“In today’s scenario, business growth and providing value-adding services to the customer are synonyms. Digital Transformation has seen a considerable surge. In 2022, 31% of organizations plan to maintain their digital transformation, and 38% will spend even more.
We all know Digital Transformation is not easy! High-Risk Endeavour (HRE)
It results from a harmonious mix of vision, strategy, and technology. The journey is not easy as there has to be a perfect alignment of objectives, expertise, resources, and personnel. Many things can go wrong in this attempt to attain perfect balance and blend of vision, strategy, and technology. Any error could be a costly course correction, so we know it is a high-risk alternative to the traditional way of working.
Digital Transformation is Rewards Galore! High Reward Alternative (HRA)
Enterprises always strive to be Agile and efficient in how they conduct their business to be more competitive, push sales, increase market share, respond quickly to customer needs. Unfortunately, traditional ways of working have completed their lifecycle and thus their reward response. The new alternative of Digital Transformation has just begun its Lifecycle in India. Thus the reward response is exceptionally high and will continue to be so for a decade at least. Rewards outweigh risks by a considerable margin to the extent that Enterprises can afford to ignore them in the current scenario.
Digital Transformation Technologies are bringing in operational efficiency, improved response time to customers, increased revenue, Agile processes…modern alternatives to traditional technologies are:
- Big data analytics
These digital transformations were happening earlier, too, then pandemic happened, and what was supposed to happen in years happened in a few months. The appetite for transformation accelerated. In a nutshell, faster and quality digital transformation is new value addition, a journey that all organizations want to venture into. It also enables people and groups to manifest the following qualities:
- Agile: responds well to change and disruption
- Goal-Driven: curious and committed to continued learning and un-learning to be able to achieve a common goal
- Failure: views failure as a learning opportunity. Comfortable with rapid experimentation and iterative practices
- Enterprise Values: prioritizes entire multiorganizational goals
Digital transformation is sure to bring both tangible and intangible value. It is thus essential to understand the prospects and potential challenges surrounding value created—the value created by the reengineering process inside the companies, which needs acknowledgement of both policymakers and business leaders to maximize the value generated.
The way to get going with your High Reward Alternative (HRA) is to start talking about your challenges and goals (short and long term) with the current technology partner you trust. Let your technology partner clearly understand the As-is and To-be state of business, which will help him chart out a technology strategy best suited to your goals within your budget constraints. Once you have the first draft of the plan, study it, review it, and move on.
I have been guiding companies on the digital transformation path from inception to execution for the past couple of years. My understanding of the technology stack available today, coupled with the challenges faced by most companies, helps me extensively advise companies on the best path to suit their objectives.
As a founder/CTO of a technology company, I have been placed in a unique position where I am exposed to changing trends in technology and how companies do or do not respond to take advantage. I will be devoting time every week to share my views and opinions on technology blogs that I think will help company CXOs.
Let me know if you want me to talk about any specific challenge you face today and how technology can help!”