Why is everyone talking about Digital Business Transformation?
We are in the midst of a technological revolution! Everywhere we look, technology is radically changing how we interact with the world. New and disruptive business models are bringing innovative new experiences for users. For me, being able to get information on almost anything by just asking Alexa or Google is not only fascinating, but also a pointer to where the world is going – information on demand, always available. It is intuitive and easy to use, and, surprisingly affordable, given all the technology that sits behind these simple-looking devices.
Blockchain, Artificial Intelligence, Cloud, IoT – there’s so many new and exciting technologies and buzzwords. Yet, of all the buzzwords being thrown around today, Digital Business Transformation is probably one of the most widely used and potentially the most misunderstood.
How do you leverage all these new technologies to stay ahead of the competition?
Businesses are constantly changing and evolving, always improving how they do things and how they bring value to their customers, their employees, partners and shareholders. The manufacturing Industry has seen a lot of those changes – from the development of the assembly line to the use of robots and fully automated factories. I liken the state of technology today to the start of the industrial revolution, when everything was custom made, including nuts and bolts – we are just beginning to standardize our tools and processes in the digital world that allows us to focus on the business instead of the nuts and bolts of the technology.
The big difference is the potential of digital technologies to enable completely new paradigms, and the speed with which it is happening.
What hasn’t changed is the underlying drive, or the simple question – what are you trying to achieve?
While the question may be simple, the answer is certainly not. Different industries are taking different approaches to transformation – to bring innovative new services to their customers, improve their employee experience, reduce the price of their product or otherwise stay ahead of the competition. All of them are valid approaches but each requires a different approach and expertise. Asking that simple question will help define focus and priority.
It will also help you avoid the “technology trap” – where the focus is mainly on the technology, when it should be on the value it brings to the customer or user.
Understanding digital business transformation beings by understanding that in order to stay ahead of the technological wave you must implement a fluid and evolving digital transformation strategy that will allow you and your business to move with the ever-changing current of new technologies coming our way.