Why Digital Transformation Is Imperative For All Of Us
Digital transformation has become one of the buzzwords of COVID-19. It’s a key component of the ‘new normal’ that everybody is talking about, even if they’re not entirely sure what it means for them.
Let’s take a hypothetical example: a Fortune 500 company, which collects data through IoT devices, centralizes data through a robust ERP platform, manages data on the cloud through data lakes, connects the data lakes to an advanced analytics and machine learning platform and deploys the insights generated to frontline teams through Artificial Intelligence. Blockchain connects supply chains, robots automate processes, AR/VR transforms the sales experience, Quantum Computing, I could go on.
This is digital transformation. But only for a select few.
But even for those of us who are not the Amazons or Astra Zenecas of the world (I would do anything to look at the algorithms they must be using to develop the COVID-19 vaccine), digital transformation is still very much a possibility. And we cannot stress more on its importance as the next generation of successful businesses will run and compete on data and technology.
Digital transformation is the fundamental change a company undertakes to use technology to maximize its value to its customers, to optimize its operations and to discover new products and services. And all of this is done while making it easiest and most efficient for its teams. Its two core elements, as BCG would put it, are
The human element of improving talent and being dynamic and agile.
The technology element of harnessing data and advanced analytics and implementing a next generation technology stack.
So, what is digital transformation for the rest of us?
A few everyday examples of digital transformation are
A kirana store owner taking all orders on WhatsApp instead of random phone calls thereby allowing better customer service and increased revenues. Reliance’s deal with Facebook, one among many such COVID lockdown deals, aims to do precisely this.
A papadum producing company tracking inventory and production on a shared Excel sheet instead of a notebook to improve cash flows.
A medium sized business integrating data from their finance ERP and operations ERP to use data analytics to segment customers and predict demand.
While use cases and applicability will vary across organisations, the one element that will be common to all 21st century organisations is mindset. And this change in mindset is paramount to any digital transformation.
It is like this: ask yourself the question, will Amazon ever take your headphones order over the phone or will they ever give you a price without their algorithms working their magic?
Where does Ultra Insights fit in?
Ultra Insights provides data analytics and machine learning services on the Analytics-as-a-Service (AssS) model where companies outsource their analytics and insights generations to us.
While analytics is the second half of the digital transformation process (the first half being data collection and management), we still work with companies to assist them with the following
Defining the strategy and purpose of the transformation program
Identification and prioritisation of use cases and clearly defining objectives
Implementing pilot engagements and constantly improving algorithms
Scaling solutions across the organisation and developing further use cases
Digital transformation means different things for different companies, but what remains the same is the absolutely necessity to transform. If you would like to explore ways in which you can do this, write to us at ishaan@ultrainsights.global. We would be excited to get on this digital journey with you.