Digital technologies in this era, have been transforming our lives like never before. Naturally, companies are evolving their structure and processes in a bid to fit into the new order. The world has reached a position where it’s all about going beyond the testing water stage and delving into the tech domain for good.
For an organisation to internalise the digitisation, it is not enough to undergo mere cosmetic changes but go for a business model whose core is digitised. In that process, there are chances of increased complexities, since the legacy and management systems that were functional in the pre-digital days are definitely not well-suited to cater to today’s business environment.
In order to be a completely successful digital enterprise, a company’s core has to be digitised first, and that mostly is the outcome of a vision, which the business leaders have, and a digital transformation strategy, which ties in all possible business aspects for realising that vision.
What are the benefits of organisations having a digital core?
⮚ allows the organisation to integrate its business processes seamlessly
⮚ enables its business leaders to make real-time decisions with data-driven insights
⮚ engages customers throughout their journey
⮚ facilitates a cultural change in the organisation
⮚ helps respond effectively to the market changes
How does a systematic digitisation process score over a disjointed digitised structure?
Integrated, simplified processes: Digital transformation offers an opportunity to streamline the organisation’s information and technology landscape with way fewer technologies, applications, platforms as well as operating systems. Simplification can be said to be the greatest attribute that leads to simplifying the layers, breaking down the siloes and benefitting an organisation to evolve towards a more integrated set of systems as well as processes.
An integrated approach helps an organisation to function seamlessly leading to greater real-time visibility and more effective decision-making. For example, in an insurance industry, the deployment of robotics that can be done in the form of chatbots, companies can reduce expenses significantly and boost efficiency like never before.
Business decisions based on data: Data that are critical for businesses reside across its Enterprise Resource Planning (ERP) system, salesforce reports, accounting systems, points of sale at merchant sites, business operations, social media sites, syndicated industry reports and many more. Deriving and harmonising specific and relevant insights from this data is a daunting task for business leaders. But a digital core provides a homogenised framework, which helps to manage disparate data sources along with enabling real-time data analysis, which is often instrumental to succeed in today’s digital economy.
For example, a garments’ company can get its digital footprint through a website that takes the orders of its customer online. But when that is turned into a sustainable revenue stream, it means using that same data from across various channels, when it comes to understanding customer needs, tracking their requests, managing inventory, personalising the experiences and enabling smooth checkout. That is why companies mostly are making use of relevant data to find inventive ways of blending the online and offline worlds in a bid to offer the users a seamless and hassle-free experience.
Linked ecosystem: One of the most prominent advantages of an economy that is digitised, is its connectedness. It is not possible for companies to operate in a silo and therefore, no market can stay unaffected by developments that are happening in various parts of the world. This nature of the ecosystem enables an organisation to foresee changes, remain agile, comprehend trends while taking corrective action for the same.
For example, a company that deals in automobiles can provide the buyers a personalised driving experience that is complete with entertainment features that are customised and telematics, which helps to track not only engine performance but also record incidents.
This is the beginning of the digital era where we are moving towards an ecosystem that is revolutionised like never before. The right digitisation can make this a reality.