Digital Transformation is a hot topic of late. Is it just a buzz phrase or is it a fundamental change affecting the global economy?
While many organizations have already embarked on transformation, others are struggling to get off the ground.
Research shared last year by Siemens showed that 29% of businesses in Ireland have no defined digital transformation strategy, 43% of firms have a defined strategy for portions of their business and less than 30% have a strategy for the whole of their organisation.
The Future is Here, Are You Ready?
The Digital Age is upon us and it is not just about technology. In 1998, Kodak had 170,000 employees and sold 85% of all photo paper worldwide. Within just a few years, their business model disappeared and they went bankrupt. In 2008 Blockbuster Video revenue was 8 billion USD, in 2010 it went bankrupt. In 2007, Nokia was the undisputed king on the cell phone market with one billion customers, twelve years later.
What happened to Kodak, Blockbuster Video and Nokia will happen in a lot of industries in the next 10 years and, most people won’t see it coming.
Disruptive technologies such as Artificial Intelligence, Virtual Reality, Robotic Process Automation, Blockchain, Natural Language Generation, Machine and Deep Learning, 3D printing coupled with changing customer behaviour and external environmental factors, have dramatically altered the business landscape.
History teaches us that no one is safe in the free market. Organisations need to transform rapidly not just to leverage the new opportunities brought by new technological advancements, but simply to survive.
The 4 Ps of Digital Transformation
Digital Transformation requires significant investment in new products, processes, people and technology platforms. It is not about procuring a CRM, building a new website or automating an old process; it is a major change in how an organisation delivers value to its customers.
Your products need to evolve to take advantage of the emerging technologies such as Blockchain, Biometrics, AI, AR, Voice-activated transactions, Touch E-commerce and the growing sophistication of the consumers.
Your people have to transform to facilitate new technologies, new types of software, new security issues, and new ways of interacting. Your company culture needs to change to continually challenge the status quo, experiment often and get comfortable with failure.
Your processes need to evolve to make the customer experience the focus of everything the business does and it doesn’t just include marketing and sales.
And finally, your technology platforms need to deliver the expected customer experience, support the back-office operations and be agile enough to quickly integrate with the emerging technology solutions.
Get Ahead Consulting has extensive experience of working with projects involving customer-centric business process improvement, innovative digital product design, software development and change management.
We offer the following business services:
- strategic business analysis
- digital products design
- customer-centric process improvement
- digital project management
- change management