Digital Transformation has become a jargon thrown up in boardroom meetings frequently. The term which came into prominence less than a decade ago seems to be on everyone’s agenda. Unfortunately, it has become a buzzword that is thrown around just to appear relevant and cool.
What is Digital Transformation?
The word “digital” refers to using technology, the internet and social media which have made us a connected society. Digital Transformation is a continuous process, a mindset shift in the way a company operates, so that they can adopt digital tools and technologies to:
- Create new business models
- Attract customers and retain them
- Solve customer challenges faster and easily
- Increase market share and revenues
The reason, we call it a mindset shift is because, unlike a transformation which has a start and an end, digital transformation is a continuous process and hence, mindset shift is necessary to accept the need to constantly evolve so that your business can stay relevant and competitive in a changing consumer landscape.
Digital Transformation protects you from Disruption
With the growth of giants like Amazon, Facebook and Google, business models have evolved drastically. Consumer habits are changing. People are no longer going to a bookstore to buy books. They would rather buy online and even wait for a few days for the books to arrive. Social Media has democratized marketing. Previously brands used marketing channels to reach out to consumers which were one-way streets. Today, social media has given power to the people to voice opinions about issues that matter to them. Airbnb, Uber are some of the new models in the sharing economy where brands do not hold any asset or inventory, and yet operate as the biggest hospitality chains and taxi rental services in the world. Video content consumption on OTT platforms like Netflix are examples of how consumer behaviour has changed. How many of you remember going to a video rental store to rent DVDs? Remember Kodak films? How many of you use them to print photographs now?
These models of business were unheard of a decade back. And now, companies which have failed to adapt to these changes have either closed down or have been acquired.
Every industry is undergoing disruption at a breakneck speed. Some new age startup is developing technology which might change the way we do business. Therefore, traditional businesses need to change, and change fast
Digital Transformation is a mechanism, a process to help you stay ahead of the curve in your industry. Technology helps you solve customer and business challenges at scale, faster and in an innovative manner.
“Digital” Transformation is way more than Information Technology
Digital technologies enable you to address your concerns faster and seamlessly. But it all starts with a larger organizational strategy.
- Start with the Why
Why does your business exist? To solve what?
- Have an outside-in approach
Look at your business from the eyes of your consumer. Are you making life easier for him? Are you listening to him? Are you watching his behaviour?
- Analyse the threats to your business Are there newer startups who are doing a better job than you are somewhere? It is a matter of time when they become big and drive your out of business. Stay vigilant. Understand what they are doing better and how?
- Understand the bottlenecks within your organization
Traditional businesses and larger organizations tend to have departments and silos which create barriers in communication. Their processes are not fast enough to listen, adapt, change and deliver. Do you have a mechanism to listen to customers real time and make process changes accordingly? Who is responsible in your company to “own” this outcome?
- Do you have the right skills in your organization?
If you have solved the above 4 points, you may have aligned your business strategy to stay competitive and be disruptive in your industry. But do you have the skills in-house to deliver? Upskilling may not help, as your employees are used to a certain way of working. You may need to enlist the help of external consultants who can help you achieve your digital transformation goal, which is actionable and measurable
In the 21st century, the time for complacency is over. We need to be prepared and be innovative to tackle challenges. As a business owner, or a CXO, you need to take a long hard look at your industry, your current operations, your yearly turnover and margins and define a strategy for digital transformation.
Why is Amraslabs best suited to be your digital transformation partner?
Amraslabs has been working with organizations in implementing digital transformation solutions across the spectrum. We have strict measurable goals and outcomes which is connected to ROI. We have 10+ years of expertise in defining and developing products using agile principles to quickly launch products, get market validation, and iterate to ensure product-market fit.
Initially, we will work with you to develop a Proof-of-Concept or an MVP at low budget so that you are able to fully gauge the benefit of investing in a large scale digital transformation for your organization.