“Disrupt or die” is the kind of phrase used in every industry.
Technology is a glass ceiling. The euphoria of digital transformation enables anybody to emerge as a market leader breaking all the traditional barriers like geographical spread, strong roots, establishment of decades and centuries, market leadership, infrastructure, intellectual property rights, location, Govt. regulations and money or muscle power.
“Out of the box” solutions, quick to implement, achieving more than 10 times of the benefits while costing a fraction of traditional solutions are exploding the excitement. Building these innovations, is creating a rush of adrenaline in team members and thrill in customers. The pace seems to be picking up across industries, business types and geographies. With digital technologies becoming all pervasive across businesses in an enterprise – be it sales, finance, marketing or production, senior executives are rolling up their sleeves and getting ready for the transformation.
Studies have shown that, in general, Asian markets have lagged behind the western markets as far as digital adoption goes. Ditto in terms of economies. However, human capital also plays a key role in the advancement of Digital Transformation.As of today, these are the top-3 digital disruptions we see in the markets: 1. Web Technologies 2. Data Analytics 3. Internet of Things
Much of the digital transformation stories so far have been around ad-hoc processes or specific areas within an enterprise. This points to a huge gap between planning and execution of digital transformation initiatives. You have to look at digital transformation in three steps:
- A vision to digitally transform your enterprise
- A strategy and roadmap to achieve these goals
- On-ground Implementation of the strategy
Vision to Transform
This requires a buy in from not only the board, but also from the entire organization to move ahead.The big surprise here is that countries like Netherlands are far ahead of tech savvy countries like the United States. However, the awareness about the need for digital transformation has spread far and wide. Companies across most geographies see Digital Transformation as a cost saving initiative, rather than an exercise in changing business models or moving their business to the next stage of evolution.
A Strategy and Roadmap to Achieve Digital Transformation Goals
Implementation of plans is something that most organizations fail to get a proper start on. This could be either due to a lack of proper goals or a clear roadmap to achieve them. In this area, countries like Brazil are far ahead than many developed economies. Asia Pacific too has pitched in as the highest growing region. However, implementations in this region seem to be lagging behind. This seems to be driven primarily by the lack of skilled manpower or insufficient financial resources.
On-Ground Implementation of the strategies
Here United States dominates and leads the pack of countries whose abilities to execute strategies were looked into. This could probably be due to the high penetration of internet and online payments. In line with this, the US has also been the country that has derived the maximum benefits from digital transformation. A key requirement for adoption of new age digital technologies is financing initiatives in line with the strategic roadmap.