Digital transformation is referred to as the transformation or change of business activities and competencies to enhance growth of digital technologies and its impact on society with present and future shifts in mind. Not only does it have positive impact on business but also on governments and organizations involved in controlling pollution and over population by enhancing growth in digital technologies. In Country like Japan, digital transformation aims to have impact on all aspects of life. The motto of digital transformation is to seek business dimension faster, better and in a more innovative way.
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Significance of Enterprise Digital Transformation
Following are the components that are getting prioritized in the field of digital transformation:
- Deep Focus on Digital Engineering: The last few years have seen tremendous growth in digital engineering from both traditional as well as digital enterprises. By investing in modern digital technologies in building newer products and services, digital engineering has enhanced product development processes. Every large global organization is transitioning to an engineering organization with digitalization enhancing the wave of growth. It will help in defining the new core of your companies. As a result of increased digital engineering, your enterprise will create new digital IPs in technology.
- Cloud Migrations At Large Scale: There is a huge move towards standard products and services to be shifted to the cloud. Your public cloud market should be expected to shift over USB 400bn by 2020 to fuel further shift to cloud. Your enterprise should focus on multiple cloud strategy so as to run your apps. By 2020, over thirty billion loT devices would be activated. Companies like Google are betting huge on containers and are building immense capabilities in containerization to meet their future demands. In these ways growth of cloud market would be fueled.
- Legacy Management – Looking Back To Look Forward: To maintain speed with the changing technology, you should seek to develop a strong innovation pipeline. You must communicate with customers to get latest ideas of products, services and money making. You must create rich ecosystem connects with strategic partners. You can lever legacy management by optimizing engineering and IT requirements, globalizing to low or moderate cost location, connecting with vendor partners, cutting down fat in the system and bringing in ruthless automation. Depending on the business organization and its structure, these methods can save up to twenty five percent of the total cost of engineering and IT.
- Accelerating GIC’s Digital Agenda: Your Global Innovation Centers must accelerate focus on strategies and initiatives of digital transformation. GICs are becoming distinct in moving towards possessing disruptive leadership, one that promotes end to end ownership, fosters connection with internal and external innovation ecosystems, nurtures future leaders and leverage latest age technologies. If you are a strategic partner for managing traditional services, must go for GIC since it opens up a lot of opportunities for service providers in the management of GIC’s RUN services. In this transformative journey of GIC’s, they need a robust partner.
- Empowering The CIO Organization: In terms of investments and focus, you can easily transform your organization. The role of CIO who manages the enterprise IT has evolved over time. You should focus on cost optimization, security and compliance, legacy modernization, software asset management, contract renegotiations in order to empower CIO organization. The role of CIO and their relevance have evolved over time. You will be expected to be an intersection of a CFO and an entrepreneur, where you will not only stress on leveraging IT assets to generate revenues but also focus on getting new ideas regularly.
- Massive Skill Transformation: Classic technology capabilities are increasingly transforming into specialized skillsets. To achieve these specialized skillsets, you must lay stress on taking multiple approach to skill acquisition through strategic planning and communication with clients. This will enable organizational agility and innovation. You would be able to achieve efficiencies in enterprises through data driven technologies. There are multiple skills for architecture, technology and infrastructure. Some of these skills include micro-services, automation and cloud.
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Benefits of Digital Transformation
Digital transformation plays an integral part in every company’s marketing strategy. It has the capability of enhancing your profound business and organizational outcomes that will accelerate impact more strategically. It fundamentally alters how business is done and how value is delivered to customers. Digital Transformation will enable your enterprises to remain competitive from peer companies, startups as well as technology giants.
How enterprises can benefit
Enterprises that have been successful have generally focused on speed and scale. It involves more than just updating technology and processes. It involves revenues and shareholders. When done strategically, the investment pays off.
Digital transformation will improve your revenues and stock prices in the long run. Changes may not occur overnight but investing in digital transformation will prove to be helpful.