Digital Transformation! Do it fast or you won’t last.
You can't escape hearing about digital transformation these days. Based on my observations and discussions with CEOs and CIOs over the past 12-18 months, one thing that I have noticed is how companies are striving to not only improve their services but transforming the way they do business itself. This rapidly changing paradigm is forcing organizations to re-envision their overall business model i.e. the customer experience and the operational efficiency. This is the writing on the wall for all organizations today.
Most of the businesses today are striving to attain digital mastery by integrating digital technologies, such as social, mobile, analytics and cloud, which are transforming the way businesses are executed. For instance, at Opteamix we are leveraging the power of social media to recruit world class talent and we have seen tremendous success at that. Given that customer experience is fast becoming the only competitive differentiator, and technology underpins virtually all customers' experiences, the only way forward is to invest in digital technologies to acquire and sustain customer expectation. The urgency to keep up with this rapid pace is forcing organizations to focus on:
People: Organizations are on the prowl to acquire the right digital talent not only at strategic levels, but across the organization
Process:Redesigning their business process and the internal support operations to enter the digital trajectory
Technology:Investing on building light, ubiquitous technology platforms
Given the technology advances, expectations of the customers have been evolving more rapidly than ever before. Customers, with access to the new technologies, are driving how businesses interact with them. They have high expectations and are looking to do business with a brand that offers them the best of everything – best price, best quality, best feature – overall the best experience across multiple channels. Envisioning and executing the desired customer experience requires a rethinking of the value proposition. This expectation from the customer is making it imperative for businesses to leverage digital technologies, which not only helps the businesses acquire and retain customers, but also helps them deliver the best customer experience. Businesses need to become obsessed with this changing paradigm and CIOs of these businesses should get ready to execute digital technology at an accelerated pace of change and reinvention
Based on my observations, I believe that to make digital transformation sustainable in the long run, there has to be a direct correlation between technology being adopted and the business goals achieved. We must remember that it is a journey and not a one-time project or a Proof of Concept (POC), and requires the involvement and alignment of various departments, and not just the IT / technology department. Companies must strive to innovate new channels and ensure real-time customer connect through digital dashboards, collaboration mediums, and focus on elimination of non-value adding, manually intensive operations. The way forward is for CXOs to prioritize business initiatives that leverage technology and focus on customer experience, continuous assessment and improvements in an Agile fashion. I am convinced that businesses which have realized the potential of leveraging technology to transform their business will gain a major competitive advantage in the future over those who don’t and are choosing to stay with what they have.
Let me leave you with three key success factors that I believe businesses need to focus on, to ensure a successful transformation:
Analytics: Customer data offers organizations the chance to get better insights about their customer’s expectation – what they want, why they need it and when they need it – to shape the right customer experience for them. The strong relationship between digital transformation and analytics is the primary driving force that is changing the traditional business models.
Software engineering: Technology is the foundation of a digital business, which means that software development and delivery skills are paramount to your firm’s success. In addition to adopting the latest digital technologies, engineering processes and methodologies such as continuous delivery, and product management skills will be critical to the success of transformation.
Customer experience: Given today’s highly competitive environment, providing the right customer experience is the key success factor for customer acquisition and retention.
Agility: The rapid reduction in the IT lifecycle has added more steam to the boiling pot of the technical disruption, warranting the need for agility at all levels. Companies must follow the principle of fail fast, fail soon and fail wise for all the digital initiatives.
At Opteamix, we have embarked on the journey of digital transformation and our goal is to become one of the pioneers in providing innovative and integrated technology services that enable digital disruption and digital transformation. Few initiatives include creation of digital dashboard for the clients, reenergizing of the business transformation agenda, rapid development of unified operational platforms through hackathons. As trusted technology partners and digital transformation enablers, Opteamix recognizes the complexity involved in leveraging technology and creating digital disruption by adapting a holistic digital transformation strategy.
We offer end-to-end services to help businesses transform and achieve competitive business advantage, while prioritizing their investments in digital technologies. Working with clients using our unique engagement framework, we create a highly integrated digital transformation roadmap based on their specific requirements. Our roadmap helps in prioritizing initiatives that have a disproportionately high impact and better ROI.