Monday, August 23, 2021

Drive the Digital Transformation

 To successfully transform, keep the momentum of any initiative moving toward your ultimate business goals. To do so, continually address the main drivers of digital transformation: digital twin, privacy, culture, augmented intelligence, and digital product management.

 

Drivers-of-Digital-Transformation

 

According to Gartner, CIOs need to focus on these five areas to enable successful digital transformations in their organizations.

  • Digital Twin

Gartner defines digital twin as “a digital representation of a real-world entity or system. The implementation of a digital twin is an encapsulated software object or model that mirrors a unique physical object, process, organization, person or other abstraction.”

Digital twins support digital transformation because they facilitate experimentation and collect data that supports more informed business decisions.

  • Privacy

If you can’t manage privacy, your digital transformation is destined to fail. As more digital solutions become available, organizations tend to jump on trends that offer more convenience. However, Gartner’s research reveals that a large portion of consumers and employees are not willing to give up safety and security just for convenience.

CIOs need to take privacy seriously. Employees and consumers won’t support a transformation if they feel it violates their privacy or personal data security.

  • Culture

Resistance to change is a human instinct. When you ignore the cultural aspect of a digital transformation, you’ll start hitting walls of resistance fairly quickly. In fact, 46% of CIOs say culture is their the biggest barrier.

Addressing culture ensures you get internal buy-in for your transformation initiative. When you have change leaders — vocal supporters of your digital transformation — you can use their voices to drive your initiative forward.

  • Augmented Intelligence

Augmented intelligence goes beyond artificial intelligence (AI), allowing humans and machines to work in tandem.

AI’s data collection and analysis capabilities far surpass that of a human worker. But augmented intelligence isn’t about replacing employees with machines — AI collects and presents data in a way that allows people to augment their knowledge.

  • Digital Product Management

Gartner explains digital product management as the shifting of mindsets from projects to products. Those products must be designed to improve the customer experience and be delivered through digital channels.

Digital product management is about knowing your industry and designing products that serve it. For example, instead of expecting the healthcare industry to align with Apple’s offerings, Apple created a watch that monitors the health of the wearer.

CIOs who focus on these five key drivers can stay ahead of their competition by constantly improving and growing their businesses.

Sunday, August 8, 2021

Importance of Digital Transformation

 While every digital transformation initiative will have its own specific goals, the main purpose of any digital transformation is to improve your current processes. Digital transformation is important because companies must evolve to remain competitive in their industry. If you aren’t evolving, you’re falling behind.

A Bain & Company study shows that “only 8% of global companies have been able to achieve their targeted business outcomes from their investments in digital technology.” One of the strategies that sets leaders apart is that they spend more on transforming their businesses instead of just running them.

Digital transformation is important because it allows organizations to adapt to ever-changing industries and continually improve how they operate. 

Why is Digital Transformation Important <> Benefits

 

The Benefits of Digital Transformation

While the ROI of digital transformation depends on a variety of factors, the right technology can greatly improve how your business functions and how customers engage with it.

  • Increases productivity while reducing labor costs

Using technology to work more efficiently is one of the most impactful ways to transform your business. For example, for enterprises, the time and money they spend training new employees and updating digital resources can quickly get out of hand. With the proper tools, you can keep costs down and productivity up.

  • Improves the customer experience

Tech-savvy customers want a great experience through multiple touchpoints — mobile apps, social media, email, live chat, etc. Digital transformations are the driving force behind improved customer experiences.


  • Makes You More Competitive in Your Industry

Your competitors are looking into digital transformation regardless of whether or not you are. Choosing not to embrace digital transformation is essentially deciding that you don’t mind being left behind.