Key factors transforming business – the digital way
Businesses have been inventing and reinventing themselves from time immemorial to come up with new aspects in the field of business. Transformation in any aspect is a prerequisite for businesses, organisational activities, competencies, processes as well as a number of models to fully leverage changes and opportunities in their respective fields. Digital business transformation is one such aspect that has taken the market to heights one could have never imagined.
“You have to constantly be reinventing yourself and investing in the future,” Reid Hoffman once said. Business transformation, by definition, refers to the fundamental changes that are either brought in or inflicted upon by an organisation to uplift its face in the industry. It not only talks about the technical aspect but also various other aspects that in some way or other affect an organisation in the long run.
Though technology does form one of the most crucial features to elevate an organization, improved processes and higher productivity add up to the success of an organisation. There exist a number of trends that help the process of business transformation, including innovative technology, market demands, consumer/customer behaviour, and environmental factors.
Innovative technology
Technological innovations lead to technological disruptions which are very valuable for any company that plans to ace their respective market. Modern technology – for instance, the cloud system – is being adopted by various MNCs to flourish at a comparatively high pace.
Market demand
The main objective of a company/organisation is to withstand the harsh conditions of the market and to meet the end customer’s demands. Market demand usually describes the demand for a particular product by the customers who plan to purchase it – in this case, technology. It is therefore determined by the willingness of a consumer to buy or avail a particular product or service.
Consumer/customer behaviour
Meeting customer demands, customer expectations, and business needs is essential for the growth of any company. Increased technological capabilities and the desire to use these technologies is something all customers demand. Technological changes that meet customer demands bring about a major facelift for an organisation.
Environmental factors
Environmental factors can be both internal and external to an organisation, including factors ranging from political to legal, and everything in between. While an organisation can gain control over internal factors, it is challenging to control external factors unless there is a strong business strategy for it. Environmental factors, therefore, possess the capability of overrunning a well-established organisation if not taken care of. Transformation in business is inescapably essential for any organisation to reach the highest peak of success. An organisation which is not lagging behind in technology has the highest scope of retaining a stronghold in the market.
Apart from these trends, ‘digitisation’, or digital transformation in the business world, is also having a positive effect on the current scenario of the market. With the evolution of technology, we will witness and explore better and superior technology with time.
It is proven that change is the only thing constant, which implies that digital transformation has become domineering for all businesses, be it small, medium, or large. Due to the implementation of these new technologies, enterprises are able to deliver custom applications to the desired consumers in a very short span of time. This in return lowers the operational costs, which further enhances the experience of a customer. All of these constitute the core of digital transformation.
Amod Phadke is Sales and Marketing Director at GCR (Global Channel Resources).
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)