Digital Transformation Myths and Trends in 2018

Digital Transformation Myths and Trends in 2018

Digital Transformation Myths and Trends in 2018

You could have been hearing about Next Industrial Revolution. It's probably the hottest topic for businesses, thought leaders, policymakers, scientists and of course technocrats.

Klaus Schwab, the Founder and Executive Leader on the planet Economic Forum, who coined this term, publishes articles - "The First Commercial Revolution used water and steam power to mechanize production. The other used electric power to create the mass production. The 1 / 3 used electronics and information technology to automate creation. Now a Fourth Professional Revolution is building on the Third, the digital revolution that has recently been occurring since the middle section of the last hundred years. It is characterized by a fusion of systems that is blurring the lines involving the physical, digital, and biological spheres. very well

He constitutes a very important, pertinent point - "Neither technology nor the interruption that comes with costly exogenous force over which humans have no control. All of us are in charge of guiding its progression, in the judgements we make on a daily basis as citizens, consumers, and investors. inch

When Digital Transformation as a term is still confusing, today, digital transformation as a business imperative is widely agreed upon. What then is a digital transformation in practice? Can it be an IT project? Or maybe the introduction of a few cool tools in the company? Or the addition of a mobility is driven customer relationship management (CRM) initiative to indulge customers better?

As an organization, if you are looking to attempt the digital transformation journey or trying to stay away from it, there are still a few common myths around digital transformation that you might want to steer clear of. If you want to acquire your organization through digital transformation, the first step is understanding the realities of digital change - rather than getting overly enthusiastic by the media hype.

In the following paragraphs we use excerpts from a few, exclusive industry reports/white papers to dispel a few misconceptions.

The reports/white papers that we quote from include:

• World Economic Forum's (WEF) White Paper on Digital Transformation of Industries: Digital Enterprise, developed in cooperation with Accenture
• Forrester's Record, The Digital Business Necessary, co-authored by Martin Gill and Nigel Fenwick
• Digital is a fad; a trend that my business need not think about
• digital transformation process

Digital has transformed the marketplace circumstance for each business, and the pace of change is accelerating.

The WEF White colored Paper states - Generally there is widespread recognition among leaders in most sectors that the role of technology is rapidly moving, from being a new driver of marginal efficiency to an enabler of important innovation and disruption. Digitalization is the cause of large-scale and sweeping changes across multiple aspects of business, providing unparalleled opportunities for value creation and capture. Business leaders across all sectors are grappling with the strategic ramifications of these transformations for their organizations, industry environments, and society.

Digital Change means exceptional customer encounters powered by new systems

Digital has impacted not merely channels and customers. It truly is disrupting organizations from within - changing the way they do business. Digital brings new opportunities for organizations that can adopt the technology fast enough. It speeds time-to-market, reduces costs, and unlocks new earnings streams.

Forrester Record claims - Digital business isn't just about customer experience; it's also a way to drive in business agility. Digital businesses can increase speed-to-market, make employees more productive, promote thinner processes, and maximize advantage utilization.

Let me build an app. My digital transformation is done.

Digital transformation is not about the introduction of a few tools that are geared to change a particular part of your business, be it employee venture or customer transactions.

Forrester Report Says -

• Digital fundamentally changes your romance with your customers. You can't address this change with a bolt-on digital strategy that adds an iphone app here or a site there. To be competitive, you must re-engineer how your business creates value for your customers in the digital age.
• Re-envision your business not as a set of companies services but instead as part of the personal value environments that your customers build according for their needs and desires. Learn to increase value by expanding your company's role in your customers' personal value environments.

Digital Transformation can only occur through disruptive technology

Every digital transformation exercise need not take those examples of Uber and Airbnb in words of the utilization of emerging technology. The technology stack that you would probably use will depend on your business context and technical leverage is definitely one part of the digital modification. Sometimes, you may achieve substantial enhancement of efficiency, agility, and customer-centricity by using tried-and-tested operational technology (networking and databases) and proper technology (enterprise resource planning or customer relationship management) or mobility.

WEF White wine paper claims - A really digital enterprise stands for more using new solutions in the interest of it. Rather, what truly distinguishes and offers a digital enterprise the competitive advantage is their culture, strategy, and way of operating. Digital corporations strive constantly to permit new and leaner functioning models underpinned by snello business processes, attached programs, analytics and collaboration features that enhance the efficiency of the firm. Searching for enterprise relentlessly searches away, identifies and develops new digital business models, always ensuring that customers and employees are at the center of whatever it does.

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Digital transformation: I want to get this done this year thus i is not slipping in back of

Digital Transformation simply cannot be and need not be a sprint. This can be a long journey with multiple touch points and breakthrough; dependencies and synergistic efforts.

Forrester Report claims - You need to change your business by making use of digital thinking across everything you do - how you will win, provide, and retain customers; how you operate your inner processes; and how you source business services.

To get instance, your answers to the below questions by itself can help you craft a plan that takes digital modification beyond the realm of IT.

Digital transformation business success

• Perhaps you have determined areas in your business where automation is quite relevant?
• Is your existing labor force regularly increasing productivity and quality?
• Which steps have been taken to influence your investors about your digital vision and the long-term value-creation of your digital transformation journey?
• Just how much of your earnings is coming from new places of digital business?
• Conduct your company leverage stats around customer data, functional data, and compliance?
• Carry out you have an electronically literate leadership team?
• Have got you established training programs to overcome the digital skills gap and reskill your existing employees?
• Greetings empowering employees through digital channels to allow faster decision making and encourage greater agility within your organization?

They are only a few myths we now have tried to address. We invite you to share your undertake these as well as other myths.