How industrials can extract maximum value from their digital transformation
Organizations across industries have been actively pursuing digitization strategies to meet market challenges head-on and gain a competitive edge. Technologies like AI, Machine learning and big data have taken the industry by storm – creating new jobs, new departments and even new companies focused on this pursuit. While technology advances have created significant business opportunities, they have also presented a downside that needs to be addressed. Having so many people focusing on the same problem has created divergences and pockets of siloed thinking that can cause companies to lose focus on what they are really trying to accomplish, i.e., improving business performance. But how do you overcome such challenges and enhance the value that technology can bring to overall business performance?
A successful digital transformation strategy is one that addresses a clear vision of what you are trying to accomplish in terms of improving or creating new organizational capabilities and is grounded in your company’s approach to operational excellence. Technology has no value unless it is applied effectively to improve or even alter how an organization works. With this understanding, a digitization strategy can be built in a way that not only aligns to a larger business purpose but is also feasible from an implementation and ongoing maintenance point of view.
It is also critical to address the ‘people’ factor. Technology applications need to be supplemented with the right technical expertise and experience in order to deliver value. Therefore, a combination of new technologies along with existing dashboards and a renewed approach to developing competencies is the need of the hour for organizations looking to ramp up their digitization strategy.
Download our paper on ‘Technology has no value – but what if it could…’ to discover the right approach to transforming your business operations using new technologies.