Adopting the Right Digital Transformation Approach Holds the Key

The changing market dynamics coupled with cut-throat competition have left organizations with no option but to walk down the Digital Transformation road. But merely deciding to jump on to the Digital Transformation bandwagon is not enough as organizations need to have an adequate understanding of how they can optimize their business by embracing Digital Transformation. Over the last few years or so, Digital Transformation initiatives have indeed set tongues wagging as it holds immense promise to transform the future of business, of society, the way we live, work, interact, etc.

According to a report released by Gartner, 40% of CEOs listed the company’s growth as their top priority. But to fuel sustained business growth organizations need to adopt a successful digital transformation approach. On many occasions, it has been observed that organizations have a superficial understanding of Digital Transformation and this explains why they have been unable to maximize gains from their Digital Transformation initiatives or in other words, not able to undertake a successful Digital Transformation journey.

The biggest question that emerged from the organizations’ focus on Digital Transformation is whether Digital Transformation can result in augmented customer experience and customer engagement. According to a recent survey of directors, CEOs, and other senior executives, although Digital Transformation initiatives were the top focus area in 2019, among 70% of all Digital Transformation initiatives undertaken, approximately $900 billion went to waste.

Organizations are struggling to cap off a successful Digital Transformation journey simply because they lack the right approach. It is important to understand that Digital Transformation strategies pave the way for efficiency gains and better customer relationships, but the frustrating part is that the practices are often found flawed. Organizations quickly need to realize the fact that a successful Digital Transformation journey is only possible if they are guided by a broader business strategy and not unilateral targets. For example, Digital Transformation is often confused with technology deployment. There’s no denying the fact that technology forms the core of Digital Transformation, but it not just about technology. The objective should be to solve a business problem and beyond. Most Digital Transformation initiatives fail because organizations have a technology-centric view of Digital Transformation.

Clearly, the need of the hour for organizations is to adopt a holistic Digital Transformation strategy that helps in augmenting profitability, mitigate operating costs as well as deliver a superior customer experience.