Gaining Competitive Edge Through Holistic Digital Transformation

Service Knowledge Base hosted a session on Gaining Competitive Edge through Holistic Digital Transformation on 25th March. Speaker was Sujatha Sivaraman, a Digital Transformation Evangelist

The following are the key takeaways from the program

We are more in the Digital space now & that is the reason why we are looking at Digital Transformation. Any transformation requires inner transformation first. Embrace technology & simplify life by being digital. 

Current challenges faced from an employee perspective are Learning, Stagnating Income, Outdated Technologies, Office Politics, Shaky Economy, Lack of Differentiation. Solution to overcome them lies in your commitment to upskilling, investment in yourself, how you are creating visibility, differentiating yourself, your emotional quotient, how you work

From a Business Perspective, Legacy Technology & Applications, Investments not channeled in the right direction, product or service differentiation, customer & employees dissatisfaction are some of the challenges faced. The Solution lies in having a digital vision driven by Leadership i.e. to be a digital first architecture company. Any business needs to be a digital business. There has to be a digital presence.

Examples of Blockbuster, Kodak, Blackberry were discussed wherein it was seen that their inability to transform to the Market needs, rigidity in not going with the technology shift, led to it’s downfall.

Digital leadership starts with an inspiring vision to drive transformative change through the power of technology, use of digital technology that leads to beneficial business outcomes.

Holistic Digital Transformation refers to Total Experience, Combination of Technology, Combination of Process, Multitude of Factors that helps the business to survive.

All sectors have to be digitally enabled else they will risk losing out to competition. Same is applicable to individual employees as well.

The different maturity levels of digital transformation are

• Digitization - At the transaction level, improvements, etc.

• Digitalization - At the project or functional unit level

• Digital Transformation - At the line of business, enterprise level wherein all the multiple units come together, there is coherency

Some of the different terminologies in digital transformation are 

• Change refers to version / upgrading

• Innovation refers to novel or better way of doing things e.g. Embedded Finance

• Transformation, entire company is changing holistically leading to accelerated transformation metamorphosis, become a fitter enterprise

For Digital Transformation to be enabled, to happen, the entire operational functions value stream has to be aligned i.e. logistics, recruitment, marketing, HR, IT, Administration functions

The First Principles of Digital Transformation are Multi-Functionality, Multi Channel, Ease of Use, Straight through processing & value delivery

Skills required for Digital Transformation are multiple, one skill dedicated specialist is losing charm. V-shaped skills are required for Digital Transformation i.e. being specialist in one area backed by strong complimentary skillsets

Digital Transformation is 

• IT innovation aligned with business goals. It is not Adopting technology for the sake of using it.

• both technological and cultural shift and not just digitalization of business process

• leveraging the technology that adds value and not using the latest technology and gadgets

• creating new business models and opportunities and not minor adjustments to existing processes

• A fundamental company - wide initiative and not a single project, department or business line

• A long-term process requiring a well planned strategy and not a short term tactic or one-time fix

It is estimated that by 2025, the Digital Transformation Market will be 1009 Billion $ with a CAGR of 16.5% (Source: Markets & Markets Publication)

A successful digital transformation requires to have a Pilot, Scale & Accelerate or Adapt by Crawl, Walk & Run Strategy.

Conclusion: Become a vital person & not just a functional person by looking a multiple technologies, having an innovative mindset, looking at synergy of technologies