There is no escaping digital transformation for businesses. The rise of Industry 4.0 has meant that any organization not implementing digital solutions to drive business will be left behind and overtaken by organizations that do. Britannic Technologies breaks down what drives digital transformation and its value today.
Digital transformation has impacted every industry globally. According to Britannic Technologies‘ CMO report, 87% of companies believe this transformation has provided them with a major competitive advantage. In addition, a third of business executives see digital transformation as vital to business survival. Given this, it is unsurprising half of the executives also see a lack of understanding as one of the primary barriers in business, and 50% of all revenue will be driven by digital business. This will increase efficiency, and with that, profitability. This fear of being left behind is very much a reality. We’ve watched the likes of Blockbuster give way to Netflix as it failed to evolve with technology. In light of this turbulent landscape, Britannic Technologies shares the six key factors that drive digital transformation:
Customers expect efficiency, personalization and availability. If an organization cannot deliver a product with convenience and quality, another organization will.
Social Media and Review sites
With the rise of technology and connectivity, customer experiences can be reviewed and shared anywhere. According to Forbes, 84% of customers are as likely to trust an online review as they would a personal recommendation. This goes for both positive and negative experiences.
By 2025, it has been estimated that the internet will produce 163 zettabytes of data per year. Given this sheer volume, it is essentials that organizations cut through the noise and create their own digital USPs in the marketplace.
Information is easily accessible, and this includes reviews and product information.
According to the Guardian, employment in the UK has hit a record high, and it is forecasted to increase. However, it is estimated that 85% of jobs that will exist in 2030 haven’t been invented yet. With this, the role of IT management is ever-changing, becoming more complicated and essential to business operations.
A shift in business strategy
With digital transformation comes a transformation in business models. Organizations need to streamline operations for agility to survive, and emerging technologies provides this service.
Digital transformation starts with people, not technology
Going digital is 10% and 90% human. Therefore, it is essential to get employees on board for a digital transformation project. Failure to do this will result in resistance and resentment, which will undoubtedly disrupt any implementation plans. Therefore, change management and digital transformation must go hand in hand.
There are five key components to creating a digital culture.
external orientation > internal orientation
Employees are encouraged to focus on the customer journey and experience by empathizing to develop products.
Delegation > control
Employees need the autonomy to make decisions, and the business trusts them to do so.
Boldness > caution
Employees are encouraged to fail and learn from their mistakes.
Action > planning
Organizations need to be agile and work towards short term goals as opposed to long-term ones.
Collaborative work > independent work
Employees need to remain transparent when working together, and share ideas and work collectively to achieve success.
- What is the worldwide value of digital transformation?
- Digital transformation in the post-pandemic era
- Digital transformation for deskless workers
- Ensuring a secure digital transformation journey
We’ve established that digital transformation is essential for business survival, but how does it benefit an organization? Britannic Technologies lists five key benefits:
- Competitive advantage
- Increased Agility
- Smart Technology roll-outs
- Empowered employees
- Attraction and retention of talent