and creating more human interactions between customer-machine is going to be the key to success. Clients expect to have access to content that has personal relevance and is available anytime, anywhere and in any format for the device of their choice, all of this requires a joint effort from the entire organization.
- Corporate Culture: Reflecting the spirit and values of the company is part of the corporate culture in which digital transformation needs an open-minded environment for innovation to settle and develop. It requires that key members of the organization be on board with the new direction of the company as this will greatly improve efficiencies and results. Sharing your digital culture to the people of your organization is the first step before implementing digital transformation processes.
“90% of CEOs believe the digital economy will impact their industry, but less than 15% are executing on a digital strategy.” MIT Sloan and Capgemini.
Digital transformation has become the number one priority on many companies to-do list, according to Gartner. Almost 40% of CIO’s are leading initiatives of digital transformation in their organizations, now is the time to make a true cultural change that leads your company to its digital journey, are you ready?
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