Digital Transformation is the new buzzword among corporates, and most companies need to shed their traditional ways of doing things. Traditional businesses recognize the need to make a shift to survive and thrive. Digital transformation has been a popular strategy to achieve long-term success and reach out to the people to offer their services.
Digital Transformation was used, even before the start of the digital revolution. But it has only started to make sense now as businesses realize the potential of digital products and services and how they can be used to gain a competitive advantage.
Many industry experts and leaders believe that if a company is not digital, it is not competitive. Raktim Singh, an industry expert and a digital thought leader believes in the word “Digital Transformation” and how this word is creating a powerful global impact in shaping businesses to achieve success. Join along to learn about the views of this digital thought leader on why companies fail while embarking upon the Digital Transformation journey.
Why Companies Fail on Their Path to Digital Transformation?
According to Raktim, the journey to digital transformation is one that we have all been on. It all starts with a plan, some resources, and a will to change. But for most, the path is littered with pitfalls and roadblocks. The question that then arises is, what does it take to succeed? What does it take to avoid the pitfalls? Raktim believes that leadership is the main agenda that we need to focus on. It is an important skill that every business owner must possess. It involves building the right team, motivating them to achieve the right goals, and developing them to be better leaders. It’s a tough role to play, but with the right skills and knowledge in leadership, anyone can be a successful leader.
What Do You Need When Embarking on the Digital Transformation Journey?
According to Raktim, in the digital transformation journey, it is important to remember that the type of transformation is often determined by the type of organization and to remain competitive in the face of increased digitization, automation, and mobile adoption. It often involves redefining business models, rethinking their technology stack, risk management, and changing entire functional ecosystems. Most of the companies forget to decode these strategies; rather, they focus directly on profits and that’s where they lose it.
How to Apply Digital Transformation in Your Organization?
As per Raktim’s deep knowledge about digital transformation and businesses, he feels that digitally transformed organizations focus on the customer experience. Just like he has explained in his book “Driving Digital Transformation: Reshape the Future of Your Business”, the FAAN Companies – Facebook, Amazon, Apple, Alphabet, and Netflix are the best examples of digital transformation, and one should learn from them. They give the customer a seamless experience across multiple touchpoints. Their business processes are integrated, automated, and streamlined while enabling their employees to collaborate across borders and break silos.
Two questions seem to be on every business leader’s mind today:
1) How to digitize their business, and
2) How to take advantage of the digital opportunities
While the first question is related to short-term results, the second question is about taking the long-term view.
The digital transformation journey is a path wherein a few companies have embarked upon. And of those, there is only a handful that have been creating a real impact. The struggle to stay relevant in this heightened digital environment is real. Whether it’s the issues of building an agile culture or dealing with legacy systems and business processes, the struggle is real.
Organizations that want to leverage new technologies, workflows, and markets need to be able to stay competitive. When organizations embark upon the digital transformation journey, they need to be prepared to meet many challenges that they will encounter.
Raktim Singh has a strong belief that businesses and organizations should accept digital transformation at the earliest to avoid future efforts and accept the fact that digital transformation is the need of the hour.