Insights

The last couple of decades was the exponential growth of the internet era which got extremely pervasive. Now the whole world is well-connected thanks to digital. Historically businesses used to believe that they were the sole creators of value and it was a very linear value proposition that the business used to generate. It was a ‘pipe’ based value proposition because the value was created through raw materials, products, and services. With the internet and everything getting connected, businesses started to realize that they are no longer are the sole creator of value.

In this digital age, enterprises must change the way they interact with their customers, partners, and suppliers. Enterprises also must reimagine their existing business model to reap the benefit of digital. Customer expectation is changing rapidly due to the availability of a vast amount of information and dynamic demands. There is a value gap that is being created with what the customers want and what the enterprises are able to fulfill. Enterprises must work hard to close this value gap or its stands at risk for the entire business.

Gartner predicts that by 2020, 75% of enterprises will transform to digital — or at least be preparing for the change. Unfortunately, only 30% of those attempts will be successful. As more and more businesses get involved with digitization, it is now essential to have a well-planned digital transformation strategy in place than ever before. Today’s enterprises must maintain reliability to ensure customer experience, uptime, security and compliance, while also seeking agility to enter new markets and remain competitive.

The pace of technology and innovation continues to accelerate exponentially and this progression will continue to rule 2019, but there is a synergy and a pattern that has slowly started to emerge as enterprise digital transformation takes the central stage. A robust digital transformation framework becomes a key to have a successful digital journey.

Every organization is now undergoing through some form of Digital change. Companies are placing their future bets on how quickly they can adopt digital to their core to accelerate their growth. Individuals are also constantly challenged to keep up with the new technologies that enterprises are looking to implement. This is a great shift to how enterprises used to operate just a few years back when digital was just a buzz word. We have seen traditional businesses build multi-billion dollar businesses over a very long period of time.