Revision as of 04:10, 17 April 2023 by 38.154.164.233 (talk) (Created page with "You have been hearing about Fourth Industrial Revolution. It's probably the hottest topic for businesses, thought leaders, policymakers, scientists not to mention technocrats....")(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)You have been hearing about Fourth Industrial Revolution. It's probably the hottest topic for businesses, thought leaders, policymakers, scientists not to mention technocrats.Klaus Schwab, the Founder and Executive Chairman of the planet Economic Forum, who coined this term, writes - "THE INITIAL Industrial Revolution used water and steam capacity to mechanize production. THE NEXT used electric power to create the mass production. THE 3RD used electronics and it to automate production. Now a Fourth Industrial Revolution is building on the 3rd, the digital revolution that has been occurring because the middle of the last century. It is characterized by a fusion of technologies that's blurring the lines between the physical, digital, and biological spheres."He makes a very important, pertinent point - "Neither technology nor the disruption that comes with it really is an exogenous force over which humans haven't any control. Most of us are responsible for guiding its evolution, in the decisions we make on a regular basis as citizens, consumers, and investors."While Digital Transformation as a term continues to be misunderstood, today, digital transformation as a small business imperative is widely arranged. What then is a digital transformation in practice? Could it be an IT project? Or the introduction of a few cool tools in the company? Or the addition of a mobility is driven customer relationship management (CRM) initiative to engage customers better?As an organization, if you are looking to embark on the digital transformation journey or trying to stay away from it, you may still find several myths around digital transformation that you should steer clear of. If you want to lead your company through digital transformation, the first step is understanding the realities of digital transformation - instead of getting overly enthusiastic by the hype.In this posting we use excerpts from a few, prestigious industry reports/white papers to dispel a few myths.The reports/white papers that people quote from include:World Economic Forum's (WEF) White Paper on Digital Transformation of Industries: Digital Enterprise, developed in collaboration with AccentureForrester's Report, The Digital Business Imperative, co-authored by Martin Gill and Nigel FenwickDigital is really a fad; a trend that my business need not think aboutdigital transformation processDigital has transformed the market context for every business, and the pace of change is accelerating.The WEF White Paper says - There's widespread recognition among leaders in most industries that the role of digital technology is rapidly shifting, from being a driver of marginal efficiency to an enabler of fundamental innovation and disruption. Digitalization is the cause of large-scale and sweeping transformations across multiple areas of business, providing unparalleled opportunities for value creation and capture. Business leaders across all sectors are grappling with the strategic implications of these transformations for his or her organizations, industry ecosystems, and society.Digital Transformation means exceptional customer experiences powered by new technologiesDigital has impacted not only channels and customers. It really is disrupting organizations from within - changing the direction they conduct business. Digital brings new opportunities for organizations that can embrace the technology fast enough. It speeds time-to-market, reduces costs, and unlocks new revenue streams.Forrester Report says - Digital business isn't only about customer experience; it's also a method to drive operational agility. Digital operations can increase speed-to-market, make employees more productive, promote leaner processes, and maximize asset utilization.I want to build an app. My digital transformation is performed.Digital transformation is not concerning the introduction of several tools that are targeted at change a particular facet of your business, be it employee collaboration or customer transactions.Forrester Report Says -Digital fundamentally changes your relationship with your customers. You can't address this change with a bolt-on digital strategy that adds an app here or perhaps a site there. To stay competitive, you need to re-engineer how your business creates value for your customers in the digital age.Re-envision your business much less a set of services and products but instead as a part of the personal value ecosystems your customers assemble in accordance with their needs and desires. Figure out how to increase value by expanding your company's role in your customers' personal value ecosystems.Digital Transformation can only just occur through disruptive technologiesEvery digital transformation exercise need not take the examples of Uber and Airbnb with regards to the use of emerging technologies. The technology stack that you'll use depends on your business context and technological leverage is just one section of the digital transformation. Sometimes, you might achieve significant enhancement of productivity, agility, and customer-centricity through the use of tried-and-tested operational technology (networking and databases) and strategic technology (enterprise resource planning or customer relationship management) or mobility.WEF White paper says - A digital enterprise stands for more than simply using new technologies for the sake of it. Rather, what truly distinguishes and provides a digital enterprise its competitive advantage is its culture, strategy, and way of operating. Digital enterprises strive continuously make it possible for new and leaner operating models underpinned by agile business processes, connected platforms, analytics and collaboration capabilities that improve the productivity of the firm. A digital enterprise relentlessly searches out, identifies and develops new digital business models, always making certain customers and employees are in the biggest market of whatever it does.Digital transformation: I need to get this done this year so I am not falling behindDigital Transformation cannot be and need not be considered a sprint. It is just a long journey with multiple touch points and milestones; dependencies and synergistic endeavors.Forrester Report says - You have to transform your business through the use of digital thinking across everything you do - the method that you win, serve, and retain customers; the method that you operate your internal processes; and how you source business services.For instance, your answers to the below questions alone can help you craft a roadmap that takes digital transformation beyond the realm of IT.Digital transformation business successHave you identified areas in your business where automation is most relevant?Can be your existing workforce consistently improving productivity and quality?Which steps have already been taken up to convince your investors about your digital vision and the long-term value-creation of your digital transformation journey?How much of one's revenue is coming from new sources of digital business?Do your organization leverage analytics around customer data, operational data, and compliance?Do you have a digitally literate leadership team?Have you established training programs to overcome the digital skills gap and reskill your existing employees?How are you empowering employees through digital channels to enable faster decision making and encourage greater agility inside your organization?These are only a few myths we've tried to address. We invite you to share your undertake these as well as other myths.