Technology and innovation have driven the global economy over the past decade. However, how businesses adapt to the digital transformation sweeping the world remains at the very core of this growth. Leveraging technology to innovate and deliver value is now the only way to stay ahead. As a result, business leaders and entrepreneurs are now rethinking their business models to align with industry standards to keep up with digital and tech transformations. As more organizations embrace digital technologies, let us examine its success’s fundamental principles.
- Being a transformational leader – Change is constant, but the leader always strives to initiate transformation. Some of the best transformational leaders In India have embraced this digital tide that is taking over economies. Only with vision comes success, particularly when it comes to a complete change in how the organization functions and delivers. Nithin Kamath, Founder, and CEO of Zerodha has managed to build one of India’s most successful businesses based on digital transformation services.
- Identifying technologies – Identifying and leveraging technology is at the very core of the digital transformation of businesses. Some of India’s top transformational leaders have successfully envisioned the role of technology in the years to come. Following this, the organization, too, must use innovations and tools to map out a successful transition. Tech services that enable the organization’s digital transformation can be outsourced or built internally depending on the business needs.
- A comprehensive approach – Digital transformation is not a generic change; there is no one-size-fits-all model. Integrating technology into aspects of a business requires in-depth planning and a systematic but comprehensive approach. Picking the right strategy is key to maintaining day-to-day operations while undertaking an organization-wide change. This requires both vision and strategy. Enlisting the support of departmental heads and team leaders and hiring independent consultants is a good idea when driving a digital transformation in larger businesses.
- Transforming the core business model – Successful digital transformation is a complete and comprehensive change. It involves digitizing your entire business chain from planning and forecasting to supply, vendor management to customer interface, and marketing to financial management. Some of the best transformational leaders in India, such as Sanjiv Bajaj, the Chairman and Managing Director of Bajaj Finserv, have managed to reinvent traditional businesses into an all-new digital avatar. This has allowed these organizations to evolve and become market leaders.
- Data-driven vision – Any business making a foray into the digital economy space can gain immensely from one aspect – data gathering, organization, analysis, and visualization potential. The success of the digital transformation effort depends on the business leader’s ability to use real-time data to take business decisions and plan for growth. Digital transformations enable businesses to collect and analyze large amounts of data and present them clearly for business leaders to visualize the future.
- Motivate the team – Change is often difficult to embrace, particularly when it comes to traditional businesses and older employees who are used to following the norm. As a transformative and visionary business leader, it is essential to train and motivate the entire organization to embrace digital transformation. This could take various strategies and tools, but the effort will be worth it. A change in the organizational culture and effective communication can help achieve this goal.
- Optimizing processes – One of the key components of a digital transformation strategy is finding new opportunities for digital growth and optimizing processes. This means initiating organizational transformation and setting new standards for the industry. The success of the digital transformation of a business may rest on its ability to encourage vendors, stakeholders, and even retailers to adopt robust digital practices and technologies. Every vertical, every department, and every business process has opportunities to use technology that can boost efficiency and add value. These must be considered and implemented.
- Restructuring and reorganizing – With a digital transformation, business leaders often observe workforce redundancies in certain teams while others may require more support. For example, one organization can benefit from a robust vendor management software or a financial analysis and accounting program, reducing the necessary manpower in these departments. In contrast, IT, tech support, and other departments may need to start hiring for successful digital transformation. Planning out resources is key to the success of a business in its digital journey.
The foray into digital transformation and technology may not be easy, but it is necessary for the current era. However, a significant change requires considerable planning, resources, and commitment. Businesses embrace transformative technologies to enhance the processes needed to survive and thrive in the long term. Collaboration between firms, better customer engagement, simplified and efficient operations, and valuable insights are benefits of executing newer technologies to help businesses prosper.