How to Transform a Traditional Business to Digital Enterprise Successfully

Technology is reshaping businesses in numerous ways. It influences multiple fields including marketing, healthcare, education, sales and more. While organizations are looking to improve their business models by combining technologies, a new paradigm of digital transformation is much needed. It can be defined as a strategy for integrating tech into different functional areas, company culture & customer experiences for driving efficiency and delivering enhanced value.

So, to help organizations develop a digital vision without having to scour through overwhelming reams of data, this article offers:

• In-depth insights on implementing a future-ready business model, especially in a post-Covid world
• Real-world examples of firms that evolved by rethinking their approach to doing business
• A framework of vital aspects for a digital overhaul that meets dynamic market needs & thrives in a customer-centric world
• A carefully developed enterprise digital strategy to jumpstart a smooth & successful transition

Embracing next-gen technology enables organizations to adapt to a fast-changing business environment – in terms of people, processes and products. This transition intelligently integrates technologies into operations and core competencies to create unrivalled value across the board.

A business may consider a digital shift for different reasons. But clearly, the most compelling reason is that you have to: It has become a survival issue! The pandemic has left no option for businesses. However, it adapts quickly to changing customer preferences, supply chain disruptions and increasing market pressures.

Apart from future-proofing your business for the challenges of the new normal, it also brings you other big advantages like:

• Processes data quickly and generates accurate insights
• Automates processes and minimize manual tasks
• Improves customer satisfaction with a high-quality experience
• Ensures a more robust and reliable supply chain
• Offers top-quality goods & services cost-effectively

All of these will ultimately boost the resilience and revenue of your business even in a crisis. Isn’t it precisely what your business needs right now?

Apart from these critical enterprise digital transformation benefits, a sound technical innovation strategy also translates into higher data security, improved resource allocation, progressive digital culture and opens up new possibilities to develop digital products and services.

Imagine what it would be like if the distribution channels you rely on fall into ruins! Your establishment shuts down. You’re not able to serve your customers anymore. How would it affect your business revenue? How long would you survive?

This is precisely what many businesses faced when the global pandemic broke out. Some forward-thinking companies adapted to this challenging situation by rethinking their business model. We’ve witnessed how the Covid-19 crisis rapidly revolutionized the “what & how” of companies’ digital transformation strategy.

Today, with most organizations working remotely, the employee experience of technology has emerged as a critical digital transformation trend within the HR circles. In the IT community, this concept has received a mixed reception while being stereotyped as “A spoilt workforce expecting world-class tech on a tight budget.”

With the possibility of remote work becoming a permanent reality in the foreseeable future, employee experience of digital technology has advanced from “good to have” to “the best way to get work done.” Finally, it has come down to the long-deserved problem-solving approach.

Other crucial areas of digital enterprise transformation that COVID-19 pushed as high priority on CIO agendas include:

• Expanding the reach of quality customer service through interactive chatbots
• Using automation to achieve better outcomes faster
• Modernizing legacy systems and a housecleaning of redundant systems

Many enterprises have revamped their digital technology in response to the forceful disruption – focusing on “hey, it works” versus “we’ve assembled the best features after investing years on this initiative.”

The pandemic has pushed this imperative to its highest level of urgency. Enterprises have accelerated the adoption of different technologies by several years – and many of these digital transformation trends are here to stay!

Digital adoption is taking a quantum leap forward. If you’re not keeping up with the pace, you’ll have a growing digital gap to fill. This will make it even harder for you to compete in a market that’s already competitive.

