Digital Transformation And Why It Matters
Eat or be eaten? There are many reasons businesses embark on a digital transformation, but, for many, it simply comes down to survival. If you don’t change, you’ll be left behind until, eventually, you disappear entirely.
So, what is digital transformation?
Digital transformation is a fundamental change in how a business delivers value to its customers. It involves not only bringing in new technologies, but using them to transform services into something significantly better. That’s why we talk about digital transformation as being a whole-of-business process; changing corporate culture and processes are as vital to its success as new tech.
Why does digital transformation matter?
Global spending on digital transformation technologies hit $1.3 trillion in 2017, according to tech research company IDC. And this figure expected to almost double by 2021. Why? Because CEOs recognise that, in an increasingly competitive environment, digital transformation is a matter of survival.
If you’re reading this thinking that digital transformation isn’t for you, think again. There are a number of reasons why your business should consider digital transformation:
Your competitors are doing it.
In a recent Gartner survey, almost two-thirds (62%) of executives said they already have a management initiative or transformation program to make their business “more digital”, and over half (54%) said their digital business objective is transformational. And it doesn’t matter which industry we look at: in its 2018 survey of CIOs from 98 countries, Gartner revealed that digital is at the top of the agenda across all industries.
You will improve efficiency.
Chances are your legacy systems are preventing your business from growing and become more efficient.
It will make you more profitable.
In another recent Gartner survey, 56% said that their digital improvements have already improved profits.
Your customers want it.
From shopping and working to controlling our home appliances, our lives are increasingly digital. Your customers expect it from you. They want access to services and information digitally, and they expect their questions answered now and their problems solved rapidly. Fail to deliver, and they’ll simply go elsewhere.
Failure? Fear not.
Many CEOs want to embark on a digital transformation, but there’s one thing standing in the way: fear of failure. And it’s certainly true that digital transformation projects can be derailed for a number of reasons:
- Resistance to change
- Lack of agreement on what digital transformation means
- Little or no senior executive buy-in
- Too much emphasis on back-end execution
- Lack of budget
- Talent deficit
- Disconnect between IT and the rest of the business
But all of the above reasons for failure can be avoided with the right project management and leadership. The answer is to engage a partner like Informatix who can help digitally transform every part of your business, process by process. At Informatix, we support our clients through their digital changes. Our specialists can provide consulting services to demystify digital transformation and deliver early wins for your business. It’s not just about technology, either: we help clients adopt a cultural change and new processes to become more agile and competitive.
No doubt about it, embarking on digital transformation is a massive undertaking. But when done right, it will achieve a business that’s more competitive, more in sync with customer demands and ready to take on the fast-moving digital future.
Speak to Informatix to find out how we can ensure your digital transformation is a success.