Digital Transformation is one of the essential things to do in the organization to stay relevant in Today fast-changing environment. But what is digital transformation? And how we implement it in the most effective way possible?
To answer that question, first, we need to know the context of what is the primary motivation behind it.
When 3G and 4G introduced, it only takes a couple of years before almost everyone on the planet use those power to do everything digitally. It begins with sending information to each other over email, chat, and now we can do almost everything digitally.
The rise of digital consumer gives birth to the new consumer to producer interaction. Direct interaction now becomes the norm. Although still, many companies are struggling to switch from traditional process/product-centric to consumer-centric.
The consumer is now demanding a direct, fast and customized response from the producer, thus creating massive problem to the one that is not ready. In other hands, the company is still learning what it is and how to implement it correctly.
The Data Floods
The rise of the new consumer and affordable access to the internet and device brings a whole new era of big data. Data from various source is now flowing to the organization around the clocks. The company need to be able to harness the power of data and turn that into actionable insight. Fast enough to be able to stay relevant in Today consumer-centric World.
According to the McKinsey report, 73% of the company that initialize digital transformation traped in the pilot process. They often adopt incomprehensive methodology and platform and can't justify the immediate impact for those transformations or just too complicated to implement.
Frost & Sullivan report mention that Big Data Analytics (BDA), will play a significant role because of the scattered nature of data across business SILO. "An increasing number of organizations are realizing that they cannot wait for weeks or months relying on their IT teams to create data reports to make their business decisions" - Frost & Sullivan.
Data will bring value to the business, but combining multiple data sources with different format is challenging. Unified BDA solution with no complexity in implementation indeed will help.
Data unification is not the end of the game. Companies need swift actionable insight to cater to customer demands that can be integrated with existing technology. Real-time actionable insight such as business dashboard or command centre, predictive analytics, supply-demand forecast, smart alert system, automatic customer segmentation, personalized recommendation and risk scoring will play a vital role.
Luckily, Today's technology can help companies accelerate process turning data into actionable insight. The rise of Artificial Intelligent (AI) and Machine Learning (ML) and the distributed computing platform make it relatively easy for everyone to deploy a custom solution.
Still, the implementation is very tricky and need a considerable sum of investment in R&D. Frost & Sullivan estimated $40.6 billion BDA spending by 2023.
Build, Borrow & Buy
Building a solution from scratch is not always the best way. Often companies need to borrow or buy an existing solution than reinventing the wheels. The goal is not just advancing in-house technology's team but how companies can leverage the ecosystem to stay relevant in Today world. Because in business, adopting the right technology fast enough to support customer-centric approach is the key.
Not long ago, we heard the hype about the implementation of 5G and the testing of Elon Musk's Space X Starlink project. Both projects are aiming to give globally fast, reliable and affordable internet connection. Those two projects, among many others, is the sign that our Today consumer will evolve once again. Are you ready for that? Are your company equipped with the right tools to adapt quickly? Let us know!