Being into the tech business, you must be well aware of how crucial digital innovation is for the industries worldwide. A developers survey says, “99% of business executives consider digital presence as an asset for their business and are ready to invest aggressively in digital transformation strategies.”
All this shows that nothing is a greater priority than the digital transformation for business owners. Another reason why companies run after digital transformation is FOMO- “Fear of missing out”.
Therefore, here I will tell you about digital transformation strategies: which are the leading technologies?
Let us begin with a brief description of a digital transformation strategy.
What is a digital transformation strategy?
According to top digital transformation companies in India, a digital transformation strategy is a plan of action that describes how a business must strategically reposition itself in the digital economy world. As customer habits change, so must the ways of winning companies to operate.
The main challenge in understanding this concept is that businesses have been using technology to improve how they deliver their products and services since the dawn of commerce. Why is it now being considered transformational and strategic?
- From the creative industry’s perspective: Digital transformation strategy is seen through the lens of digital marketing and user experience(UX). The idea that customers are utilizing technology now to research, find and select products and services which match their exact needs.
- From the management consultant’s perspective: They see digital transformation as an opportunity to reshape a business by implementing new technologies in their business models. The products and services of a business can become more digitally infused reducing operational costs and increasing the company’s profits.
Therefore, to create a digital transformation strategy requires technology as the tool, the creative industry to spread new ways, and management consultancy to help build a more efficient business.
Leading technologies in Digital Transformation Strategy.
The digital transformation company in India believes in these technologies strongly. So, we shall begin in the following manner:
- Brief about technology
- How is it essential for your business?
- What is its role in digital transformation?
1 Big Data
What is Big Data?
Big data describes the large volume of data that inundate a business on a day to day basis. This data is analyzed by companies to get insights into their business that lead to better strategies in decision making business moves. Big data can also help your business figure out the most valuable customers and come up with customized offers for them.
Simply put, Big data is a combination of all the processes and tools which are related to managing large data sets. But why was Big Data introduced in the first place?
Well, the whole concept of Big Data was brought up to understand the trends, patterns, and preferences in massive databases generated when people interact with different systems.
Role of Big Data in Digital Transformation.
As we know, digital transformation helps companies in embracing a culture of change in order to remain competitive in the market. Still, when companies decide to go digital, the process is so similar to that when one chooses to lose weight.
One cannot expect to see results from the very day they start. Losing weight requires significant changes in your lifestyle, and so does the incorporation of Big Data into your business models.
A well managed, large amount of data will, of course, deliver a better understanding of operations, customers, and markets.
The three points you need to focus on are:
- Identify Goals:
There is no ambiguity in the fact that every business has its own set of needs and accordingly, goals. Therefore, identifying your own goals and challenges must be your business’ priority. Don’t worry when you have Big Data by your side.
- Find the right data sets:
Having the right data sets is essential for your business. You can find them in-house or at the marketplace. You can also hire software developers to create a customized ERP for your business which will help you collect data for your digital transformation strategies.
- Maximizing the benefits for any business:
You will never need a data analyst if you invest in the right software for analyzing Big Data. You must get in touch with a custom software development company to get personalized analytical software for your company. Decision making, which is based on data, facts, and evidence, will always save your business from failures.
How is Big Data essential for your business?
When businesses incorporate Big Data with high powered analytics, they can accomplish business-related tasks such as:
- Big data helps in determining the root cause of failures and defects in real-time.
- It also helps in generating customized offers based on the customer’s buying habits.
- Big Data also helps in calculating and recalculating the entire risk portfolio in a few minutes.
- With Big Data, you can also estimate fraudulent behaviors and patterns before they majorly affect your business.
“Did you know? The amount of data generated by Internet users per day is 2.5 quintillion bytes. ”
What is IoT?
The Internet of Things(IoT) is all about prolonging the power of the Internet. It is much beyond electronic devices such as laptops, desktops, and smartphones to a whole of other systems, procedures, and environments.
From human-to-machine communication to machine-to-machine communication, IoT has come a long way, creating a massive revolution in the IT industry.
According to a survey done by Forbes Insights, out of 700 executives, about 400 businesses are expanding or introducing new lines with the help of their IoT innovations. All this shows how IoT is opening avenues for businesses.
