Digital Transformation, is it just a ‘Buzzword’?
(Writer – Charith Peiris, Business Development Manager, Just In Time Group)
The term “Digital Transformation” is everywhere you look today. It is becoming so frequent, it sounds like business hype or jargon with little practical application.
But here’s how you can know that digital transformation is more than just hype:(these numbers come from a Wikibon article):
- In 2015, the private-cloud and public-cloud markets together were valued at about
- $32 billion.
- By 2020, those markets are projected to grow to about $100 billion.
- During the same period, spending on traditional IT infrastructure hardware and software is expected to decrease by about $200 billion.
So enterprises are expected to increasingly bet on clouds to do what their current traditional infrastructures are doing—but they want greater innovation, agility, and adaptability from these environments. They expect the cloud to lay the foundation on which they will build their digital strategies.
While the past cannot predict the future, those companies that go for digital transformation have a good chance of achieving what they set out to do.
So, what is Digital Transformation, anyway ???
It can be tricky to pin down a definition of digital transformation because the term is everywhere. Based on my experience, digital transformation is not about digital reality – it’s about the impact of a Digital reality on real world business.
When businesses and the way they operate shift from their traditional mode of operation and management to the modern and technology oriented ways of operation, the transitions is referred to as Digital Transformation or disruption. As change is the only constant – digital transformation has become vital for all businesses, small, medium or large. Be it retail, logistics, software, or healthcare, digital disruptions are ever-present. Delivering a good digital business experience to customers and employees requires the use of new innovative business applications.
While this definition is clear, you can understand Digital Transformation more thoroughly by considering some examples of digitally transformed (or transforming) companies;
- A 56 year old bank in Sri Lanka introduced cutting edge technology which will enable them to deliver a new level of service to its customers, whilst revolutionising the banking sector. The bank selected the most advanced technology to implement the digitalisation process, due to its scalability and capability for future expansion.
- Top fashion retailer exploring opportunity in augmented reality at the point of sales to unlock a range of options. It’s a good way to enhance the in-store experience and appeal to younger, connected generation.
- As an initiative for digital healthcare industry, few privately owned hospitals are now facing these digital challengers and work to reconfigure its IT systems in order to control cost, increase access and improve quality of care. To meet the substantial expectations from the consumers who are looking for digital healthcare services, providers are rethinking the services they offer, focusing on wellness and outcomes rather than service volumes consumed. For this shift to succeed, hospitals must adopt both technology and process improvements that focus on quality, efficiency and convenience.
For any business organization a successful digital transformation depends on, digital maturity and a current organization culture which cannot be compromised on such as; Customer Demands, Process Orientation and Innovation in Business.
Business Transformation is the real change that is causing a storm in the business world. Its impact is felt not only in operations but also in industry structures and also at all levels in the organization. Business leaders and CIOs are coming forward to ensure that digital transformation coupled with innovation is driving business and bringing in productive changes and delivering value.
Organizations that execute on Digital Transformation strategies could have an important competitive edge. Act on a Digital strategy and your enterprise could be in the top 15% of businesses that achieve Digital Transformation benefits ahead of the curve. Expertise has a front-row seat to the technology industry. Today, enterprises should be able to and moving towards delivering custom applications at the speed of ideas that are seeded. This is the only way to stay current and ahead in competition. Additionally, reducing operational costs and enhancing customer experience is the fundamental of digital transformation.
Every aspect of a business is being redesigned by digital transformation as digital technology’s evolution is exploding globally. I believe that for a successful digital transformation, it requires; focused teamwork, thoughtful & detailed planning, and collaboration of every department. Business Transformation is the real and this change is causing a storm in the business world, with its impact effecting all operations, industries at every level of an organization. This is why globally; business leaders are working towards ensuring that digital transformation is coupled with innovation to drive business to deliver value, which we at JIT is committed towards.
Just In Time Group, a wholly Sri Lankan Company has been a key partner and implementer of several cutting edge mission critical ICT projects in the country over the last two decades. With the dawn of 2016, Just In Time Group completed a two decade (20 years) mammoth journey in the ICT arena of Sri Lanka. This growth throughout the years is a vital milestone with their longstanding strategic partnerships with principals, customers and employees.
Follow us on FB and LinkedIn for more regular updates from Just In Time Group.