Steps and benefits of enterprise digital transformation

Are you considering using technologies to modify existing or create new business processes? Have you ever thought of enhancing customer experiences to meet changing business and market requirements? As a matter of fact, every business is today interested in adopting technology to better its processes and profits. Digital technology is changing the way business is conducted all around the globe. This transformation of businesses in the digital age is known as Digital Transformation.

Let us dive deeper into the phenomenon of digital transformation: what is it, why is it necessary and how do you put it to use?

What is Enterprise Digital Transformation?

We cannot get to the one definition that applies to all digital transformations. For some it is all about the integration of technical solutions. For others, it is the automation of the business process. It is the realignment of a business with the technology advancements and digital age. Digital technology supports innovative business models, and it no longer serves as just support to achieve business goals. Enterprise digital transformation is more about the application of technology to build new business models, processes, software, and systems that result in more profitable revenue, and provide more significant competitive advantage.

Here are the technologies fueling the digital revolution:

1. Artificial Intelligence
2. Internet of Things
3. Enterprise Mobility
4. Big Data
5. Cloud
6. Cybersecurity

Enterprise digital transformation emphasizes on technological change to bring about automated and streamlined processes. While in theory, it is a set of pure technological advancements that are almost the same for everyone, however, the effect, goal, and outcome of digital transformation varies with each organization.

Challenges

The digital revolution has forced every organization to reinvent itself, or at least rethink how it goes about doing business. Most companies have invested heavily in their enterprise digital transformation. While those investments are projected to stand at $6.8 trillion by 2023, they are often made without assessing the ROI. While most businesses want to achieve the benefits of digital transformation it is important to keep your specific business and objectives in mind. You need to approach the digital transformation journey strategically with your end goals in mind. Although failures have multiple causes, they are generally the result of underestimating the various steps or stages required to successfully execute a the agenda.

Research shows that 91% of organizations have not yet reached a transformational level of maturity in data and analytics, despite this area being a number one investment priority in recent years. Here we discuss the challenges that an organization faces while adopting a strategy.

• lack of employee engagement
• silos in organization
• inadequate business and It resources
• poor or non-existent cross-functional collaboration
• lack of accountability
• data privacy and security concerns
• budgetary constraints
• gaps in digital skills and expertise
• regulatory and legislative changes
• immature digital culture

How to get started with HR digital transformation

While all of this sounds good in theory, it can seem daunting when it comes to taking that first step towards enterprise digital transformation. Hence, here are a few integral components of the strategy to begin with:

• Staff and customer engagement
• Workforce enablement
• Digital technology integration
• Customer experience
• Data and analytics
• Digital business strategy and culture
• Process and innovation

Consider these eight key digital transformation trends that business and IT leaders are turning to:

• Focus on resiliency and sustainability
• An emphasis on using cloud to enable innovation
• AI-fueled automation of business processes
• Continued acceptance of remote work
• Increased attention to managing data for its entire lifecycle
• Security as a business imperative, not an afterthought
• Prioritizing AI ethics and governance
• Increased use of maturing machine learning technologies

Why does Digital Transformation matter for businesses?

Gartner’s research claims that 56% of CEOs said digital improvements have led to revenue growth. Moreover, 44% of companies have already moved to a digital-first approach when it comes to customer experience. From communication to making and processing payments, people’s lives have been changed by the digitization of everyday processes. Following are some of the benefits of digital transformation for a business:

• Empowered Employees
• Streamlined Business Operations
• Beat the competition
• Reduced Investment cost
• Improved Financial Performance
• Increased Productivity
• Enhanced Customer Experience

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The author of this article is Mrs Aliana. She is a technology blog writer. She writes articles related to IT business services.