What is the role of IoT in Digital Transformation?
According to the top digital transformation companies in India, the Internet of Things is playing a vital role in the digital transformation of enterprises. IoT acts as a bridge between the IT infrastructure and physical assets of an organization. All you need is the right level of integration and monitoring.
IoT has played a vital role in driving digital transformation. However, security, lack of skills, and connectivity are a few areas that need to be addressed to ensure the successful deployment of services and products.
The role of IoT in digital transformation strategy has been broadly classified into the following groups:
- Strategic asset management:
Monitoring the status, movement, and location of the physical assets owned by the company to increase the performance, efficiency, security, safety, and industrial IoT devices can smartly manage the throughput of assets.
- Customer experience:
Providing a personalized experience to each customer/consumer based on the information gathered becomes comfortable with IoT. Better consumer experience ultimately leads to better business and more profits.
“Did you know? Researchers say that there will be 20-30 million IoT devices by the end of 2021. ”
How is IoT important for your business?
The following points are the benefits of IoT for your business:
- Businesses have seen that IoT apps bring more business opportunities by enhancing the quality of services and business modules.
- IoT improves asset utilization by monitoring equipment using sensors and taking preventive maintenance, so the services are uninterrupted.
- IoT can also help you train your employees in improving business productivity hence enhancing their work efficiencies. IoT can help you avoid skill mismatch.
- IoT enhances business modules, asset utilization, equipment monitoring, and employee training services helping you save your overall business cost.
What is ERP?
ERP or Enterprise Resource Planning is a business management software that allows organizations to leverage a suite of integrated software that can streamline and automate processes, creating a leaner, more accurate, and efficient operation.
You can think of ERP as the brain of your business’ technology system. Just like a brain controls the body; similarly, ERP controls the different software of the organizations.
What is the Role of ERP in Digital Transformation?
In the world of disruptive and intelligent technologies, ERP is advancing from the back office of an organization to the forefront of business digitization.
I agree that the main focus or the customary focus of ERP software is to help organizations unite traditional business-management solutions. The fact that ERP also provides a flexible foundation cannot be neglected as the organizations can integrate more cutting edge technologies upon this foundation.
According to a survey, 81% of companies have either completed the integration of enterprise resource planning software or are in the process of implementing it. Who would deny that the implementation of software makes complex business processes like finance management, accounting, and inventory easy-peasy lemon squeezy?
The focus point of ERP’s role in digital transformation is:
Due to the ever-changing requirements and growing competition in the modern business, the need for intelligent ERP or the i-ERP arose. The main aim of i-ERP is to bridge the gap between the existing technologies and business challenges. Therefore, ERP becomes more powerful when integrated with Artificial Intelligence.
- Cloud-based ERP:
The integration of cloud in the ERP system is another benefit that provides it with the power of playing a vital role in digital transformation strategies. From global access to better utilization of the resources available, cloud-based ERP has worked wonders for the organizations.
- Enhanced scalability:
Scalability is indeed one of the best characteristics of ERP software. Since it is scalable, ERP can handle various business tasks irrespective of the size of the company using it. New features and tools can be added to the existing software with more technological advancements.
How is ERP beneficial for businesses?
ERP is essential and beneficial for your business in the following manner:
- ERP simplifies a variety of business procedures, thus optimizing efficiency.
- SaaS or Cloud-based ERP systems can easily extend inter-team collaborations across all your offices situated at different locations. All you need is the Internet.
- ERP reporting tools work using sophisticated filters and analytics that can filter inconsistencies in the data. This helps in making realistic and accurate forecasts.
- A well-planned ERP system helps in decreasing operational costs by automating activities; anticipating various interruptions, delays, and breakdowns.
“FunFact! 82% of the companies achieved ROI in their expected time by simply implementing ERP.”
That’s All Folks!
In the world of rapidly evolving technologies and continuous digitization, the role of Big Data, IoT and ERP are huge in laying down better strategies for your business’ digital transformation. I know digital transformation can be a Herculean task, but if implemented in the right way, it can help your business to grow.
Another thing that is worth considering here is choosing the right digital transformation company in India for the correct implementation of these technologies to benefit your business.
For any other query or suggestion, feel free to comment below.
Till then, that’s all folks!