August 13, 2017
In this modern technological era, many qualitative and quantitative studies have highlighted that if an organization want to sustain the competitive edge and growth, they need to adopt the digital strategies. Digital technologies have altered the landscape of many industries ranging from financial services to education. The shift in the digital transformation has happened in the past few years, from the introduction of robotics, the internet, virtual reality and rise of the startups which have disrupted the traditional way of doing business.
According to the research firms, the shift in the trends of digital technology is going to accelerate in the future. New business models and digital technologies will fuel the significance of impact on most of the organization.
The organization could gain the numerous benefits by going digital. IDC survey from 400+ European organizations has found out that many organizations use the digital technology, but only a few actually managed to reap the full potential of going digital. Not more than 20 percent of organization IDC surveyed can call them digital disruptor or digital transformer, rest all were exploring the domain of digital technologies. Digital transformer means adopting the digital technological opportunity completely. To achieve this, it needs to see digital technology as a something synergizing and something profound. It needs to be understood as a just more than the number of business tools which are used to enhance the basic functioning. Digital Transformers are the organizations who see digital technology as a catalyst to bring their people, customers, ambition and processes together. These organizations adopt the digital technology as a mechanism for adding value and compounding growth for the customers through innovative services and products.
This results in pulling the digital transformers away from their competitors as they have adopted agiler business processes, better-connected departments and stronger analytical capabilities. Improved collaboration and better insight simply give them an edge over their competition. The research found out that companies who understood the value of digital transformation were on an average 26% more profitable and 50% more likely to have less employee turnover rate. Deltek has drafted the set of principles for the consulting companies who are trailing on the path of digital transformation. This principle will help the operations managers in consulting organizations to adopt the digitization into their own rank.
1) Clients centric strategy: Before launching the new products first understood how digital transformation can help the clients to grow their business as well as your own. This extra value provided by you will give clients confidence about your dedication to progress and innovation
2) Invest in digital skills: 77% of firms accept that lack of skills prevents them from becoming the digital transformer. Invest in the digital literacy and make them capable of drive the digital change
3) Digitalize your firm: Though digital transformation starts from the top management the responsibility does not completely lie on the executive body in the organization. To successfully bring the digital transformation, entire company needs to on board, so that staff at different stages shows a willingness to improve and learn.
4) Empower employees: Provide the real time data to the employees which lead to the improvement and speed up in the process of decision making
5) Implement the appropriate business platform: Minimize the administrative task like reporting, invoicing and recording and improve the time management of employees with the more robust enterprise planning system.
6) Use your data: To gauge the performance set up right key performance indicator and establish the objective to understand the heading of an organization in the right direction. Analytics will help you in this by providing data to analyze the performance
7) Emphasis digital in your strategy: technology is not meant to end but it needs to be intervened and integrated into the company's strategy and design the right vision. This will help you to drive your organization's relationship, culture and services.
Gilmore concludes with 87% of organizations believe in adopting the approach that digitalization is the key to gaining a competitive advantage.