In the present day, digital transformation is essential for all businesses - small and large to stay relevant and competitive in the progressive digital world. Digital transformation can be defined as the integration of advanced innovation into various regions of business, and authoritative exercises, bringing essential changes to how organizations work and how value is conveyed to clients. As technologies like artificial Intelligence, big data, cloud, mobile, and IoT advancing, the need for organizations to undergo digital transformation is rising.
According to recent studies from the World Economic Forum, many organizations tend to look inward when making changes. The most widely recognized targets for advanced changes are digitalizing the organizations working model. More than 50% of business’ objectives were either launching new products or services or interacting with external partners through digital channels. Eight out of ten respondents state their ongoing change endeavors involved either numerous functions or business units, or the entire enterprise. Additionally, the adoption of technologies plays a vital role across digital transformation. On average, many organizations are using four of the top digital transformation enablers like cloud, mobility, UI/UX technologies, artificial intelligence, digital marketing, IoT, or big data and analytics.
According to the survey conducted by IT analyst Gartner, the results of successful transformations show that more than a third of organizations (44%) deploy more technologies than others do. These organizations have already started implementing a digital-first approach to business processes, operations and customer engagement. About 29% are in the integration process, 18% are executing their digital plans and making processes operational. Only 7% of companies have fully implemented their digital first approach and are in the maintenance phase. This may appear to be illogical, given that a more extensive suite of advances could result in progressively complex execution of transformation activities and along these lines, more chances to come up short.
Challenges Organizations face while undergoing a Digital Transformation
To mitigate these challenges, organizations need a balanced foundation of people, processes and technology to create the transformation roadmap, through the lenses of customers, stakeholders and employees.
According to recent studies from the World Economic Forum, here are a few best practices to consider:
CGN Framework and Approach
Digital transformation is a huge endeavor, particularly for bigger, built-up organizations. When done right, it will deliver a business that is progressively aligned with client requests and flexible in the quick moving digital future. At CGN Global, we have a pragmatic approach that combines business and technology expertise and quickens the passage from idea to usage.