What used to be a steady jog up the mountain has now changed into a race between established companies, mid-level organizations and startups and guess what, the startups are winning. 55% of companies fear the potential threat from startups. It is no longer something they can afford to ignore.
Neglecting digital transformation is like ignoring an oil leak from a car. There is only the time between now and the disastrous explosion that follows. You not only risk permanently damaging your car but also run the risk of not being able to sell your vehicle at even one-tenth its price.
However, the analogy above does not translate exactly as how it is with an organization refusing to go through digital transformation. The explosion will be subtle and will spark over a period of time. Profits that once easily came by will start to look difficult.
Selling products/services will become increasingly difficult as digitally advanced competitors are able to offer a better price. Talent will become hard to come by and a rise in attrition will become very evident. The organization’s role as the market leader will slowly be eaten up by digitally advanced startups and organizations that are transforming.
What is also imperative is the constantly increasing impact that digital transformation will have on your business as time passes. With more technologies arising and making the world a smaller place, adopting digital is moving further and further from a choice to a necessity.
Businesses that have been early adopters of digital transformation are always redefining their future state and are constantly looking for ways to improve each of their processes to make them competitive as well as sustainable. By shifting only parts of their business, they are able to keep a check on how their efforts are reflecting on their profitability as well as seeking a sustainable competitive advantage and operational efficiency.
On the other hand, organizations that believe that digitizing only a certain part of their businesses will be adequate are in for a nasty surprise. While digitizing services is necessary, it does not mean transformation. It is merely a stepping stone.
While it might give the appearance of digital transformation it hardly leads to sustaining competitive advantage. While truly transformed companies flourish, pseudo transformers will obtain the illusion of flourishing only to come crumbling down.
Failure during digital transformation should not create an aversion to it. While the digital transformation plan should be well thought out right at the beginning to lessen the risk of failure, there might be unforeseeable obstacles that can cause a bump or ruin the process. Organizations must learn to learn from their mistakes and start again.
If you have put digital transformation off your corporate strategy, now might be your chance to reconsider. About two-thirds of the Global 2000 companies are keeping digital transformation at the core of their strategies. IDC’s reports show that nearly 60% of businesses believe they have a little bit less than a year before they begin losing their market shares and profitability.
Explore An Avenue Towards Growth With Nineleaps
To begin your digital transformation journey, you need a good transformation partner. We at Nineleaps have extensive expertise in helping organizations like yourself achieve their digital transformation journey. Our services are streamlined to help you anywhere in your digital journey while identifying and enhancing your digital capabilities.
You can reach out to us by sending us your queries at firstname.lastname@example.org.