Digital Business Transformation

Even with the accelerating rollout of new digital tools and platforms, organizations don't often find success, or even fulfillment, when it comes to the digitalization of their businesses.According to 2018 Gartner research, nearly nine in 10 senior business leaders say their companies prioritize digitalization, yet two-thirds of transformations are unsuccessful.

Data from McKinsey shows that only 16% of executives said their digital transformation initiatives were succeeding — due in large part to employee resistance and lack of managerial support.Over the years, the idea of transforming into a digital business has been massaged and stretched so much that it can be hard for organizations to fully imagine their digital destination.As the CMO of a company that offers business and technology transformation services, I believe that for organizations to take advantage of disruptive technologies like IoT, AI and robotics in the name of increasing profit or realizing new revenue streams, they must recognize that existing digital business approaches have been largely unproductive.

PwC research suggests that while companies are making budget cuts, they're protecting digital transformation budgets ahead of other areas.If companies want to truly enable digital business with that spend, they should understand the nuances of digging deeper, changing in short spurts, and creating new opportunities from existing assets.Transformation requires practitioners, not just experts in new technologies.Enterprises often enlist the help of experts in particular technologies, software or language to guide their digital transformation decisions.

These experts' knowledge is usually a mile deep and an inch wide — that is to say that their knowledge of their niche is bottomless, but their application experience within a particular industry might be rather narrow (or sometimes nonexistent).

The model I've seen work time and time again for the largest global enterprises is focusing on collaborating, iterating and creating solutions with their digital teams and business partners.They should look for team members who can step back and comprehend the bigger picture, can understand the pain points of the customer and are well-positioned to solve them.Also Read : Digital Transformation ServicesTransformation is not a singular, big-bang event and doesn't have to be expensive (really).If someone were to tell me they were going to completely and radically change my business to accelerate growth and income, and it wasn't going to be expensive or take very long, I'd be skeptical.

You should use a bite-sized, incremental approach to deliver results and greatly lower implementation risk.When business and IT leaders collaborate in short sprints, I've found that it creates faster and less costly results.

COVID-19 has unfolded the secret to digitalization for the business across the globe.

Let's find out how and why #DigitalTransformation is going to be a major trend amid the pandemic.Learn More at : Technology Solutions.