Imagine yourself in the shoes of a CEO. Your enterprise is pulling all stops to catch up with your peers and go the scale and distance on digital. Then, a multi-million dollar proposal for digital transformation lands up on your desk. You pore over the papers, consult your senior pros, brainstorm on it and yet not arrive at a definitive outcome. On how to successfully execute the plan and mine the gains later. Don’t feel disconsolate. You aren’t a lone ranger in this journey of disruption. Gartner estimates that around 50 per cent of the CEOs have no metric for digital transformation. In the absence of ample forethought from the top leadership, it doesn’t go afar. According to Forbes, 70 per cent of digital transformation projects fail. What does it show? Digital transformation, the buzzword that it is, goes beyond technological underpinnings. It’s as much a cultural transformation where strategy and people-first leadership are needed to make the most from emerging technologies.
Going Digital- The New Staple for Businesses
Organizations had initiated baby steps to digital transformation even before Covid-19. But the pandemic has sped up the timeline to the transformation. The transition that could have spanned three to four years is now happening in months. We are living in an age where the pairing of digital and technology are par for the course. For nimble enterprises, diving into the pool of digital transformation is not just a top priority at boardrooms but a robust toolkit to jump ahead of the curve.
In the next normal, businesses are destined to go digital for survival. As per forecasts by International Data Corporation (IDC), 65 per cent of the world’s GDP is set to be digitized by 2022. Moreover, between 2020 and 2023, the world will see direct digital transformation investments of $6.8 trillion. But why business need to go digital? Typically, the adoption of digital happens due to novelty, necessity or natural affinity. In the same vein, to unlock the full benefits of investments on digital, organizations need to imbibe ‘digital culture’.
Injecting Digital Culture for Transformation
Having a digital culture is all about adapting to new challenges and having a workforce that can do so, and not falling behind. Your existing organizational culture might not be fully compatible with digital culture that rests on four pillars- collaboration, innovation, data driven insights and customer centricity. Digital culture can help companies stay competitive by:-
- Achieving an adaptable, tech-enabled workforce able to perform and collaborate from anywhere
- Innovation through tech and data enabled delivery channels and business models
- Providing employees with not just the right tools but the right structures, incentives, and mindsets to adopt new technologies
- Drive decisions and strategy with accurate and holistic impact data, transform your business through innovation, and engage your stakeholders with integrated initiatives that have a real impact
CSM Technology’s Digital Ready Strategy Defined by 3Es
Over the years, we have internalized the experience of digital transformation. With our ingenuity, grip over immersive technologies like Artificial Intelligence (AI) and Internet of Things (IoT) and a creative approach to problem solving, we have been delivering digital transformation services to our valued customers with delight. We understand that ‘one coat fit all’ formula doesn’t click. Each enterprise has its own set of challenges in going digital. We take due diligence in taking the deep dive into their ecosystem, landscape and challenges. After months of rigour and meticulous thinking, we have readied our Digital Transformation framework defined by three Es- Evaluate & Envisage, Establish and Evolve. Our Digital Transformation service bucket provides a multitude of offerings-
- Innovative digital products & services
- Intelligent, insightful data driven operations
- Efficient core processes
- Agility in Bi-Modal IT Change Transformation
- Optimized Omni-channel, experience driven user engagement
- Connected Stakeholders
- Cloud based operations
- Dashboard and Metrics
- RoI Analytics
The digital transformation framework begins with crafting the 'digital strategy' for the client. For organizations to achieve fast impact, we recommend embracing the culture of prototyping, testing, learning, and iterating in order to keep cross-functional teams continuously motivated. In fact, CSM Technologies wrested the initiative to implement the first stage of our Digital Transformation matrix (Envisage & Evaluate) for the Ministry of Urban Development & Construction in Ethiopia. We took up elaborate field studies to get the hang of property markets, methods of property valuation, registration, billing & collection, internal processes for file movements & approvals, and external processes for citizen interaction. But our expertise is not limited to mapping the blueprint and propelling the vision for digital transformation. We are constantly catching up on the ‘Evolution’ front where emerging technologies like AI, IoT, Robotics, Machine Learning (ML) and Augmented Reality (AR) & Virtual Reality have crucial roles to play out. Be it the digital turnaround of the Odisha Tourism portal or a seamless system to overcome glitches in paddy procurement, our strategy to make emerging technologies permeate to the core of business applications speaks out.
Going forward, digital transformation will see more experiments in the crucible of emerging technologies. The XaaS (Everything as a Service) approach is slated to dominate in-house solutions as companies will look to cloud-based, third-party applications and services to do the work for them, rather than upskilling current employees. Digital transformation is an epoch in time honoured transition. The promises are aplenty but to be successful, organizations need to take measured steps. To cut the long story short, we don’t bite off more than we can chew.