Is your business ready for digital transformation? It should be.
Around the world, the rapid pace of digital transformation is modernising how businesses work and compete.
Today, it’s common to find businesses that aren’t structured in a way that enables the adoption of digital business models or strategies. Functions are often shaped by traditional business functions which give teams limited flexibility to digitally transform key business processes.
Enter digital transformation…
By incorporating the need for digital transformation, businesses will learn how to adapt and grow in an ever-evolving digital economy. Gone are the days where persistent change and disruption are an exception in business. Many adoption efforts to engage in digital transformation have found companies wanting to immediately adopt emerging technologies but haven’t considered looking at redesigning their organisation to accommodate this shift.
Digital transformation must be viewed as a journey.
We live in a hyper-connected age where we are consistently trying to bridge the gap between front end and back end office, data from devices, technologies and all the various players in the ecosystem. Around the world, businesses alike are making advances and realising the evolving benefits of adopting new digital processes and business models in order to achieve digital maturity.
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As businesses become more digital, digital change is inevitable. A holistic view needs to be adopted in order to allow businesses the opportunity to ask pertinent questions regarding the digital change required at multiple levels and functions across the extended organisation.
New and old businesses are at a crucial crossroad between price and benefit of becoming digitally transformed.
In identifying the importance of digital processes and business models, conceptualising the cost versus benefit in adopting these technologies is affecting the speed in which the digital economy evolves.
It is nothing new, transforming a business to play a role in the digital economy requires considerable capital outlay and continuous investment no matter where you are positioned in the world.
According to International Data Corporation’s (IDC) Worldwide Semiannual Digital Transformation Spending Guide, spending on digital transformation isn’t going to slow down any time soon.
3 Key global figures surrounding digital transformation:
- Businesses are set to spend $1.2 trillion on digital transformation products and services in 2019, a 17.9% increase from 2018.
- Digital transformation investments are anticipated to exceed to $6 trillion over the next four years.
- The financial sector’s investment in digital transformation is forecasted to grow by 20.4% between 2017 and 2022.
International Data Corporation’s (IDC) Worldwide Semiannual Digital Transformation Spending Guide
According to the Dell Digital Transformation Index, South Africa is among the leading countries ahead of the digital transformation curve. South African companies have seen the importance of digital transformation in order to compete within the 21st-century digital economy.
The research ranked South Africa 9th out of 41 countries that contain business which are leading the digital business maturity standard across the world. An analysis conducted by Accenture revealed that the South African economy will be able to create over R5 trillion in economic value over the next decade.
Business stakeholders need to define digital strategies and policies in order to guide their digital transformation investments. This will help deliver the greatest digital benefits in the long term.
Ultimately, digital transformation is redefining industries. It’s driving digital innovation through emerging digital business processes and models. And when adopted by businesses, it can provide unparalleled opportunities for value creation.
South Africa needs to initiate broader dialogues to help fully understand the impact of digital technologies on the economy. Eventually, to unlock these opportunities, it will require a considerable amount of effort among stakeholders to ensure that the investments made are turned into value. Businesses need to educate themselves on the digital technologies available in order to understand how these can create value for them, as the digital economy continues to grow and evolve.
So, is your business ready to take the leap and become digitally transformed?
It shouldn’t be a matter of if or when but rather how. The benefits of a digitally innovative business are endless and range from the simple fact of remaining competitive and relevant right through to the more complex benefits of integrated processes and improved daily functions of the business. This transformation can have a positive impact on improving the consumer experience, data-driven insights, agility and innovation and general uplift of skills and knowledge within the business.
One thing is certain, this is not a task of merely implementing the technology. This is a full transformation adoption and an application of a company culture that embraces the change.
Is your business ready to reduce its digital risk today? Schedule a call with us so we can get started