Last quarter for us is typically the time to help companies facilitate Strategic Planning for enterprises. Our team worked with five companies of different industries, these industries are electronics, health care, global shared services, supply chain management and manufacturing. All five showed a clear inevitable trend “E-business and Digital Technology will be the key driver in successful future of their enterprises for the coming years “.
Why Digital Enterprise Transformation? Digital tools and technologies are impacting and disrupting the way business is done. In a recent United States study conducted by Michael Wade IMD Professor revealed that “100 executives were asked about the strength of their industry barriers to protect against digital disruption, 30% admitted barriers are low or non-existent. In 10 out of 12 industries including hospitals, telecom, and financial services predicted that 3 of the current market leaders would fall off the top 10 in the next five years”.
Enterprises today have the great opportunity to take action to increase their chances of winning and minimize future risks. They can define digital transformation that can be applied to their business or industry. Map out their journey to minimize if not eliminate disruption to claim and earn the benefits and optimize value from digital technologies and models.
What are the benefits of digital transformation? One is to improve performance, achieve higher productivity and increase process efficiency. Two is to innovate better and faster. Three is to enhance the delivery of the customer experience, it means optimizing enterprise value.
The digital transformation journey begins with the shift of mind-set; it requires that a company, especially its top executives should clearly recognize the need to transform. It zeroes in on what needs to be transformed and a roadmap on how to make the required changes. Today this ability has been identified as digital business agility.
The past decade business transformation was mainly driven by political, social, global and cultural shifts that resulted in mergers, acquisitions, right sizing, shift from salesmen to third party distributors, opening new companies, closure of factories producing obsolete products, among others. Today, business transformation is built on a foundation of digital technology. The current technologies that catalyze digital business transformation encompass social media tools and applications, mobile tools and applications, platforms of shareable digital capabilities like cloud solutions and connected devices and smart network, analytics, tools and applications, including big data.
The excitement is high as we assembled a team of technology experts and organization development professionals proficient with managing change getting ready for 2017 with its challenge and promise of enterprise digital transformation.