Updated: Sep 14, 2022
You would probably be wondering, if you are the only one to reckon that digitization alone does not ensure transformation. I would say, I am absolutely with you!
In the name of digital transformation, there is a race amongst companies of all sizes to digitize their existing processes, and force fit the digital mediums to achieve it.
Some companies have an impression that the digital transformation is just to implement the latest and buzzing technologies, and showcasing that the features are underpinned by these technologies, will attract new customers and retain the existing ones.
Some companies have an impression that the digital transformation is just to implement the latest and buzzing technologies; and showcasing that the features are underpinned by these technologies, will attract new customers and retain the existing ones.
Some are doing it because their competitors are, and they fear that they will fall behind!
Well, I would say, ‘Stop’, and take a deep breath and stay put, until you figure out the situation!
Don’t do it because your competitors are!
There is a very high probability that such efforts would fail to deliver to the promise, because they are rushed through, without considering the context and markets that the company is operating in. More so, because there is no clear measure of business value for the efforts that are undertaken as part of digital transformation.
The journey towards digital transformation is not as easy as it is being marketed. It is not a panacea for all the challenges that the contemporary businesses are facing, especially after the pandemic that changed the customer expectations.
The global spending on digital transformation is estimated by the analysts to reach around
3 trillion U.S. dollars by 2025.
Journey towards digital transformation
At the same time, 84% of these efforts are likely to fail based on historic rates, and if that happens, it would be a huge waste of resources that would otherwise be utilized somewhere else.
There is also an estimated chance of 16% success, some of which could be attributed to already streamlined business processes, but it would be rare. This is because the pandemic has changed the habits of customers. Their expectations from businesses have changed drastically, and digital experience is just one of them.
To cater to the needs of these digitally conscious customers, businesses need to step up their efforts to understand the user needs, and focus on the business value that their efforts are expected to yield.
To enable this, the digital transformation leaders need to rethink the engagement model and ways of working with their IT vendors and service providers. It is high time that the IT vendors and service providers put skin in the game to achieve the desired business outcomes for their customers. The shared responsibility for the risks could be complemented by the willingness of customers to share the rewards that follow.
At Worthum Business Solutions Pvt. Ltd., we help our customers realize meaningful business outcomes that positively impacts the end users and the society, by leveraging technology that complements humans, and not replace them completely. Our endeavor is to integrate technology with business processes that are focused on user needs. We build and operate software & IT systems that creates business value and ensures profitability for our customers.
We want our customers to be the winners in their digital transformation journey, and we are equally invested in them.
If you’d like to connect with to us regarding IT services for your awesome project, then write to us at firstname.lastname@example.org or visit https://www.worthum.com/contact
We are also hiring for a few positions. Do visit https://www.worthum.com/careers regularly to see if any of the roles excite you. If you do not find a role, but you think that you have the skill and attitude to work at Worthum, then share your resume, with your skills and work experience at email@example.com. Note that the number of years is not considered as an indicator of rich experience.
Visit https://www.worthum.com for more...
Thoughts and comments welcome!
You may reach out to me on twitter @andankar_manish.