There are several aspects where businesses can implement their digital strategy. But the most crucial areas of digital transformation are:

• Artificial Intelligence
  A computational tool like AI can be leveraged to automate business processes and increase efficiency while reducing costs. This also helps improve the overall customer experience.
• Internet of Things
  IoT-enabled devices can unlock the endless possibility for progressive companies. The only limitation to using this technology is how creative you can get with your offerings.
• Cloud Computing
  Gone are the days when businesses needed their own IT infrastructure. Now you can rely on a third party to provide these services efficiently and cost-effectively. An experienced technology partner enables you to be more responsive to the changes in the market, develop solutions that are custom-tailored to your consumer needs and launch new initiatives faster.
• Blockchain
  While the adoption of blockchain is still in its nascent stage, it won’t take long for businesses to start making the most of its inherent efficiency, security and data validity. Blockchain can harness efficiency beyond financial computations and contracts to facilitate automation in industrial applications.
• Cybersecurity
  With becoming the norm, new risks are bound to emerge. Having a secure and robust IT system is a must for enterprises that want to deliver top-quality products, services and results.

Despite these benefits, many companies fail to use these technologies to their full potential. This happens either because companies don’t know what these solutions entail or due to the sheer volume of data and its complexity that renders decision-making a challenge. As a result, enterprises miss out on lucrative business opportunities. Follow this framework to make the most of them.

Every organization has unique challenges and specific demands due to which their digital transformation journey will vary widely. However, there are a few overlapping themes among existing examples of digital transformation that all entrepreneurs and technology leaders should consider including in their strategy. These are:

• Customer experience
• Integration of digital technology
• Operational agility
• Executive leadership
• Company culture
• Digital workforce enablement

Take a look at this digital transformation framework that highlights how you can structure your business model to maximize your ROI:

While every enterprise may adopt a different framework, reviewing case studies of digitization with goals similar to yours will help you formulate your digital transformation strategy with timeline. Take a look at how Rishabh Software helped few such companies adopt new-age technologies and ensure future success.

This is something that forward-thinking businesses are better off than their unprepared rivals. Successful businesses operate with a clear vision, using a digital transformation roadmap that defines the way forward. Without these vital strategic tools and an experienced technology partner, companies would focus only on addressing today’s issues and fail to deliver continual value to their stakeholders. Smart technology offers endless opportunities to compete globally and create a solid foundation to outperform competitors.

Our unique blend of technology expertise and multi-domain experience enables us to respond fluidly to unique challenges. We take a tailored approach to tackle every business transformation. It is a customized plan of what we’re going to change, why, how and the support needed in the long-term.

• Identify Problems & Ideate a Compelling Strategy
  We have a clear understanding of the unique challenges that crop up when implementing a digital vision. Before defining how DT can benefit your business, we identify your pain points and make recommendations as to which problems can be solved using technology and how. After analyzing the current state of the market, your position and how it fares against your competitors, we think of digital solutions that can drive your success.
• Take a Top-down Approach for Successful Transformation
  Once the DT journey is defined, it is aligned with your business goals. This top-down approach involves transparent communication to stakeholders at every level for a clear understanding of the value that digitization can bring in. This ensures that everyone can quickly buy-in and drive the expected outcome.
• Determine the Benefits Across Departments
  Any drastic change in the way you do business can make your employees apprehensive. But when the benefits are clearly defined and conveyed to every department, your people can move in the same direction even if they have different perspectives and approaches.
• Choosing the Right Technology Stack
  Only an appropriate tech stack will ensure a smooth transition. So, before we update and optimize all your business processes, our team documents all the potential risks and threats and then drives
  enterprise-wide adoption of new technology.
• Plan for Scalability
  Working with a top-rated technology partner enables you to leverage industry-leading technologies with ample room to grow with your growing business. You can respond quickly and recover efficiently in the future and expand at your own pace.
• Test, Monitor & Optimize
  The best brands don’t just keep an eye on their competitors; they also assess their performance and evolve. So, after we deploy smart technologies to achieve your business goals, we continue to look for ways to improve your infrastructure, so you stay competitive and continue to grow.

Businesses that cannot keep up in this digital age will lose their customers to competitors that respond quickly. Therefore, it is crucial to develop an enterprise digital strategy and start the transformation sooner than later.