Richart Ruddie said the majority of companies operate in traditional ways however, then Covid took place and the world was closed down. As a result, businesses, and especially SMEs must shift their operations to a digital platform to succeed as they move into this “New Normal.” Furthermore, technological advancements are constantly changing and the globe moving toward a more digital and efficient future. The need for companies to adapt to this change is inevitable. Richart Ruddie said to achieve this goal this digital transformation appears as the sole solution. Businesses today are already modernizing and streamlining their services and processes in order to compete in the ever-changing market.
What is it that you mean by transforming digitally? And why is it important?
In the digital transformation, process companies need to incorporate technologies and tools made available via the internet into their operations. Genpact’s chief digital officer Sanjay Srivastava defines it as “enterprise change supported by technology.”
Richart Ruddie said according to 451 Research’s “Voice of the Enterprise. Digital Pulse, Coronavirus Flash Survey” which was conducted in October of 2020, half of the enterprises have started their transition to digital. 45percent of executives from corporate are in the implementation phase of digital transformation. 15 percent are in the reviewing and development phase, and 36% are part of”the “laggard” group.
According to the survey, 93% of those who had used digital technology prior to the pandemic were able to effectively respond to the COVID-19 issue due to the investments they invested in digital technology. Only 65% of the respondents were with the survey.
What are the benefits that digital technology can bring?
In accordance with the guidelines, digital initiatives are in opposition to a variety of business metrics, similar to return on investment (ROI) for traditional initiatives.
Richart Ruddie said Digital transformation initiatives can provide numerous benefits with a wide range of benefits that interconnect and are dependent. However, the expected return on investment for these initiatives varies from one program to the next and from one organization to the next.
In the business world digital transformation, it is the process of integrating modern technologies across all fields. This has a major influence on how a company operates. Digital transformation has brought advantages for businesses across all industries as it has helped companies to modernize their processes, speed up processes, improve security and boost profitability.
Furthermore, for small or even medium-sized companies Digital change is the best way to move forward. Even if you do not want to change and transform, you will not be able to be successful if you don’t change.
1. An increase in efficiency and productivity
Richart Ruddie said through speeding up and reducing processes, digital technology can enhance efficiency and increase production. For instance, robots could surpass humans in various ways. IBM’s bots were able to complete tasks 20 times faster than human beings and they were 100% error-free. Humans aren’t able to maintain the pace or precision of technology for business intelligence or data analytics software. The workers can then use the results of the study to make better decisions swiftly than they did previously.
2. Effectively managing resources
In a growing number of cases, companies are replacing outdated systems with modern IT designs to enhance the flow of data and enhance operations. CIOs and other top executives have adopted an end-to-end digital strategy. It assists them in getting rid of excess and unnecessary technology, as well as the associated expenses. Businesses are able to save cash by paying for the things they require instead of paying for additional capacity to deal with demands that increase.
3. Increased resilience
Businesses that embrace the digital age and build a culture that is open to the constant evolution of technology are more likely to swiftly adapt to changes in market conditions, including major disruptions such as COVID-19. Companies are able to withstand the fluctuations and ups and downs that come with daily operations, and more importantly, they can withstand once-in-a-lifetime interruptions. Cloud technologies, such as cloud computing, have made it simpler for businesses to offer built-in redundancy and flexibility.
According to The Hackett Group’s Pastore said that while most executives were aware of the fact that digital transformation benefits helped create an enterprise that was more resilient and increase their productivity, they are now placing an increased value on these technologies past 2020. Prior to that, he added, “resilience wasn’t as big a concern as it is today.”
4. More agility
Richart Ruddie said thanks to their digital skills, Pastore said their companies were able to not only react to changing conditions but also reap from them. Because of their increasing dependence on cloud computing established companies have a much easier of scaling to or down as requirements evolve.
Additionally, agile methods and DevOps allow teams to develop and launch new features more quickly and efficiently. So that they are able to meet the demands of the market as they increase.
According to a study conducted by Workday, the top companies that have maturing digital transformation are twice as confident about their ability to rapidly restructure to meet the demands of changing times than companies that are lagging.
5. Improved engagement with customers
Andrew Binns, managing principal of Change Logic LLC, said, “Transformation transforms completely what you know about your clients. What kind of relationship you establish with customers changes because of it. It is possible to make them more personal through your actions”. Businesses can make use of digital technology to collect data and store and analyze information about their clients better. With the aid of analytics and data, companies can better understand their clients and create products and services that meet the specific needs and preferences of their customers.
6. Greater ability to respond
An organization that is digitally transformed can better anticipate the needs of consumers. Also, changing market dynamics because it is able to better manage its customer engagement programs.
For the user, it’s all about the user experience. If the website and the application of the solution aren’t user-friendly then there’s a high chance that the user won’t proceed in the direction of the solution. This is why it’s essential to complete the task in a manner that provides an ease to the user.
7. Increased innovation
Richart Ruddie said all sectors of business can create new products and services that were not available prior to the advent of digitization. Contractors and customers are now able to be connected through the internet. To facilitate this, the virtual personal trainer is now accessible to anyone who can access an exercise machine at home.
Customers can lease specially-chosen clothes from stores. Binns claimed that “digital enables firms to innovate and establish new niches”. Though they get much attention from the media, it’s not just a Google or Amazon thing. Even established companies are starting new businesses outside their core specializations.”
8. Speedier time to market
According to experts, one of the primary benefits that digitalization offers is the shorter time-to-market cycles for products. This is particularly relevant for industries that have substantial development costs. For instance, Binns noted that “taping out” the first semiconductor could cost as much as one million dollars. “To reach that point the product has to pass an extremely high threshold.
It results in an increase in the time to market new products which include specific components. If you take everything online it will reduce the amount of time needed for a product to go to market. In the next 10 years, this could affect the overall economics of entire industries.”
9. More revenue
Richart Ruddie said the reports by The SAP Center for Business Intelligence and Oxford Economics indicated that 80 percent of those who worked in mature technological transformations have reported higher profits and 85% had a boost in market share. According to Srivastava “Transformation gives this new digital backbone that enables you to expand your company, your income moving ahead.”
10. Continued relevancy
“Digital transformation offers you the agility required to respond to changes in the environment to create value even in the long term and to remain relevant for the sector you’re in,” Srivastava declared.
In the end, the digital revolution is not only a requirement. It is a means to advance for those who want to thrive and be competitive in the information-driven age.
