Digital transformation; a major wake-up call for business owners
The high-speed internet on our smartphone, the cloud storage where we keep our files, that navigation service predicts traffic conditions, our favorite social networks, and the intelligent personal assistant app; we live in a mobile-first, cloud-first world. Technology is interwoven into every aspect of our life, guiding our decisions and transforming personal lives, and making things easier and better. The question is, do organizations experience the similar transformation when they adopt technology? Do they help organizations develop new competencies?
“Organizations need to evolve to address the changing business environment; the capacity of a business entity to be more people-oriented, agile, and innovative helps the development of its core competency.”
Digital Transformation or Digital Business Transformation is not just about modernizing an organization with advanced IT systems, but it’s a mindset too, entrepreneurship philosophy in the current digital age that needs to get a stronghold in the minds of people.
Researchers identify Mobility, big data and analytics, cloud technology, and social media as the pillars of an enterprise’s digital transformation; surprisingly these are the very same technologies transforming our personal lives. In addition to that, researchers confirm that the effective deployment of these four sophisticated technologies not only benefits organizations in cutting down the costs and boosting efficiency but also to develop new business models, identifying new revenue streams, building a people-centric workplace, and enhancing brand reputation in the digital world.
According to a recent study by Forbes, businesses adopting Big Data, Cloud & Mobility grow 53% faster than organizations which are not being introduced to these cutting-edge technologies.
Smartphones as an integral part of the modern workplace.
"Over 80% of Americans use a mobile device of some sort. Whether an organization addresses the importance of mobility or not, most of their employees are already mobile."
Smartphones made technology very portable, they already transformed business operations and improved the ways employees work. Smart devices give employees ultimate freedom enabling them to take office with them, which in turn improves employee availability and productivity. Empowering employees with enterprise mobility is an important business trend. Many organizations restructure their IT for making a BYOD (Bring your own device) environment possible. Innovators in the business management software industry are continuously carrying out researches to bring more sophisticated business applications into mobile platforms.
Breaking the barriers of traditional decision making.
“In today's post-industrial organizational context, Big Data means ‘all data’; any data from bits and pieces to those larger and more complex data sets.” Though the term Big Data is comparatively new to the business glossary (This present-day jargon is said to be coined by analyst firm Gartner in 2000’s), the concept has been around for years. Decades back, before anyone uttered the term ‘Big Data’ business entities used to manually examine the facts and figures from numerous spreadsheets to gain insights and predict trends. Regardless the organization is traditional or modern, any and all good decision making begins with understanding the data. According to the study on new age business trends, conducted by ePROMIS Solutions Inc., a global leader in Enterprise Resource Planning software solutions, the number of sales inquiries for Big Data and associated analytics have doubled in 2016. The study says, leading organizations adopted Big Data is not just integrating more data sources into their Business Dashboards, but they use big data for the development of new products/services and more customer-centric strategies. More than just as a present day technology trend in the business sphere, Big Data is a revolution in thinking that will fundamentally reshape the world. The volume of data available for governments/organizations/individuals to analyze is set to increase massively since the Internet of Things (IoT) technologies offer a lot more data sources than ever, such as wearable computing, connected cars, and smart cities. We can now monitor anything in real-time, from local traffic to the status of airplanes flying across the world, from weather forecasts to inflation and GDP.
Cloud computing; the backbone of Digital Transformation.
“Cloud computing is everywhere; from accessing emails, storing pictures and files in OneDrive, watching videos in YouTube, posting on Facebook, we don’t realize how much of our time we spend in the cloud.” In today’s dynamic market, organizations need to be agile, flexible, and fast to keep up with customer expectations; cloud computing can be key to that responsiveness. Over 85% of the small and medium-sized enterprises in the United States see cloud computing as an integral part of their digital transformation. ‘As more organizations realize the benefits of cloud computing, it's sure that this technology will play an even larger role in the years ahead’ observes Mathews Mathew, Chief Executive Officer of ePROMIS Solutions Inc. In addition to the cloud-based customer facing applications, savvy organizations are adopting cloud computing to run their core business operations.
Incorporating social media into core business operations
“A successful business is all about maintaining successful social and personal relationships. In today’s digital world without an effective social network strategy, you may have the best product or service, but no one will be interested in it.” Though it’s yet to be matured as a globally acclaimed business tool, industry experts observe that social media is rapidly becoming a core aspect of modern business strategies. Studies state that more than 70% of customers do online research before taking a purchase decision. Surprising, about 40% of customers who have had a bad experience are likely to comment about it in Electronic Word of Mouth platforms (customer portals) and social network sites such as Facebook, Twitter, and LinkedIn. Many aspiring organizations use social media as a corporate communication tool to improve customer relationships, corporate reputation, and crisis management. They turn employees into trusted brand advocates by implementing social media policies and encouraging employees to share brand communication on social media and to identify and respond to issues. Innovators in Enterprise Resource Planning software solutions are taking this business trend seriously, and analysts predict that social media will soon become a significant component of ERP systems. It’s obvious that digital transformation has a significant impact on overall performance of an organization. Analysts estimate that digital transformation could improve operating income of an organization up to 40% and the investors have awarded them higher valuations. Digital transformation is not merely about investing in the latest technologies; it's a philosophy that pushes organizations to rethink their strategies for the digital age.