Over the last few years, digital transformation has been one of the hottest topics at just about every business conference and event. It’s a subject which keeps the CEO awake at night yet is not always clearly defined or understood. While I think the term can be somewhat divisive, it is good that it exists and is being taken so seriously.
The process of modernising a business to use new tools and technology is one thing, but completely adapting to the digital world means more careful customer and employee relationship. Worryingly a recent study found that one-third of UK businesses had no digital strategy or plans to transform. It is time for those companies to urgently re-think because failing to act could be disastrous.
Why is digital transformation so important and topical? Quite simply, if your organisation is not modernising then you’ll be left behind, and the threat of disruption becomes very real. If you aren’t lucky enough to be “born in the cloud” (typically companies which started in the last ten years) then chances are you are using legacy software and out of date IT infrastructure. While this itself is not a problem, your competitors now are lean, efficient, make much better use of their capital and delight their customers by engaging with them across multiple channels.
Take the humble London black taxi driver for example. In the past learning the streets (a rigorous test known as “the knowledge”) was vital to navigation, but for today’s Uber and minicab drivers there are a plethora of GPS-enabled smartphone apps which find the best route. Not only that, the community and social features even provide up to the minute alerts of jams and incidents. Using technology to deliver a small advantage is fine, but when you do it across every business process, the efficiency gains really start to add up.
Read More >>> Evolve Or Die: Why Digital Transformation Is More Important Than Ever
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