Are You Ready for the Fourth Industrial Revolution?
The Digital Revolution or the Fourth Industrial Revolution is upon us, and it is unstoppable. Organizations are reorienting their business processes and corporate culture to align themselves with upcoming technologies and present-day customer needs. In nearly every industry, new digital technologies are being adopted, which are bringing unmatched performances to their business processes. Almost every day, there is an innovation in Artificial Intelligence, Robotics, Business Intelligence and Connectivity, which promises us to transform the way we live and work. The most crucial step towards digital transformation is that an organization first needs to understand what they are trying to achieve and why – before choosing to transform their entire organization digitally.
The Titanic seemed herculean and unsinkable until the moment where it didn’t anticipate the iceberg which later sunk it. Today, digital transformation is the iceberg, which companies should soon apprehend in order to continue with their business smoothly. So to embrace digital change, a business should engage itself in digital initiatives and strategies. An organization is only going to benefit if they smartly invest and understand the emerging technologies and how they can be implemented to enhance processes.
That being the case, we will focus on some points, which will give us a clear idea about the entire ecosystem of these digital innovations and their collaboration in business.
Digital Transformation for business success
Organizations are looking to move above traditional software systems and adopt intelligent platforms, which will connect their operations and processes with technologies such as the Internet of Things, Big Data, Artificial Intelligence, Business Intelligence & Analytics and more in Industry 4.0. When an organization approaches digital transformation, they need inputs or advice on how to successfully transform into this journey. Many times, they learn on their own by making some mistakes or errors on the way or learn from the experiences of others. To prepare for the digital transformation journey, one must first keep the end-goal in mind. A plan should be devised on what are things business wants to achieve, and it can be in the form of business gains, technical functionality, a better understanding of market needs or improved efficiency. The next step is to discover the potential of your organization and how you can transform into an intelligent enterprise. By adding value drivers to your product and services, you can guide your efforts in the right direction to reap maximum benefits.
Opportunities through Digital Transformation
If we look at this industry, it is a multi-trillion dollar opportunity for IT companies to help organizations make the digital transition. While all modern digital innovations are fascinating, it is also essential to find appropriate technologies for your business, which will keep you aligned with the current market demands. It is easier to serve a customer when you have precisely the kind of technology, which will meet their requirements. Technologies like Big Data and Analytics will help your organization to understand the needs of the market and Internet of Things (IoT) platform can be utilized to store a customer’s data based on the products and services they are using. These technologies will extensively benefit an organization by accurately positioning itself in the market for the right kind of audience.
Points to consider before embarking on a Digital Transformation journey
A. Discovering your objectives for implementing digital technologies in your organization should be your first step while parallelly thinking about the result you wish to have.
B. Identifying the Key Performance Index (KPI) in your organization will help you find the right digital solution for improving your business.
C. Keep an eye on the rising and in-demand technologies in the market. If you don’t pay attention to innovations in technology and what it has to offer you, then you will lack behind and probably be out of business. Imagine if Sony had paid a little more attention to the digital music format, rather than allowing Apple to break new ground with iPod, iTunes and Apple music.
D. Some businesses are making the most of digital initiatives right now and comparing yourself with them might be unwise. Understand that they have implemented only those technologies, which are best for their business, and so you should do the same by adopting only those technologies, which can improve your business.
There are multiple processes, transactions, evolutions and innovations, which are covered under the digital transformation umbrella. Before embarking on the digital transformation journey, you might end up reading about specific reports, which predict the market, and “guides” you towards widespread technology adoption, but there are specific challenges and pitfalls, which an organization should foresee or experience themselves. There are steps, which a leader and various departments in an organization need to make for a successful shift in the organizational thinking towards digital transformation adoption.