Digital Transformation Journey
The Two Core Principles
The benefits of digital transformation have always been a core theme of our blog posts, webinars, and other events. We have discussed how businesses of all sizes can prosper in the ever-accelerating digital economy by incorporating digital transformation strategies into their organization’s outlook and infrastructure. We have pointed out several successful examples of businesses that have incorporated the "right strategy" at the "right time" to remain competitive.
New York Times once mentioned that “every business is a tech company”. For companies with more traditional outlooks, however, the shift can be difficult. Incorporating new digital and organizational trends makes sense on paper, but they can go against technological and internal cultural roadblocks that can hamper progress and development. With an arrival of modern technologies, more often than not business leaders are cognizant of the need to effectively be digital companies in order to survive – but they are not as sure as to what this means for them or how their organization must adapt to remain competitive. Even if a company has a desire and motivation to modify, an absence of the right resources and support can make the digital transformation harder than ever – possibly even cause a business to halt the digital transformation process altogether.
Over the next few blogs, we will look at three key areas that business entities should look, to successfully undertake the process of digital transformation: understanding the two core principles behind digital transformation; the key ingredients of digital transformation; lastly, looking at what future holds?
What are the two principles?
Business heading towards digital transformation must understand that the journey isn’t about adopting a mobile strategy or shifting to the cloud to improve cost savings only. Rather digital transformation is about rethinking the supply and demand models across the business. It is about designing processes and systems that are flexible enough to cut-down the costs; improve revenue generation and deliver exceptional customer experience (for both internal and external customers), every time! One of our customers , National Bank of Pakistan — the largest Government-owned bank, has implemented an API management platform to digitize billions of G2P (Government to Person) and P2G (Person to Government) payments; delivering an unparalleled experience to the users all over the country and helping the bank to transform their business models.
Forward-looking organizations recognize that digital strategy is not separate from the core business strategy rather it is a significant part of it. Technology leaders and business leaders, to remain successful as a digital business, must break the internal silos and work together to reap the benefits of digital transformation. For instance, many organizations want to drive new revenue streams through API program — but because these companies label API management as a “Technical Infrastructure”, they don’t make other important adjustments to their go-to-market, product management, branding, and sales approaches. As a result of which, many digital initiatives fail at the very beginning. In our next blog post, we will shed a light on the key ingredients of the digital journey.