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 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.
Digital modernization is focused on improving 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 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:
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 (69%) 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:
“Digital transformation is not about technology; it’s about reinvention. It’s not about automating processes; it is about reimagining processes. It’s not a single project; it is iterative and transformative. It’s not a series of technology tasks; it is a business strategy for change”