The Indian business landscape is becoming increasingly competitive in nature, what with the franchise industry growing by leaps and bounds since its debut in the 1990s. Businesses are continuously trying to transform themselves in an effort to stay relevant with trends, being up-to-date with the constantly evolving culture of the industry, while also making profits. This requires companies to adhere to the practices that can help reinforce successful digital transformation.
Business leaders are trying to find the best possible tools to consolidate their digital journey framework. In doing so, companies choose to direct their focus completely on the core business and outsource the majority of the non-core elements of their process. This in turn has done well for external organizations who take up the outsourced work and are slowly but surely budding up and out of their nascent stage. The dependency of businesses on external sources has opened the doors further and wider for the dependant sub-industries. Add to that the increased dependency on in the business sector, and what you get is the ultimate digital transformation organization structure.
Simply put, a good recipe for those organizations who wish to meet their digital transformation objectives, is to work alongside other external sources, which would not only prove to be cost efficient but also take off excess load from the main working body and encourage a collaborative culture across the business landscape. Business leaders believe this collaborative culture is key to creating a healthy work environment.
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Advancement in technology and the increased use of artificial intelligence (AI) in the workplace, has had an impact on how business is carried out. Thanks to AI and machine learning algorithms, business is now more process-oriented than people-oriented. Right from ERP (enterprise resource planning), logistics, business insights, to advertising and marketing etc, everything has evolved. Numerous tech platforms are now available, just at the fingertips of organizations to achieve their digital transformation objectives faster. Even the workforce has changed, baby-boomers have slowly made way for millennials and generation Z who are pretty well versed when it comes to technology and digitization having had access to it from a very young age.
Companies undergoing digital transformation need to be more proactive in terms of embracing these changes as quickly as they can. Outsourcing low-value adding tasks & automating repetitive and routine ones will give companies the upperhand in the market. The focus should be on increasing market analysis and meeting customer demand. Thankfully, digitization has paved the way for businesses to work round-the-clock and across various time-zones in a seamless fashion with a more synergistic approach.
Business leaders and entrepreneurs of today are getting more conscious about the kind of work culture that thrives in their organization. Working on their digital transformation strategy is a top priority for any company. According to various business analysts, the first step to ensure successful digital transformation, should always be identifying non-value adding elements and gaps in business processes that may or may not be the core competencies of the company. Once that is determined and moved out of the way, the company can shift the focus on what steps need to be taken to change their agenda and achieve their goals faster. But a key aspect of driving this change of agenda forward is to take it slow.
It is the people who make an organisation and not vice versa. Managers need to be more open to discussions with their teams and subordinates, utilizing their people skills to encourage a more collaborative and constructive work culture. The same approach should be taken with the external service providers that a company is working with; meaning a shared understanding of the bigger picture and the end goal will help achieve milestones. Moreover, celebrating the successful achievements of short-term milestones can be extremely motivating and keep the morale up throughout the company.
No journey is easy and the journey of digital transformation is also not void of road-blocks. It is therefore important to have a plan B or to conduct regular investigation to check for loopholes and remain open to a change of strategy. But most of all, companies can ensure successful transformation by promoting a collaborative and synergistic work culture and rewarding collective effort in meeting goals.
Reference:
“Celebrating milestone successes is key for any transformation: Dr Sugato Palit”, Drishti Pant
