Tuesday, January 31, 2023

Now is the Time for Businesses to Rethink Their Digital Transformation Strategies

By Prangya Pandab - June 28, 2021 4 Mins Read

In the last 15 months, markets worldwide have changed significantly. The new business and digital resiliency paradigms, as well as the accelerating evolution of technology and data management methodologies, must be reflected in Digital Transformation initiatives.

According to a 2020 IDC research, by 2023, 75% of businesses would have comprehensive digital transformation (DX) implementation roadmaps, up from 27% in 2020. This will result in meaningful transformation across all aspects of business and society.

Even though the COVID-19 pandemic accelerated the adoption of digital technology across businesses, it revealed that firms that were digitally mature prior to the outbreak fared better than those that were behind on their digitalization journey, especially while dealing with the immensely challenging situation.

Forward-thinking businesses also saw the crisis as a chance to redouble their efforts to create a truly resilient company in every aspect, from business and operations to supply chain management.

There are compelling reasons to prioritize resilience in strategic projects. Organizations that focus solely on the limited nature of business continuity planning may become vulnerable to unforeseeable disruptions. An unanticipated period of extreme instability could be costly in terms of revenue, performance, and recovery. A resiliency strategy built on collaboration, flexibility, transparency, and customer-centricity, on the other hand, is the best way to prepare an organization for major disruptions.

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In the aftermath of the pandemic, the intensity of disruption appears to have accelerated, and Digital Transformation strategies developed just two or three years ago are often unable to cope with the deluge of technology, business, and cultural shifts the industry is witnessing today.

Reasons to Rethink the Digital Transformation Strategies Right Now

  • Cyberthreats are becoming more complex – the necessity for operational technology (OT) security has grown as machines have become more connected to the internet. Cybersecurity is still one of the top three challenges in IT/OT integration.
  • Technology vendors are forming new partnerships. These synergies are bringing new services, products, and capabilities to the market.
  • AI-powered models for predictive maintenance, predictive quality, and image recognition are becoming more scalable and easier to implement.
  • The convergence of OT, IT, and a new generation of physical asset and process automation is driving the deployment of touchless operations.
  • The digital solutions deployed by many enterprises have created more silos, denying them the benefits of contextualization and scalability. Companies that are digitally mature, on the other hand, use company-wide data platforms.
  • As a result of the demand shock created by the pandemic, numerous enterprises have devised new business models that make use of digital technologies. However, because these are largely ad hoc solutions, they must still be incorporated into the larger IT infrastructure.
  • The concept of digitalization, as well as its objectives and benefits, is becoming more widely understood. This is creating a lot of momentum for big changes. Businesses need to update their reskilling and upskilling strategy, making sure that they are in line with new technology deployment and resiliency plans.

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Massive Changes are Taking Place

Even though the pandemic did not halt digital projects, infrastructural transformation projects were put on hold and organizational priorities shifted to short-term objectives

Short-term measures, on the other hand, do not make businesses truly resilient. Organizations must take advantage of digital capabilities in order to be prepared to quickly adjust to disruptions. Digital Transformation should assist them in resuming business operations as well as capitalizing on unanticipated opportunities that may come as a result of the uncertainty

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Prangya Pandab

Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.

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