QBrainx customers ask us this question a lot!!! Why do you talk about buzz words Digital Transformation to us when our requirement is too simple. Are you trying to sell rocket science that the Fortune 100’s only would use? Our answer is, you just answered yourself. Digital Transformation makes advanced technology patterns affordable & usable for small to mid-market businesses as well. Here is our take on Digital Transformation, in detail.
The integration of digital technology into all business aspects is what digital transformation is all about. Owing to the ample amount of advantages technology has had in revolutionizing business over the years, the whole business world seems to be rushing towards it for better results and exponential profits. It has, undoubtedly, changed the way of operation and deliverance of value to the customers at the elementary level.
Did you know, 55% of startups out there have already embraced digital transformation strategy in their business model?
If that’s not a good enough reason, then maybe the fact that within 5 years of adopting digital transformation, Microsoft saw a stock price growth rate of about 258%, might convince you that its time for you to enter the digital world.
Digital transformation is not only about the implementation of technology, but also about the cultural change, it brings about in an organization, continuously challenging the status quo, aiding in experimentation and delivering outcomes that were otherwise deemed as impossible for small businesses.
The digital business transformations(as it appears to be more in line with the business aspect of the transformation) are often driven by factors such as technology innovation, customer demand, and their behavior and also external environmental factors. According to a research study commissioned by Accenture Interactive (report here), profitability, increased speed-to-market and customer satisfaction are the key drivers of digital transformation.
According to the International Data Group, about 44% of companies have already switched to a digital-first approach for their customer experience.It’s simple if you’re not online, it’s like you don’t exist. But being online doesn’t suffice, careful planning and strategizing are also important, although not equally, but to a great extent.
Take the example of Kodak, a company that blew the digital opportunity it had. How?
In 1975, a Kodak engineer invented the digital camera, but instead of seeing the bigger picture they deemed it a threat for their main business -the film and the management’s reaction was, “that’s cute—but don’t tell anyone about it.” They would have been able to conquer the technology and the market with a good marketing strategy. But their problem lay in not being able to adapt to this digital age and the new needs of their customers.
One of the challenges that enterprises are facing today is the aging applications, which seem to be a nightmare for the Developers and maintenance engineers. It’s obviously unwise to discard these age-old applications altogether before building a new application that would leverage current technologies. So, in order to maximize value application re-engineering is being progressively embraced by organizations worldwide.
Also introducing Artificial Intelligence and machine learning into existing businesses along with RPA, a benchmark can be set in offering data-driven solutions, thus leading to the highest scores in the Strategy and Market Presence categories.
According to the International Data Corporation, by 2020, around 30% of the G2000 companies like JPMorgan Chase, Berkshire Hathaway, etc will allocate 10% of their revenue to fuel the engine of their digital strategies.
Digital business transformation is, now, recognized as a challenge in change management, thus having an impact on the industry structures and strategic positioning as well as the levels of an organization. Business leaders need to constantly challenge themselves and their organizations in order to ensure change to not only unlock productivity but to also gain a significant competitive advantage without compromising on the customer experience. In these times, businesses seem to have no choice other than being on the lookout and continuously improving to engage and retain their customers as well as their potential employees.
All this is exactly what we focus on.
At QBrainX, our prime focus is profitability and customer satisfaction as they tend to be the key aspects for digital transformation, which is all about businesses taking advantage of the advancement seen, experienced & evolved in the IT landscape. The businesses, nowadays, have to adopt, examine and deploy faster, owing to the ever-evolving industry.