Technological advancements have improved people’s lives in every manner and it has also changed how organizations function. Digitization is the result of technological development where any information like object, image, document or sound can be converted into electronic format with the help of data conversion services. These digitized data along with advanced technologies like Big Data, cloud storage, Internet of Things (IoT) etc helps in fuelling digital transformation and it is the key to continuous successful innovation.
Digital technology allows businesses to grow and spread out to other countries. Without having a clear understanding of the business processes of a company, it is not possible to implement changes or automate process or make improvements in an organized, manageable and predictable manner. Even though digital transformation improves efficiency, assures better communication, interaction etc, some CEOs believe that the process of digital transformation can lead to downtime and some others feel that the budget required for digital transformation has doubled. But despite difficulties, majority of the organizations are embracing digital transformation because a well- planned digital transformation journey can give the organization a competitive edge, improve productivity, and provide a higher revenue growth.
The following are some of the facts that show the importance of digital transformation:
- According to a case study conducted by Deloitte, “45% of companies tell people that digital transformation has a positive impact on their business and reported higher net revenue growth.”
- A PwC article states that “52% of the companies plan to cut their defer investment amid the rise of COVID-19, while only 9% are likely to do the same with digital transformation budget.”
- A report by Adobe & E-consultancy stated that “companies with a digital-first approach are 64% more likely to achieve their business goals than their competitors.”
- According to a survey conducted by Tech Pro Research Center in 2018, 70% businesses admitted that their business heads are either working on a digital transformation or already have one in place.
All of these figures show the relevance of digital transformation in this digital world. However, it is important to address the main concern that CEOs have about digital transformation, i.e. downtime which can lead to loss of production time.
Downtime – A Major Concern for Businesses
According to Vanson Bourne Research Study, 82% of companies experienced unplanned downtime at least once over the past three years. Aberdeen’s Research further added that the cost can go up to $250,000 an hour. The Vanson Bourne Research Study also stated that the unplanned downtime can lead to loss of customer trust and productivity. Unplanned downtime can also lead rise in the cost of digital transformation process. So, to overcome the issue of downtime and conduct the digital transformation process without affecting the productivity of the business, here are five methods.
- Part by Part Approach: it is important to approach the digital transformation journey in the most efficient manner to avoid risk. Begin with part-by-part approach or phased approach. You can begin by releasing a minimum viable product (MVP) into production to get a realistic structural and operational criticism. It will help you focus on each and every stage to build a customer centric product. The first phase should always be to create and deploy a front-end proxy. Once you have the data from the first phase, then you can move to the second phase and so on.
- Determine the Issues at the Beginning: Downtime in the digital transformation journey can occur due to any small problem. So, it is important to create an early warning system to validate and test things in each phase. This helps to save time and easier to detect any problems. Make sure to test, iterate and assess carefully to detect any problems at a very early stage.
- Ensure Accuracy and Reliability: In the digital transformation process, it is important to visualize, collect and be alert on in depth operational metrics. Having a dynamic plan is important to ensure accuracy and operational reliability to reduce the chances of any error. So the plan should involve right management and proper skill development to streamline standard operations, decrease downtime, allow quick decision-making, enable employees to attain the skill effectively, and improve brand reliability. Accuracy provides a proper digital strategy framework to identify important components within the system and helps with right decision making.
- Develop a Multi Layered Fall-Back Mechanism: Multi layered fall- back mechanism helps to minimize the use of the old system while decreasing the impact of any problem. This mechanism helps in such a way that the issues arising in one service do not harm overall operations. Make sure that the team is familiar with the use of new systems to prevent the product or service quality from degrading.
- Involve Everyone in the Plan: It is important to make everyone part of the digital transformation process. This helps everyone in the organization to understand process, recognize the process, and agree that it will be worth the efforts, it is important to involve everyone in the plan. Make sure to involve the team and helps to track the progress towards the goal. This helps to build trust and also give the employees a chance to come up with an approach that they think will work. This strategy will also help in getting smart ideas from the employees that may benefit the organization and the digital transformation strategy.
Digital transformation is an important way for organizations to remain modern and relevant. Adapting to the change and being resilient and resourceful helps to make business decisions faster and better. If you are planning to expand your business, the first and foremost step is to digitize all paper-based documents into digital format with the assistance of document scanning services.
