In a constantly changing global economy where every day new technologies and digital platforms keep flooding in, it becomes difficult for businesses and to maintain stability . To survive this kind of surge in advanced technologies, it is important for organizations to regularly assess their skills base so that they can accommodate and adjust to the new systems and services that start entering the workplace.
As digital technologies offer new ways to connect, collaborate, conduct business and build bridges between people, it touches the core of all business functions and even the ways organizations are managed. Digital technologies have always challenged existing business models and continue to do so. One of the key driving forces of it is the capacity of innovation and also the consumerization of IT which certainly plays a major role.
But what is to be noticed is that interestingly, the second wave is less about digitizing existing processes, which was at the core of the ‘first wave’ which started 10 years ago. It’s about using digital to literally reinvent the business process, customer experience and, even, the business model itself in a way trying to integrate the “humanizing element” in the whole process.
Fueling this second transformation wave are a number of themes that come up: the successful application of big data to anticipate customer behaviors, personalization of the entire customer experience by combining declared, undeclared and location-based information, the application of artificial intelligence to support or even replace physical customer support and finally the merging of digital customer experience, sales and back-office applications into one single business view.
To survive this second wave and its various outcomes, there are few changes that can be adopted by organizations like:-
- Getting a digital strategy in place to meet with the business objectives and turning them into reality.
- A marketing of transformation internally is as equally important as the plan itself.
- This transformation is not an overnight process hence the kind of data sources that is to be used and stitched together has to be taken up very carefully and over time. After which revenue has to be channeled to this process.
Only after carefully and responsibly adapting to this plan of action can organizations be in a better shape to embrace the challenges that second wave of digital transformation throw. These changes are to be brought about not just by senior team members but each employee of the organization that believes in stability and growth of the business.