In this article, we will know what is digital transformation and the myths of digital transformation.
Digital Transformation
Digital Transformation means transforming the business processes using digital technology. It requires the businesses to adapt to the new technology and replace the old ones. It may also be changing a manual process to an automated one. It requires businesses to fundamentally change the way they operate and provide value to their customers by integrating digital technology in all areas of business. One aspect of Digital Transformation for a business is to go ‘Paperless’. It affects individual businesses and whole segments of society such as governments. One example of digital transformation is the use of cloud computing. This reduces reliance on user-owned hardware and increases reliance on subscription-based cloud services. Some of these digital solutions enhance the capabilities of traditional software products (e.g. Microsoft Office compared to Office 365) while others are entirely cloud-based, like Google Docs.
Top 5 Myths of Digital Transformation
Digital Transformation is led by the Chief Digital Officer:
Digital Transformation is not led by The CDO or even the COO for that matter. Digital Transformation is nothing but business transformation. Any transformation in business today will be by the use of technology, hence Digital Transformation. ANy decision regarding transformation in business would be taken by the CEO or the owner or Board of the business. The CEO must have a clear vision about how the business should be after the transformation. So the assumption that Digital Transformation is led by CDO is a myth.
Digital Transformation is Not Linked to Business Metrics:
Companies should not go digital just because every other company is. There was a time when every company ran after creating their own website as it was the fashionable thing to do. But if it does increase customer engagement or revenue or profit or customer retention or make a customer buy again, then it is of no use. Companies must decide what business metrics they want to change before going digital. Only then will digital transformation be effective.
Digital Transformation is just about digital, not IT:
The digital front-end (website, app, store, etc.) and the back-end (like customer relationship management (CRM), enterprise resources planning (ERP), and billing systems) need to sync with each other. There is no point in building a killer engagement app for smartphones, without it being integrated seamlessly with the Big Iron at the back. This is the ‘uncool’ part of the equation, the most common point of failure of your digital story. It is also where most of the hard work has to happen. While digital is not necessarily IT, IT is the backbone of all digital execution.
Digital Transformation and Digitization are the same things:
This is probably the greatest myth that needs busting. Both Digitization and Digital Transformation are super important, but they are different things. Digitization is about taking, say, a process, and making it better, faster, cheaper using digital tools and technologies. So, digitization is about efficiencies and saving costs. It is a key input for scale and efficiency. However, it will not make a business a digital one. For that, you need to digitally transform a business. Digital Transformation is a customer-centric value proposition. It is how digital technologies and information can enhance an organization’s existing assets and capabilities to create new customer value. Digital offerings are the specific solutions that deliver on a company’s digital value proposition. The key benefits of digital transformation are growth in revenues and margins, undying customer loyalty, and the ability to attract top talent. It is about business models, customer experience, and people, culture, talent; and the key deliverable is customer value.
Digital Transformation is quick:
Transforming a business digitally is definitely not quick. It is a long journey of trying things and failing at them. Before knowing what works for the company, it must rule out what doesn’t. For that, the company has to try a lot of different things. And this is definitely not going to be quick. There will be stomach-churning ups and downs, and severe doubts and disruptions along the way. The primary quality needed of a CEO to traverse this path is not mercurial brilliance, or a driving ruthlessness or even faultless execution, but sheer, limitless patience. As the world-renowned artist, Michelangelo remarked: “Genius is eternal patience”.
Having knowledge about the myths of digital transformation will help one make clear decisions for the business.
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