DIGITAL CULTURE & DIGITAL SOLUTIONS
A study by Boston Consulting Group found that priorit digital culture during digital transformation leads to improved financial performance. 90% of companies that focused on digital culture saw significant financial gains, while only 17% of companies that ignored work culture experienced the same. 80% of companies that prioritized digital culture were able to sustain breakthrough performance.
As per the latest report by IDC, the global spending on Digital Transformation technologies has reached $1.8 trillion in 2021 and is expected to surpass $2.3 trillion by 2023. The reason for this significant increase is that Digital Transformation is enabling businesses to connect with their customers more effectively, leading to the development of innovative digital solutions that accelerate the achievement of their goals.
COMMON QUESTIONS & IMPORTANT LINKS
Leading executives now recognize that investments in technology and technology professionals are transformational assets that enable them to reimagine and redefine their business value. This is due to the imperative and scale of these technology investments, as well as the workforce responsible for evaluating and deploying modernization solutions. Organizations are developing a digital business strategy that includes modernizing the culture, redefining operating models, innovating product and service strategies, and developing modern skills necessary to serve today's digitally-savvy customers within a highly disruptive, technology-centric marketplace. #DigitalTransformation is much more than simply enhancing platforms, and it is widely agreed upon.
WHY YOUR DIGITAL TRANSFORMATION NEEDS A DIGITAL BUSINESS STRATEGY?
The purpose of a Digital Business Strategy is not limited to defining the use of emerging technologies. Instead, it aims to create a revolutionary, data-driven design that enhances customer experience and mitigates disruptive threats to the enterprise. Many traditional companies, including Kaiser Permanente, A, Home Depot, GE, and Everything But The House, have successfully executed digital business strategies to remain relevant in the evolving digital economy. These initiatives are not isolated, as leading executives forecast that by 2020, 47% of revenues will be influenced by their #DigitalTransformation efforts.
WHAT ARE THE 5 MAJOR PHASES FOR FOSTERING A DIGITAL CULTURE?
Culture is the undercurrent of an organization. It provides the freedom to high-performing employees to make decisions confidently that help advance organizational strategy. Modernizing an organization’s culture to a #DigitalCulture is creating profound results in how organizations develop agility, attract talent, increase employee engagement, and deliver improved user experiences; faster. A #DigitalCulture will complement, augment, or reinvent an existing culture by accentuating focus on customer experience, digitized operating models, and an optimized workforce.
IMPLEMENTING A DIGITAL BUSINESS STRATEGY
Similar to other strategic plans, the key to a Digital Business Strategy is to empower your employees and the marketplace with a clear and thorough plan for delivering quantifiable business results – expanded value creation, improved customer experience, and a workplace that attracts key talent. Minimally, the Digital Business Strategy must include details about organizational leadership, capabilities and expectations of the workforce, redefining customer engagement, tools and technology modernization, and a formal communication and change management framework. This crucial phase will help establish the vision for change.
WHAT ARE THE 8 KEY AREAS OF TECHNOLOGY - ENABLED DIGITAL TRANSFORMATION?
#DigitalTransformation is a business initiative that seeks to enhance end-user experiences with modern technologies, tools and operating models. Most organizations are adopting several technology strategies, depending upon the desired business outcome, or expected customer experience. Learning Tree International has identified some of the typical technologies, and its purpose, associated with #DigitalTransformationefforts.
-
Web Technologies – Basic tools used to conduct web development and improve user interface.
-
Artificial Intelligence – Computer systems that perform tasks that normally require human intervention, such as audio or visual recognition, decision-making, and language translation.
-
Machine Learning – Machine learning is an element of artificial intelligence that employs statistical techniques that allows computers to dynamically learn from data, without the requirement of programming.
-
Chatbots – Computer programs that simulate conversations with customers over the Internet, or via phone conversations.
-
Internet of Things – Networked devices embedded within common consumer products – cars, electronics and home appliances – that send and receive data via sensors.
-
Cloud (SaaS) Migration – A common strategy to consolidate hardware expenses, improve operational performance and streamline administration, while delivering improved functionality and user experience.
-
Big Data & Analytics – Resulting from a desire to overhaul and improve data analysis from existing business intelligence, CRM, social media channels, and other customer data sources.
-
Cyber Security & Blockchain – Building and maintaining customer confidence is critical in a #DigitalTransformation. Implementing a modern security architecture, and the use of capabilities such as blockchain enable improved information-sharing within modern businesses.
Address
Nikou Georgiou 66A, Store 2,
Episkopi, 4620,
Limassol, Cyprus
00357-97 832835