Business Transformation
The key ingredients of digital business transformation
Which three elements would you say improve operational efficiency, processes, and customer experience?
We’ll venture out and say it out loud - innovation, automation, and digital business transformation. Here’s why:
- Innovation creates new ways to achieve strategic targets. It ensures that the operations are not in silos and are resilient for the future.
- Automation is more than just cost-cutting. It is about finding new opportunities. Companies are using intelligent automation to analyse unstructured data and enable insight-driven decisions.
- The willingness, capabilities, and speed to achieve transformation are probably the most important factors for growth. It requires top-down commitments in reinventing the business rather than short-term improvements
The surprising effect of COVID-19 on business transformation
Nobody in 2019 would have believed that a global healthcare crisis will accelerate business transformation. But according to a recent report, 91% of the surveyed enterprises changed operating models in 2020. More than 50% of executives said they had one primary goal - business continuity and resilience.
So why is digital transformation so pivotal for just about any business? It’s because the benefits of digital transformation offer businesses ways to work faster and more efficiently as well as improve business performance, customer experience, and employee engagement.
The key ingredients of digital business transformation
- Visionary leaders with a strategy:
Business strategy, technology, and visionary leadership, along with the right mindset, are keys to business transformation. Companies with the right business strategy as well as the leadership to implement the same are crucial to business and digital transformation. It leads to better, smoother, and cost-effective decision-making.
- Work culture and communication shifts:
Cutting-edge business transformation can fail if there is no acceptance to change in the team. Regular communication, training, and feedback loop with the employees about cultural changes can help in a smooth transition.
- Process optimisation:
Digital transformation goes hand-in-hand with business transformation and simplification of internal and customer-facing processes. Your transformation strategy should simplify operations and information while converting and analysing legacy data.
- Data integration:
Use data analysis and integration to identify the pain points in your business. This will help pinpoint the loopholes internally within departments and teams as well as the gaps with the customers. Further, these results will help determine the best solutions and create a better digital transformation strategy, which will be helpful in implementing the transformation technology accordingly.
- Technology implementation:
Consider technologies based on your need and budget. Some cutting-edge technologies to consider are cloud and distributed systems, data analytics, artificial intelligence, and digital experience.
- Team and project restructuring:
Along with choosing a team based on their business, technical, and leadership skills, it is also important to consider the size of your project and the functioning methodology.
- Results:
Analyse initial results and plan long-term strategies accordingly. Be flexible towards change and have KPIs to measure success.
Digital transformation and change management
Digital transformation should be implemented keeping in view the large-scale change over a long term. It involves people, processes, and technology. A few things to keep in mind are:
- Talk to the people and your team about the change before implementing it with digital transformation.
- Understand pain points and design practical solutions and have the senior management on board.
- Understand the impact of technology implementation and provide adequate training to the employees.
- Plan well but remain agile.
For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.
How Infosys BPM can help
At Infosys BPM, we have developed a change management and business transformation practice that applies a holistic stack of tools and techniques like design thinking and business value articulation (BVA) benchmarking.
Our clients can generate meaningful business impacts and insights by:
- Capturing real customer/user experience at the key moment of truth.
- Mapping the as-is process flow and contrast against journey to identify gaps.
- Plugging ‘ready to use’ digital assets to drive front-office to back-office digital enablement.
We offer digital solutions, automation solutions, and insight-driven navigation in change management and program management. In addition, our services are fine-tuned for functional areas like finance and accounting, sourcing and procurement, and sales and fulfilment.
