The Digital Transformation Opportunity in the Current Market

The decisions we make every day to shift towards what will propel our future growth will be the toughest aspect of any company transition. It is an unfortunate fact that most businesses are fantastic at their core operation, but they are not great at reimagining their company's future.

No one could have expected where 2020 will take us: more digital transformation has occurred in the last six months alone than in the last decade, with any digital transformation initiative already underway being intensified and at a scale.

Let's face it: the year 2020 has been a tough one. Trying to pursue 2021 with forced technology change, in a digital marketplace that is constantly evolving, and as uncertain as the past 12 months might just be harder than what 2020 threw our way. Fortunately, many businesses are discovering that one fail-safe option for remaining in business in 2021 may be to build strategic alliances within intelligent, purposeful business ecospheres.

"Too Few Technology Partners" is a common hurdle to effective digital transformation for more than 20% of businesses surveyed, according to the Dell Digital Transformation Index 2020.

That implies that 1 in 5 businesses does not feel that they have the right ecosystems of stakeholders to allow breakthrough and digital growth. Nevertheless, the digital opportunity is there and widespread. In addition, those enterprises that are ready and eager to play the position of "digital adopter" “digital innovator” and "digital leader" will be able to use their tools, experience, and strategies at almost any level to generate value for others at all levels.

The pandemic gave way to a new business mantra, i.e. Pivot or Perish, and digital adoption and digital transition became a must for corporations rather than an option to move past the old school brick-and-mortar footprint. The transition into a digital business model has placed growing demand on companies to accept emerging technology and to move on the digital road to remain competitive and build an interconnected consumer experience for survival.

Digital transformation deals have seen a 30% spike, an 80% jump in cloud investment, and a 15% improvement in consumer service since the pandemic, according to a NASSCOM survey. We will see a surge of hyper-digitalization in 2021, more of a phygital (Physical + Digital) environment. In the new business models, this will introduce improvements that help businesses expand in terms of breaking barriers, providing a connected interface, automating, building front-end features, solving supply chain disturbances, and more.

Business dynamics are rapidly evolving as new technology raises customer expectations across sectors like fashion, finance, hospitality, healthcare, retail, telecom, transport, and education. What eliminates the gap between what customers want and what conventional business models will offer is digital business transformation.

This was a reality even before the COVID-19 crisis came to illustrate how easily change happens in today's world. The global pandemic has served as a viewpoint for the transition of business relationships and the connections between firms, consumers, vendors, and workers.

Microsoft CEO Satya Nadella neatly summed up this speed and impact when he said, "As COVID-19 impacts every aspect of our work and life, we have seen two years' worth of digital transformation in two months."

If your enterprise focuses on driving advancement in response to immediate opportunities, optimizing productivity in order to improve long-term sustainability, or a mix of both, here are a few widely missed steps that will help you get ahead.

1. Unlock opportunities for collaboration.

Blockchain is a ledger database technology where data is stored in blocks and linked through digital signatures forming a chain. This chain of data is decentralized by distributing to multiple computers called. It is open to everyone in the network with no single point of control, and altering the data is very unlikely. It is like you attempt to get naughty on a live TV show and expect no one notices it.

2. Identify and resolve your bottlenecks.

In report after report, bottlenecks have been identified due to a failure to tap into automation solutions to address tedious, repetitive tasks, typically required to determine a break in existing functionality. Exercises like value stream management and software delivery management can assist in the identification of some of the most pressing issues. Discuss solutions with domain experts as you chart the path forward for optimal growth.

3. Get on board migration projects.

Yes, making amendments to what has been can be hard, change in any form is not an easy undertaking, but when it comes to business operation migration, short-term pain can lead to long-term gain. As the popular saying goes "the only constant is change", with that in mind, it's important to recognize the inevitable investment in business transition towards the digital domain. In the current market scenario delaying this transition can prove to be more costly. Stay ahead in the competitive market and set a precedent by prioritizing digital transformation.

4. Enhanced data collection & data-driven decision making.

Most businesses collect data on their customers but the real value lies in how the data is used. Digital transformation can be leveraged to create a data collection system within an organization across various touchpoints and translate it into actionable insights on customer experience and operational efficiency.

5. Increased Agility & Productivity.

Digital transformation in an organization promotes a digital-ready culture for innovation and adopting continuous improvement strategies which the right tech tools to streamline workflows, automate manual processes, integrating data-driven decision making within an organization empowering it to be more agile and productive.