How To Take The Headache Out Of DIGITAL TRANSFORMATION MYTHS AND TRENDS IN 2022
You've heard of the Fourth Industrial Revolution. It is probably the most talked about topic for business, thought leaders, policy makers, scientists and of course technocrats.
Klaus Schwab, founder and executive chairman of the World Economic Forum, who coined the term, wrote - "The first industrial revolution used water and steam power to mechanize production. The second used electric power for mass production." used electronics. The third used electronics. And information technology to automate production. Now a fourth industrial revolution is leading to the third, the digital revolution that has been happening since the middle of the last century. This physical, characterized by the fusion of technologies comprising the digital and biological spheres."
He makes a very important, relevant point - "Technology or its disruptions are not an external force over which humans have no control. We are responsible for directing its development through our decisions on a daily basis." citizens, consumers and investors.
Although digital transformation as a term is still misunderstood, today, digital transformation is widely accepted as a business imperative. So what exactly is digital transformation? Is this an IT project? Or introduce some cool equipment for the company? Or adding a dynamic Customer Relationship Management (CRM) initiative to better engage customers?
As an organization, whether you want to embark on the journey of digital transformation or strive to stay away from it, there are still some myths surrounding digital transformation that you need to dispel. If you want to lead your organization through digital transformation, the first step is to understand the reality of digital transformation – don't get carried away by the hype.
In this article we use excerpts from a few, reputable industry reports/white papers to dispel some of the myths.
Reports/white papers we quote from include:
World Economic Forum (WEF) White Paper on the Digital Transformation of Industry: The Digital Enterprise, prepared in collaboration with Accenture
Forrester's Reports, The Digital Business Imperative, co-authored by Martin Gill and Nigel Fenwick
Digital is a fad; The one trend I don't have to worry about is business
digital transformation process
Digital has changed the market landscape for every business and the pace of change is accelerating.
According to the WEF white paper, there is widespread recognition among most industry leaders that the role of digital technology is rapidly changing, from a driver of marginal efficiency to an enabler of fundamental innovation and disruption. Digitization is driving massive and pervasive changes across many aspects of business, providing unique opportunities for value creation and capture. Business leaders across all sectors are grappling with the strategic implications of this change for their organizations, industry ecosystems and society.
Digital has only affected the channels and the customers. Digital brings new opportunities for organizations that can adopt technology fairly quickly. It speeds up time to market, reduces costs and unlocks new revenue streams.
Forrester's report states - Digital business is not just about customer experience; It's a way to drive operational agility. Digital operations can increase speed-to-market, make employees more productive, streamline lean processes, and maximize resource utilization.
let me make an app My digital transformation is complete.
Digital transformation is not the introduction of a tool that is designed to transform a certain aspect of your business, be it employee collaboration or customer transactions.
Forrester report says-
Digital fundamentally transforms the relationship you have with your customers. You can't address this transformation with a bolt-on digital strategy that adds an app here or a site here. To stay competitive, you need to re-engineer how your business creates value for your customers in the digital age.
Re-imagine your business not as a bundle of products and services but as part of a personalized value ecosystem that your customers assemble according to their needs and wants.
Digital transformation can only happen through disruptive technologies
Not every digital transformation practice needs to follow the example of Uber and Airbnb in the use of emerging technologies. The technology stack you use depends on your business context, and technology leverage is only one part of digital transformation.
Now a fourth industrial revolution is leading to the third, the digital revolution that has been happening since the middle of the last century. As an organization, whether you want to embark on the journey of digital transformation or strive to stay away from it, there are still some myths surrounding digital transformation that you need to dispel. If you want to lead your organization through digital transformation, the first step is to understand the reality of digital transformation do not get carried away by the hype. Reports/white papers we quote from include: World Economic Forum White Paper on the Digital Transformation of Industry: The Digital Enterprise, prepared in collaboration with Accenture Forrester's Reports, The Digital Business Imperative, co-authored by Martin Gill and Nigel Fenwick Digital is a fad; The one trend I do not have to worry about is business digital transformation process Digital has changed the market landscape for every business and the pace of change is accelerating. According to the WEF white paper, there is widespread recognition among most industry leaders that the role of digital technology is rapidly changing, from a driver of marginal efficiency to an enabler of fundamental innovation and disruption. Digital has only affected the channels and the customers. Digital transformation is not the introduction of a tool that is designed to transform a certain aspect of your business, be it employee collaboration or customer transactions. To stay competitive, you need to re-engineer how your business creates value for your customers in the digital age. Digital transformation can only happen through disruptive technologies Not every digital transformation practice needs to follow the example of Uber and Airbnb in the use of emerging technologies. The technology stack you use depends on your business context, and technology leverage is only one part of digital transformation.
If you want to lead your organization through digital transformation, the first step is to understand the reality of digital transformation do not get carried away by the hype. As an organization, whether you want to embark on the journey of digital transformation or strive to stay away from it, there are still some myths surrounding digital transformation that you need to dispel. The technology stack you use depends on your business context, and technology leverage is only one part of digital transformation. Digital transformation can only happen through disruptive technologies Not every digital transformation practice needs to follow the example of Uber and Airbnb in the use of emerging technologies.
