IoT followed by ML and AI are leading the Digital Transformation journey
Pooja Chatrath, VP - IT, Cryoviva Biotech Pvt. Ltd.
If stated in lay man language, digital transformation can be defined as the remaking of every aspect; it’s as simple as everything is being rethought, simplified and improved.
IT in this era is helping every business to go digital, in order to be more effective and demonstrate value to its all units. But for successful DX we need more of board room endorsements and internal buy-in to manage cultural and operational transformations within the organization.
Before stepping into this journey, 3 questions if answered properly can lead to right transformation:
Why Transform? What to Transform? And How to Transform?
Once we have an answer to above questions, then we step down to actual task breakdown for DX. Same can be broadly divided as Defining Business Goals (Definition), Assessing Existing Data available (Assessment), Analyzing Results (Analysis), Designing Improvement Plans (Improvisation),Implement solution (Implementation) and finally Consistent data check vs. business goal (Setup controls).
There are lot of challenges that would be a part of this digital journey and would require a constant focus like Change in Corporate Culture, Ensure effective collaboration among IT team and departments, Keeping Digital Strategy on mind, Allocate resources and Budgets, ROI to justify and last but not the least Risk management, Compliance and Legal complications.
We can divide the success of digital transformation under five categories - having the right, digital-savvy leaders place; building capabilities for the workforce of the future; empowering people to work in new ways; giving day-to-day tools a digital upgrade and communicating frequently.
We have seen above the steps taken to transform digitally and the challenges that would come in as a part of this transformation. However we need to focus on the output achieved/benefits after this digital transformation, which can be categorized as: A better customer experience, An enhanced brand reputation, Streamlined & efficient operations, Increase in Sales with higher market valuation, Retention of satisfied and happy customers, Extending reach of organizations through digital channels, Improve management decisions with help of analytics and Better company culture which encourages Creativity and Innovation.
According to global research, it is evident that Internet of Things (IOT) has become the leading technology for digital transformation followed by Machine Learning (ML) and Artificial Intelligence (AI). Improved service delivery, better health and safety across organization and greater workforce productivity are some of the key benefits of IOT. IOT becomes eyes and ears of organization and its value comes from how data it collects is used to improve effectiveness across organization.
As per market demand, customer feedback, business need journey to Digital Transformation remains a continuous process and IT as backbone should always be ready to lead the way with latest and best suitable solutions available in the market and within the budgets agreed to the management. Believing in the fact what worked yesterday to attract and engage customers has become obsolete today; digital Change is the only constant practice which can help to survive in this fast moving markets.
Recent studies estimate that worldwide spending on the technologies and services that enable digital transformation will reach almost $2 trillion in 2022, with companies allocating 10% of their revenue to fuel their digital strategies. This shows that digital transformation is being recognized as a long-term investment.
Last but not the least “Learning & Innovation go hand in hand” …so“Keep Learning Keep Innovating!!!”