Business Transformation

[Summary:  You get things on our doorsteps with just a few clicks. You can track, replace, or cancel your product anytime. These technologies make us feel connected with the brand & we love it! With so many customers embracing these services (delivered digitally), it is just hard to find the logic behind sticking to the age-old method of running a business. And not utilizing the infinite possibility of AI-ML, WeWebWeb 3.0, etc. 

Businesses are under constant pressure to innovate, cut costs, and increase customer engagement. To stay relevant in the digital age. The accelerating digitization of business has rewritten the way companies operate.  

They are increasingly operating as a digital business indeed.  

Businesses that embrace technology as an innovative tool will be better equipped. They can address the challenges posed by this emerging model. 

The transformation is happening fast.  The World Economic Forum predicts that over 60% of the world’s GDP is likely to be digitized by the end of 2022. The change, itself,  is enabled by technology. Moreover, 82% of CFOs are accelerating the use of technology. The aim is to speed up digital transformation- Which makes their business more competitive. 

Why is Business Transformation necessary? 

Are you asking this? Alright! Business transformation is necessary to beat digital disruption. Companies that are not transformed are at risk of being disrupted by new digital entrants.  

Digitized firms are better equipped to deliver customer value at a lower cost. For this reason, 69% of organizations have accelerated investment in technology. Such investment has grown since 2020 when the pandemic paralyzed the business world.  

The low-cost digital entrants also have an advantage. When it comes to leveraging new technologies, they can offer what was before available only to large brands.  

How does technology drive Business Transformation? 

Technological change is accelerating both the pace and the direction of the business. Businesses can no longer ignore the importance of digital technologies.  

This is why they are increasingly evolving to harness them: 

One, new technologies are impacting the way that organizations are structured-governed. It’s also forcing more and more businesses to embrace these changes. 

For example, new technologies such as AI and Machine Learning. They are enabling businesses to automate core processes and provide automated solutions- To reduce costs and increase speed.  

IBM, for instance, has managed to save 4 million work hours. It has done so by integrating automation and AI into 65% of its workflows. 

Two, technology is enabling businesses to use data more effectively. Data is the key to Intelligent Asset Management.  

This has created new revenue streams and improved operational strategies in your company. As much as 75% of venture capital reviews will be enabled by data analytics by 2025. 

Three, in more than one way, technology has opened new avenues for businesses. This has allowed them to become more sustainable. It has given business owners the ability to predict trends. And can adapt to them quickly! 

It has enabled businesses to communicate easily with their customers. These changes have brought a completely new dimension to how businesses run. 

To sum it up, there are four ways in which technology is driving business transformation: 

• Integration of artificial intelligence is reducing human involvement. 

• Improved connectivity is enabling remote working and collaboration. 
• The proliferation of smartphones has improved access to new markets. 

• Innovation has brought down costs and improved functionality. 

The 4 stages of a successful Business Transformation 

Say you are considering the best path to business transformation. You must start with the flawless examination/management of the process from a different angle.  

If transformation is a new operating model, then the four stages of a journey to a new destination could help explain what needs to happen next.  

These stages include exploration, transformation, adaptation, and culmination. 

• Exploration – this is where organizations conduct research. It helps them understand their customers, competitive landscape, and current operating model. It is also the stage where firms start the journey by investing in tech implementation. 

• Execution– this is where organizations complete the implementation. New technologies, technology strategy and planning, and organizational structure are implemented. 

• Adaptation – this is where organizations make adjustments to their existing business model. It helps them to account for the shifts brought by flawless surveillance. Organizations must make sure that they are operating within the new business model. 

• Completion – this is where organizations begin to reap the rewards of transformation. They benefit from the implementation of new technologies in terms of efficiency etc. 

At Echelon Edge, we strive day in & out to make our system up to the benchmark. So that your business transform doesn’t face any issues in BSS, NMS, or IT management 

Conclusion 

Every business is facing the challenge of digital transformation. But businesses need to (& have to) adapt. They have to respond to the new behavioural patterns. This includes customer expectations and technology trends that are driving digital transformation.  

Business transformation is an ongoing process. It is driven by strategic planning, digital technologies, and continuous assessment of performance. Businesses are actively participating in this transformation.  

Such investments are growing rapidly, so much so that the digital transformation market is likely to grow at 19.1% and will be worth 126 billion by 2026.