Digital transformation is booming with the rapid adoption of technologies such as 5G, Bitcoin, and chatbots across geographies and verticals. Some wrong ideas are natural, and here are some misconceptions to avoid while implementing these technologies.
While digital transformation is a groundswell of innovation for business, catapulting companies forward, it can be easy to misinterpret the innovations, misread the signs, and become distracted by minor changes in trends and opinions. Real disruption means radical changes, but the common myths about digital transformation results in companies getting sidetracked and misguided.
All tech-innovations are incremental
In technology, firms are adopting continuous changes addressing security issues, slightly improving features, and appease target users. These incremental upgrades are frequent, with the tendency to view updates as part of the normal cycle of innovation.
It’s tempting to view all digital transformation strategy as potentially only a minor blip with minimal impact. Some transformative technologies like 5G cellular service, chatbots, and cryptocurrencies are making a giant leap forward at times. Google recently announced an innovative Google Nest Hube speaker that’s unrelated to voice commands. Such innovations might seem incremental, but it’s a significant shift that could trigger other groundbreaking innovations.
Digital transformation shouldn’t be surprising
For some firms, there is a fear of missing out on the transformative technologies. Firms need to be prepared and keep track of these trends, some disruptions are difficult to predict, and it’s fine to be surprised by them even to let them guide the strategic vision.
One similar example of this is 5G. With 5G networks finally arriving in bigger cities, the benefits are already being witnessed, with customers enjoying a vast improvement in reliability and speed. That is surprising, and it’s okay from a business standpoint to allow dramatic moments in technology occur naturally. They inspire firms to embrace what is new and innovative.
Dramatic workflow changes are required
A well-designed workflow automation process in firms can be resilient enough to dramatic changes in technology. It’s advantageous and acceptable to embrace new transformations in technology, the ones that are new and disruptive. However, that doesn’t mean one will have totally revamp every business workflow automation process adjusting to every new trend.
The reason is that any workflow needs to be closely tied to the business needs and the users, not to the trends themselves. A technology like 5G can undoubtedly inform and guide the workflow, but the truth is that a workflow that is intentional, well-designed, relevant to the business, current with tech trends, and most importantly, meant to increase the business efficiency to withstand significant disruptions.
Digital transformation only impacts specific markets
It is well-established for industries that are more susceptible to digital transformation impacts. Retail, for instance, will be affected more by cryptocurrencies than other markets. While the actual implications fluctuate and affect various industries differently, it’s a myth that transformative tech won’t impact specific categories.
Markets are resilient to the digital transformation journey
This is the myth that the manufacturing or banking sector can resist digital transformation completely. Industries that oppose technological transformation, thinking of running with conventional methods, face an illusion that they can carry on, as usual, ignoring the disruption.
Indeed, disruption is something that the retail and banking fields need to address. There are questions about the supply chain, cost structures, making the assembly line more efficient by coordinating repairs quickly, and even considerations such as how part-time contractors and laborers are paid that will cause transformation. Every sector of enterprise will be impacted by a disrupted in due course, and there is no escape.
There’s an easy mistake about digital transformation – it’s easy to overestimate the impact and become reactionary in every market segment, to adjust to the business process for every tech innovation. Also, it’s too tempting to marginalize and minimalize tech trends, such as to refuse to make alterations.
The secret is to witness the digital transformation as having a positive impact and to stay informed and promptly make changes that will be advantageous to the business. The ultimate myth is that the impact of digital transformation will be too significant – or too minimal.