Digital Transformation in India

What is Digital Transformation?

Digital transformation is the profound transformation of business and organizational activities, processes, competencies and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way, with present and future.

In simple terms, Digital transformation is the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers.

Decoding #DigitalTransformation a reality in India

Digital transformation is necessary for all businesses, from the small to the enterprise. For many businesses in India, survival issue is most likely the reason for undergoing digital transformation.

Businesses don’t transform by choice because it is expensive and risky. Businesses go through transformation when they have failed to evolve.

Digital Transformation matters for business because,

• Competitors are doing it.
• It will make them more profitable.
• It will make them more efficient.
• Their customers will thank them.

Future Scene

• According to a report, executives predict that nearly half of their revenue will be driven by digital by the year 2020.
• According to the MIT Center for Digital Business, Companies that have embraced digital transformation are 26 percent more profitable than their average industry competitors and enjoy a 12 percent higher market valuation.
• Research shows, Nine out of 10 IT decision-makers claim legacy systems are preventing them from harnessing the digital technologies they need to grow and become more efficient.

‘SMAC’

In a digitally driven era, companies need to step up their innovation and operational efficiency, customer experience, brand and marketing efforts, as well as cut cost. To achieve this, they rely on certain factors, popularly referred to as SMAC:

Social media: to interact with their customers.

Mobility: shifting the focus of application development to a “mobile-first” approach.

Analytics: enabling enterprises to explore large volumes of data to gain insights and drive strategic decisions.

Internet of Everything: opening significant opportunities by connecting everything to internet

Cloud: reshaping the way software and services are sold and delivered

These technologies have are integral for digitizing products and services, customer experience, operations and workforce.