DIGITAL TRANSFORMATION − a buzzword in circulation for quite some time − has seen interest crescendo, use (and abuse), all move steeply northwards in the last year or two.
Numerous articles across publications (online as well as offline) layered with observations, endless discussions (and sometimes freak comments on social media), are adding to the noise at levels that is probably turning the signal bleak at times.
Digital transformation simply put, is transformation of business processes using technology. Spreadsheets replacing manual ledger and email replacing postal communications can be some rudimentary (and early stage) examples. Ubiquitous proliferation of technology in recent years, however, has multiplied the momentum and the potential of digital transformation. Things have moved from PCs and servers to mobile and cloud at a blinding pace. With more layers being built on top of existing technology at a relatively faster pace enabling higher disruption further leading to an upward spiral where digital transformation has itself transformed from disrupting processes to disrupting business models (digital disruption). What started as leveraging technology for efficiency enhancement, has moved to an unchartered territory where technology intersects economics, leading to a new order. An order where platforms are the new challengers might end up laying down new rules and equations amongst stakeholders and eventually redefine how product and services companies conduct their business.
The overall complexity of the narrative by several stakeholders is not really helping the objective and therefore, probably it is time to simplify, for simplicity is not only the most beautiful thing in nature as in business, but also the largest multiplier of efficiency leading to a sustainable scale. Here are the top six issues that businesses need to understand before they set off on this exciting journey:
This story is from the November 24, 2018 edition of Businessworld.
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This story is from the November 24, 2018 edition of Businessworld.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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