Digital transformation is the technology used by organizations to evolve their businesses. In 2021 digital transformation has become the need of the hour, as it allows organizations to adapt to uncertain situations like the pandemic. The pandemic has forced businesses to be more customer-centric & digitally enabled. If organizations align their strategy accordingly, they can become future-ready to face future disruptions.
In the year 2020, the pandemic disrupted human life. It also affected the economy to a great extent. Mostly affected due to this were the businesses, enterprises and start-ups. The companies that were carrying out their activities online could survive a bit. But the businesses that were not online faced a significant setback due to COVID. What does this indicate? Companies need to buckle up and transform themselves digitally.
As per the report by Bloomberg Media Studios and IBM, 96% of leaders say the pandemic will speed their digital transformation by an average of 5.3 years.
Even though we are affected by the pandemic, we witness much more creativity and innovation around us. With this creativity and innovation, some businesses are doing well in the market, even in a situation like this. For example, Amazon has become the world’s largest firm by revenue. Netflix doubled its new subscribers. On the other hand, some businesses that lacked innovation shut down. The biggest differentiator between these two is their online presence. So, now each company needs to think on this line and start taking steps towards digital transformation.
Digital transformation involves taking your business online and using the latest technologies. It thus helps to gain a competitive advantage for a business. It also helps to transform the process of delivering value to the customer.
There is a need to reinvent the business from the inside out to perform the digital transformation. After analysis, a business strategy developed should transform the whole process. The process design should focus on customer needs and insights.
- The strategy will involve:
- Taking your business online
- Collecting the data
- Analyzing the data as per the needs
- Design and implement the process as per the changes required
- The strategy designed will help to establish a digital presence.
It will also help to increase employee satisfaction along with user experience. Thus, the process will lead to achieving the total customer experience transformation.
Digital Transformation in 2021
We have seen all the bad things that can happen in the whole year 2020. The problems faced by businesses, enterprises and start-ups were the worst. So, there is a need for digital transformation in 2021, unlike any other year. And digital transformation will only help them take their business forward. The online presence will increase the customer reach, resulting in more business. Customers, too, love the online world. If it is eating, learning, or buying, people prefer doing them at a click. So taking this mind, every business should transform itself digitally and be successful.
How to do Digital Transformation?
Digital transformation happens with the help of the latest digital technologies. It helps to re-engineer and automate business processes. It makes business functions more intelligent. How can a business transform itself? A company can transform itself by changing different business process. Let us look at them:
Sales and marketing mostly form the part of customer experience. That is why it becomes the most important in any business. In the end, every company wants to sell its products or services to the customer. Digital transformation in this field will involve the design of customer-centric processes. The process should give a human-led experience to advance the digital transformation and increase the business outcomes.
- Online presence
- Data to analyse customer needs
- Better customer experience
- Customer engagement
Operations and Supply Chain
Digital transformation will help to build a more innovative business. It will help create more connected processes. Thus, increasing operational efficiency and reducing the cost. Operational efficiency can also increase if we improve the infrastructure, equipment, engineering operations, facilities, and manufacturing processes. Latest technology like AI, Internet of Things (IoT), computing can help reduce cost and increase safety.
- Equipment maintenance reduces downtime
- Proper space utilization
- Cost reduction
- Improved reliability
Employees are the most critical asset of the company. As a business, there should be a proper focus on employees. Digital transformation will transform human resource as well. It involves inspiring the workforce with innovative technologies. The people-centric approach is the crucial factor in this. The use of the latest technologies like AI and Automation will add value to the process if done in the HR process. If transformed, the talent management process can establish a culture of continuous learning.
- Enhanced employee engagement
- Skilled workforce
- Continuous learning culture
- HR transformation
Digital transformation is the technology used by organizations to evolve their businesses. In 2021 digital transformation has become the need of the hour, as it allows organizations to adapt to uncertain situations like the pandemic. The pandemic has forced businesses to be more customer-centric & digitally enabled. If organizations align their strategy accordingly, they can become future-ready to face any disruptions.