Much has already been said about digital transformation, especially during the height of the pandemic, when businesses were forced to shut down their offices in favor of remote working setups.
This work-from-home scheme is a form of digital transformation, but it’s just one of the many ways that organizations are driving it.
According to Gartner, digital business transformation is the process of exploiting digital technologies and supporting capabilities to create a robust new digital business model.
From this definition, we can surmise that digital transformation is primarily a process first, rather than that of a technology-buy. While the technology part is important, it is only secondary to the massive transformational process that the organization must undertake in order to see the digitization come into fruition.
The success parameters for digital transformation, therefore, requires not only technology change and skillsets to use these technologies required, but also significant change, whether organizational or cultural, across a particular business, organization, or enterprise.
One of the biggest sectors hit during the height of the COVID-19 outbreak was banking and finance. Ordinary people like you and me would drive to the bank, fill out a form, take a queue, and wait to be served by one of the bank tellers.
COVID-19 changed all of this with social distancing protocols. Suddenly, everyone had to have their bank app installed on their smartphones. Those who aren’t too tech savvy with their devices had to learn their way through apps quickly. They had to deal with creating accounts, logging in, remembering passwords, and so on.
However, for those who are tech savvy, they would know that this mobile banking process was already a viable thing pre-coronavirus era. In fact, it was already a go-to solution for most people who don’t have time to drive to the bank.
So, what changed? Well, for starters, the amount of people using the app changed, requiring banks to scale up their online operations to serve hundreds to thousands of customers per minute.
Digital transformation basically changed the way we’re operating buy putting applications and data into the forefront. With it, we enable new ways for customers to interact with businesses, changing the way we go and look at the market, how we sell and present products, how we service our goods, and how we go to compete in the fast-moving digital landscape.
The short answer is yes.
Customer demands change and adapt to technology – and this change cycle has becoming faster and faster as of late. You don’t want to be a “Blockbuster” in the time of “Netflix,” do you?
Every company, including yours, is trying to build up skills, processes, and operational changes which are built around technologies and new organizational cultures. Most are already on the next step, trying to automate the things that they do. A lot are now looking at data and analytics. A lot are looking at their current operations and trying to streamline them in order to reach customer expectations with their digital products and services at blazingly fast speeds.
But how can you catch up with the seemingly overwhelming execution of digital transformation projects and strategies across your chosen industry? Should you begin changing your business model tomorrow? What are the risks involved with that? Are you sure of the direction you’re planning to make?
Circling back to what we stressed in the definition of digital transformation, we surmised that it is a process undertaken by a cultural or organizational change.
Nowadays, outsourcing plays a HUGE role in the expansion of a business. Utilizing internet technologies to tap talents and skills in different parts of the world and integrating these talents to your business at a cost-effective manner would manifest as a transformation within your organization.
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