Digitalization is transforming enterprises. According to Gartner, 87% of senior corporate leaders believe digitalization is a company priority and 78% of corporate strategists say that digitalization is transforming their business – paving the way for new revenue streams.
But how can enterprises embark on the digital transformation journey? The answer lies in simply following the three P’s of digital transformation.
Successful digital transformation is all about people. For an enterprise to digitize, its people need to transform in the first place. People need to go through self-assessment and determine how the changes will affect them.
Simultaneously, enterprises should be charged with roping in the right people with the right skill sets. They need to clearly define the roles that people will play in the transformation process. Without the right people, digital transformation will merely be a siloed initiative.
Enterprises can always seek digital transformation consultancy service to chart the path for successful digital transformation.
The present-day products strive to be a perfect combination of a product and an excellent user experience. Enterprises need to know what impact digital transformation will have on their product and experience. Once this is determined, it is crucial to embrace the right technology to drive digital transformation. Today’s enterprises are readily adopting ingenious technologies like Blockchain, Artificial Intelligence and the Internet of Things (IoT) to ride the next wave of digital business.
Next, how can enterprises gauge success? Digital transformation requires considerable investment in people, technology, and products, so what is the ideal way to measure success? Many believe revenue is the right parameter to measure the value of digital transformation to a business; however, the most crucial performance metric is customer experience – what impact did digital transformation have on customer experience, which leads to increased customer retention and revenue.
Digital transformation should happen across the enterprise, but the ideal way is to start small. Begin where the transformation can have the biggest impact and amplify the chances of success. A reliable digital transformation consultancy service can help identify the right use-cases and implement the chosen solution. Small successes are better than a big strategy with a high degree of risk. For example, AI-powered bots are still in their nascent stage but enterprises are adopting them to leverage the benefits that they offer, such as reduced customer costs and accelerated response times.
The process employed by enterprises to steer digital transformation should be diligently complemented with the right technology.
Digital transformation is an amalgamation of three P’s that together reinvent the way enterprises operate. Technologies like Blockchain and Artificial Intelligence are moving so quickly that if enterprises do not start looking into it now, they are more likely to fall behind the competition.
At Millennial Partners, we offer mission-driven digital transformation strategy consulting servicesto help enterprises navigate to the next wave of digital business. We harness our technical prowess and experience to devise a coherent roadmap to help enterprises capitalize on the digital transformation opportunity.