Do you want proof that the global digital transformation market is heating up?
Guiding you along the road to digital transformation
Do you want proof that the global digital transformation market is heating up? According to research from the IDC, global digital transformation spending will reach $1.7 trillion (R22.5 trillion) by the end of 2019, a 42% increase in spending since 2017.
But just because spending is on the rise does not mean that all organisations are guaranteed digital success. In fact, the same IDC study showed that most organisations are finding “being digital” a little tough. In 2017, three-fifths of companies found themselves at a “digital impasse” with their digital transformation efforts demanding growing budgets. However, they produced largely inconsistent results.
In line with this, McKinsey reports that many CEOs fall into the trap of not understanding digital correctly and so aren’t able to use the technology to its full potential. Similarly, many modern CEOs also have the misconception that they can undertake a little digital venture on the side and then reinvent their business around it. While this might seem like an IT dilemma, it’s actually a business problem. To really reap the rewards of digital, you need to transform entire processes and far-reaching business structures – and then consistently communicate with the entire organisation about these changes.
Disrupt in line with customer’s needs
Leading digital companies disrupt their way of doing business. They test and refine products in close cooperation with customers at a rapid pace. The reactive approach to doing business stems from the understanding that the three-to-five-year strategy plan will no longer work. Digital speed is much faster than traditional business. It requires you to learn by doing, rapidly deliver products or services and adapt to changing requirements.
Strategic alignment with IT
Digital transformation is about finding and leveraging technology that will help you achieve this goal. For your digital strategy to be effective, a partnership between IT and the business must exist and it must be based on trust and mutually agreed-upon goals. According to The Boston Consulting Group, it involves more than rolling out new IT projects. "It's about fundamentally transforming the business to make it leaner, more agile and more cost-effective," it says.
To achieve this, you have to think about where improvement is needed in the business to yield the most significant positive results for your customers.
Digital leaders actively look for ways to better use internal and external data. Businesses that not only collect big data, but also use it to create project ideas and innovative capabilities, tend to generate higher revenues. So it's possible to create new revenue streams and business units. Modern customers now have so many options, so if you don’t give them the standard of service they want, they’ll simply go elsewhere.
The final step is to measure the results of your digital transformation efforts. This should be a top-down process. Business leaders must punt the organisation’s broader digital transformation efforts, ensure that these strategies transform business culture and establish how digital can change every department. Measuring success becomes possible by assessing whether the entire organisation has a digital-first mindset.
How we can help your business
Internet Solutions delivers services to our clients that help to provide a level of immediacy and agility to their business operations so they can keep pace with the digital economy, while reducing complexity.
Whether it's securing information in one of our state-of-the-art data centres, transforming your telephony services with IP-enabled devices or harnessing the flexibility of cloud computing, we have the infrastructure to put you on the road to digital transformation success.
Let’s face it, digital transformation is something no business can afford to ignore. Businesses that do could well be the next brand that becomes a cautionary tale. Customers and businesses must evolve at the same pace as technology to remain relevant and competitive. If you need help on your journey, check out our guide for designing the enterprise network architecture of the future with the right IT solutions. You can download it here.