- Digital transformation requires fundamental changes to a business model, as it means adopting wholesale change across people and processes.
- Every digital transformation story is different. You need a clear vision of how technology will help your organization achieve its goals.
- Transformation is reinvention. Taking four key steps ensures your digital transformation journey is smart, efficient and successful.
Digital Transformation & Modernization
We are in the middle of a digital revolution where rapid technology and computing innovations continuously shape how we live, work, learn and shop.
This revolution started with digitization when organizations focused on converting assets and information into digital formats. Now, the race is on to modernize and transform to harness of the wealth of information being generated for sustained growth and competitive advantage.
Digital modernization improves individual processes and specific systems enable efficient business operations and compelling user experiences. It involves assessing current skills and capabilities and then consolidating, updating, replacing or retiring processes and systems to better align with future plans. Technologies of a modern, digital enterprise include:
- Digital platforms like CRM and ERP systems
- Advanced analytics for new insights into customer expectations
- Robotic Process Automation to enable intelligent systems
- Cloud computing to seamlessly share information
Digital transformation is about reinventing and fundamentally rethinking an organization’s business or strategic model and operations to find new ways to improve efficiencies, create new lines of business and customer support model in innovative, personalized ways.
This enables innovation and growth that delivers true value in all areas of the organization. Digital transformation is achieved by adopting wholesale change across people and processes, as well as using advanced or AI-enabled technologies.
Why It’s Important
Digital is unique to every organization so it’s important to define organizational goals and develop a clear vision of how technology can help achieve objectives. And whether the organization is modernizing an ERP system or transforming the entire organization, digital is critical to compete for many reasons:
Accelerated Pace of Business
The speed of business is now fast-tracked and highly competitive. Digital organizations can create solutions faster and keep pace unlike companies still dealing with legacy technology and applications. A culture of speed is required to stay in business.
Customers Have Changed
Customers expect hyper-personalized experiences and the ability to ‘do business’ anytime, anywhere. Their needs will continue to rapidly evolve and providing digital-first, data-driven experiences will help your enterprise offer valued experiences that drive engagement and customer loyalty.
Disruption Is Here to Stay
The constantly evolving marketplace—which experiences seismic shifts from new technologies to global crises—means your organization must be agile and able to use technology to successfully change strategies and determine new directions quickly.
Hypergrowth Is Expected
Digital leaders, such as Netflix and Amazon, can innovate products and services faster because they’re using digital technologies to gain deep insights into customer behavior and then offer personalized products and services; legacy companies need modernize and adopt digital technologies quickly to keep compete and innovate.
Our Data Intelligence and Automation experts collaborate on a holistic perspective looking at what it takes to build an intelligent enterprise.
- Defining the intelligent enterprise
- Considerations from different perspectives
- The long-term outlook
See why our authors predict a future where employees and technology work as one to create unprecedented value.
Accelerating to an Intelligent Enterprise
Tomorrow’s organizations will create unprecedented value through technology and collaboration.
From Banking 4.0 to Banking 4x
Banking 4x means banking as a service, where data expedites innovation and customer satisfaction. To get there, banks must give consumers convenient, hyper-personalized experiences—a world where opening a checking account is as easy as streaming a movie on a favorite device.
Our new ebook explores how to transform your business from a product-focused to customer-centric model. We’ll define Banking 4x and share the five keys to modernization success
The Digital Transformation Case for Change is Clear
Every company must become a digital innovator to succeed in a highly disruptive and competitive future.
This case for change was confirmed in recent research, where seven in 10 organizations indicated they would have been more resilient today if they had invested more in digital technologies prior to the COVID crisis.
And only about 10% of those organizations surveyed were considered leaders—able to identify new opportunities for growth and drive revenue with digital and able to realize the full benefits of digital transformation:
- Reduced costs and increased operational efficiency
- Improved enterprise efficiency and productivity with data analytics
- The ability to adapt quickly to customer and employee changing needs and improve the experience
- Improved decisions-making capabilities to quickly pivot to market needs
- The ability to introduce new products quickly and at scale and ensure enterprise value and growth
The Steps for Digital Transformation
Strategy drives transformation, not technology. Determine what digital transformation means for your business and your enterprise culture and leverage technology to effect change.
Simplify and modernize technology. Technology plays a key role in your digital transformation; strive to simplify, optimize and modernize your IT, with application modernization, cloud-native capabilities, DevOps culture and by using a data-driven approach.
Technology change necessitates organization change. Beyond deploying new technologies to create efficiencies and accelerating the business, recognize and accept the inevitability of change, deploy change management solutions and champion new ways of working.
Drive continuous transformation. Recognize transformation as a state of being rather than an end state and integrate it into the DNA of your organization, to create a culture of innovation, including a DevOps culture, and think transformation every step of the way.