02 Aug, 2017

Have No Fear, Digital Transformation is Here. Are You Ready?

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“Digital Transformation” is a saying we love using at The Millennium Alliance.

We understand that digital effects the core of business and requires a change in many areas.

Because of this, we aim to educate business leaders about every aspect of this evolving trend.

This knowledge often seems overwhelming for business leaders trying to integrate new technology.

“New technologies and business models are upending entire sectors, threatening incumbents with an unprecedented wave of disruptive forces. Corporate leaders understand the need to raise their Digital Quotient, but many are struggling with how to do it.” Mckinsey reports.

When business leaders struggle with implementing this change, the success of their company is at risk.

So, we thought of a few important concepts to remember before you begin to ride the digital wave.

First, Understand Digital Transformation

Before you begin to integrate digital transformation into your business, it is crucial to understand what the core of this concept means.

According to i-scoop, “Digital transformation is the profound transformation of business and organizational activities, processes, competencies and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way, with present and future shifts in mind.” 

So, what does this mean?

Digital transformation is simply the transformation of a business using:

  • Technology
  • Digital Tools
  • Innovative ideas

Most importantly, digital transformation enables businesses to embrace these digital tools in order to connect to customers in an agile and interactive way.

By fully leveraging the transformation of a business, new opportunities emerge that strategically affect business operations.

Pinpoint Priorities

Once you understand what the term digital transformation means to you and your business, you can begin to think about which area needs it the most.

Looking at your business from a customer’s point of view is ideal.

“Optimizing a customer journey forces a company to identify every technology, process, capability, and transition needed to deliver a great experience.”

After all, customer satisfaction is important for success.

Knowing what channels are used most frequently and how customers interact with the brand is the first step to understanding where to integrate changes.

Team Collaboration is Key

Business leaders know that team collaboration makes for an effective and productive work place.

This is no different when digital transformation comes to play.

 “…we need to consider the largest group of stakeholders, employees. While not the economic buyers, they’re the ones doing the collaborating, along with being impacted the most by digital transformation.” Toolbox reports. 

Since digital transformation affects all members of the company, keeping goals transparent is important for a successful transition.

This transition can also bring new roles in the company, such as a CDO, the leader of digital change.

A CDO is in charge of data processing, analysis, data mining, information trading and other tasks.

Creating this role brings order to the workplace and creates clear communication among employees, ready to embrace innovative ideas.

“The role of the CDO is still new and maturing, but it should be focused on aligning different segments of the organization and different technology processes around one common goal – greater customer engagement and retention,” said Jerry Silva, research director for IDC Financial Insights.”  Forbes stated. 

Of course, CIO’s and IT professionals are also crucial while dealing with technology in the office

Having all team members on board and supporting these roles is crucial to the success of digital transformation.

Budgeting Matters

If you have ever tried to integrate new technologies into the office, you understand that it is not always cheap.

Budgeting for these transformations is something that business leaders say has been the biggest challenge while jumping on the digital wave.

But don’t worry, this can be accomplished with a simple act of planning ahead.

Planning ahead can consist of creating long term goals for your company, to be achieved over time.

Forbes outlines this in a recent article with CIO Herb Kummer.

“Herb Kummer, a CIO who has led digital transformation at several companies, learned firsthand how the budgeting process can negatively impact the chances of success in a transformation initiative. He told me about a situation where a company ran into a transformation roadblock due to major budgeting delays.”

His answer was to plan ahead in order to gain the trust of higher management, who sometimes are hesitant to fund new technology.

Outdated IT Systems, Be Gone

It is impossible to integrate new digital tools with an outdated IT system.

These systems, called legacy structures, hinder the progression of digital transformation.

Not only does it cause disruption in the office, it leaves companies at a disadvantage against the competition of modern startups or online companies.

“While the integrity of transaction-focused systems with sensitive data must be protected, IT needs to build out a separate system that can provide nimble customer-facing capabilities.”  mckinsey reports.

There are a few things to focus on when taking the plunge to change your IT structure.

Backend Infrastructure

Setting up a modernized backend structure sets businesses should be a priority for businesses.

Forbes recommends using a hybrid approach while tackling this component.

Be Prepared

Since new technology stores big data for businesses, it is important to be prepared for any disasters that may happen.

Implementing a backup strategy among CIO’s and IT professionals need to be a priority among businesses.

ABOUT DIGITAL ENTERPRISE TRANSFORMATION ASSEMBLYDigital Enterprise Transformation Assembly

The Millennium Alliance is thrilled to present the second 2017 edition of Digital Enterprise Transformation Assembly, put together by the industry, for the industry on November 16-17.

After learning about the steps it takes to prepare for digital transformation, it is time to learn about all the different digital tools that can further grow your business. Through a  series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions The Digital Enterprise Transformation Assembly offers industry-specific topics and trends to ensure your company sustains its competitive advantage.

It is no surprise that digital technology is evolving and growing into every leading industry. The explosion of big data, integration of digital tools and trends is approaching rapidly. Stay up to date with all of these technologies, in order to ride the digital wave and stay above the competition. The role of IT leaders is more important than ever in order to understand the convergence of mobile, social, and cloud.

This convergence is merely the foundation of the new digital world. With the daily birth of new technology, IT infrastructure needs to be agiler than ever.

This is not just another “Digital IT” event. Spaces are reserved for the best in the business. Apply for Millennium Membership today

Our agendas and attendee lists are for Millennium Members only. Apply today for access! Already a Millennium Member? Simply click the link and enter your password when requested.

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