Is your business evolving as technology advances? In 2020, tech enhancements like the Internet of Things (IoT), data visualization, data analytics, automated workflow processes and blockchain are necessary to ensure your organization continues to grow. These cloud-based, digital solutions require proper implementation, and such a task can seem daunting, but we're here to help. It's time to adopt a digital transformation, by understanding how and why the switch is viable for your organization. To evolve with technology and digitize your processes, the first step is to do your research, learn and understand the latest technology that is driving change and disruption.
What is digital transformation?
Digital transformation involves a restructuring of your business model by integrating digital technology into every sector of your organization; fundamentally changing how you deliver value to customers. As industries progress, it is evident that business models are becoming increasingly aligned with technology and disrupted by the advent of automation, AI, machine learning, etc. This evolution is redefining over thousands of jobs that were once manually completed, and causing a major shift in the way businesses operate.
Big name companies like Tesla, Walmart, Netflix, Apple, Spotify, Facebook, Twitter, and Amazon have already begun making the switch to digital through chatbots, blockchain and data analytics. Even manufacturing, logistics, healthcare and financial companies are enabling digital technologies to remain competitive. In fact, the growth of digital transformation is exponential and according to the IDC (International Data Corporation), "Worldwide spending on the technologies and services that enable the digital transformation (DX) of business practices, products, and organizations is forecast to reach $1.97 trillion in 2022."
What's Involved in Digital Transformation:
The best way to stay afloat in the competitive business world is to ensure your customers are pleased by enhancing the digital customer and end-user experience. People rely on technology, and if your organization is not providing consumers with an easy-to-use digital experience, chances are they aren't going to opt to use you again.
To begin your digital transformation, there are steps that can be followed:
- Assessement: Start with assessing your current procedures, workflows and practices. Are they digital? Can they be digitized? Would a digital experience make for a better user experience? These are all questions that will determine which existing processes can employ a digital solution.
- Definition: Once you have determined what to digitize, take it a step further by defining the work that needs to be done. Who will benefit and what are their specific needs? What processes can be streamlined for maximum efficiency and reduced cost? Remember to run Proof of Concepts (POCs) as well as get approval from C-Suite Executives. Present your stakeholders with proof that digitization is a necessary change to remain competitive in the marketplace.
- Roadmap: The process to become digital can be draining without a clear vision in mind, so it's important that you create a roadmap to define your journey. Do you have the right people in place to deploy a solution? If not, team up with the right technology provider.
Regardless of your industry, the competition to be the best is a tough battle. Consumers want the same digital, instant and easy-to-use experience everywhere they go. Once you've done the research, finding a technology partner like EOX Vantage can help expedite your digital transformation. EOX Vantage has been helping companies shed or leverage their legacy system by providing custom solutions and bringing all of the data onto one platform - the Enterprise Operating System. An Enterprise Operating System allows companies to make the leap to digital transformation and increase value to customers, while improving productivity and efficiency in the workplace.
Be sure to join EOX Vantage on February 27, 2020 for a discussion-based webinar on digital transformation that will provide you with the information and resources you need to begin your journey and make your digital transformation a success.