Insights

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.

Digital has become a core engine for every business. It has become the driving force behind organization strategies and change management. The CEOs are embracing the digital agenda as a base of their transformational strategy. CEOs have come to a realization that the digital strategy and leading enterprise digital transformation change can no longer be an isolated project anymore. The cost and the stakes involved are simply very high.

Every enterprise must adopt a digital platform strategy to stay relevant and differentiated to their customers. Gartner in its article Every Organization Needs a Digital Platform Strategy makes a point that the digital platform strategy will vary from company to company. Some companies will develop a platform business model that encompasses providers, consumers and employees to create or exchange goods, services, and social interaction. Others might integrate with other organizations’ digital platforms.

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.