In this day and age, digital transformation has managed to disrupt businesses at a new level; many of the most dramatic changes are happening across all industries.

As new tech is changing industry practices and standards, it’s important for businesses and organizations to introduce innovative ways to support growth and improve efficiency.

In the last decade, technology has managed to change the way businesses operate, prompting them to go digital and improve their productivity.

In a fast-paced digital landscape, thanks to innovative concepts such as AI and Data Analytics, companies are aiming to reach a whole new level of efficiency, turning their organizational weaknesses into strengths.

For instance, in Asia, Singapore is dubbed a ‘smart nation’ and aims to turn the digital rhetoric into practical change.

Digital transformation is becoming a key component

Regarding this topic, an interesting article by Microsoft News highlights that “by 2021, digital transformation will add an estimated USD 1.16 trillion to Asia Pacific’s GDP, and increase the growth rate by 0.8% annually.”

According to the article, “a survey was conducted on 1,560 business decision-makers in mid and large-sized organizations across 15 economies in the region highlighting the rapid impact and widespread disruption that digital transformation is having on traditional business models.”

One of the key findings from the survey is that beyond digital transformation, more business leaders expect to see improvements in key areas like productivity, customer advocacy and cost reduction by 2020.

Credit: Microsoft

However, despite the need for digitization, we’re aware that one of the main roadblocks is still the lack of understanding of the tangible benefits tech can bring to companies.

Because of this, delivering digital operational excellence remains a challenge that needs to be solved.

Across several industries, the ability to use emerging technologies could potentially change operational aspects of the business to create more seamless processes.

Why is this important? Because without the ability to automate certain tasks, many companies won’t thrive in the long run.

Leaders and Digital Transformation

The Forbes article ‘The State Of Digital Business Transformation’ zooms in on the state of businesses in the present time, noting that there is a clear need to go digital.

The article highlights that “89% of enterprises have plans to adopt or have already adopted a digital-first business strategy.”

It’s also mentioned that “education, high-tech, manufacturing, retail, and governments are quickly adopting digital-first strategies to improve process efficiencies and meet and exceed customer expectations.”

digital transformation finance
Credit: IDG

In our opinion, the first step towards automation is persuading leadership to have a growth vision and a strong commitment towards technology. This will help them to move on from old-school systems and manual processes that have been used by admin departments the same way for years.

Fortunately, a growing number of companies are implementing this new digital transformation reality because they are aware that automation can significantly improve the performance of their workflows.

Companies know that if they make this step, they will quickly gain a competitive edge and succeed. And they are also aware that certain productivity tools can foster new ways of working that challenge the status quo.

In the financial space, it’s highlighted in the Mckinsey article ‘Memo to the CFO: Get in Front of Digital Finance—Or Get Left Back’ that “many CFOs claim they are unsure where to start. And the rapid arrival of innovative technologies plus a general shortage of top technology talent won’t make it any easier.”

Transforming Mindsets in the Digital World

Credit: Microsoft

To succeed, the infographic featured in Microsoft News, showcases which are the traits that can help leaders transform their domains.

On one hand, we know that leadership has evolved over a long period of time, so its foundation is difficult to change.

On the other hand, we cannot deny the influence the digital world has in reshaping skills and behaviours that will make leaders more effective.

In an age of rapid change, we can say confidently that managers shouldn’t be shielded from learning new things or reshaping their work frames. Similarly, with technology comes vision, which has always played an important role in effective leadership.

On a macro level, there is a global demand for a set of behaviours that help employees deliver faster and more valuable outcomes from digital initiatives.

And just as digital technology should now be a part of the strategic planning of leaders, so should the idea of tech-oriented teams.

On a micro-level, in any team where some sort of task automation is needed, the idea of sticking to the status quo should be questioned.

To avoid being left behind, the only option is to quickly embrace new digital processes and strategies. In other words, adopt digital transformation or lose out.

INNOVO42 TEAM

In more progressive companies, it’s crucial that executives and managers should work proactively to address these issues and help teams develop new ways of dealing with manual work. In this case, the result will be a more productive company and better performance.

Takeaway

We’re aware that in order to arrive in an era where companies embrace digital transformation as a top strategic objective is not easy.

However, a well-implemented digital experience does not only reduce errors and save you time, but also changes the way your entire organization operates. And with this change comes more opportunity.

Our stance is that digitizing operations is an investment just like any business decision, which needs to be taken seriously.

In conclusion, digital transformation is no longer an option but a necessity which enables organizations to evolve.

Posted by:Colin Anthony

Colin Anthony is the Co-Founder of Innovo42.