How six companies are using technology and data to transform themselves

Optimize SEO by identifying relevant keywords for your industry, improving search engine rankings and visibility. “Digital transformation,” Srivastava added, “gives you the agility needed to adapt to changes in the environment to deliver value even in the long run and to stay relevant for the industry you’re in.” Successful enterprise transformation has long been considered the holy grail of the corporate world — continually sought after, but difficult to grasp. More than 25 years ago, John Kotter highlighted the challenge when he made his now-famous assertion that 70% of corporate transformation efforts are doomed to fail. Additionally, data breach recovery involves conducting a thorough investigation to identify the root cause of the breach and taking appropriate actions, such as notifying affected individuals and regulatory authorities, if necessary.

function of digital transformation tools in the success of businesses

Hive is a business process and project management tool for teams of any size — SMBs and enterprises. Digital transformation is the integration of digital technologies into all aspects of an organization’s operations, reshaping how businesses function and deliver value to their customers. For years, organizations and thought leaders have spoken about the need to transform their businesses to prepare for a digital future.

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Cloud migration enables organizations to streamline their operations, enhance their agility, and focus on core business activities, rather than worrying about managing and maintaining their own physical infrastructure. Supply chains are always vulnerable; according to the McKinsey Global Institute, supply chain disruptions lasting one month or longer occur every 3.7 years (1). But shortly after the pandemic began, the United States suddenly imported almost 50% less from major trading partners (2). Companies were forced to undergo years or decades worth of supply chain transformation in weeks or months. Digital transformation is why so many areas of business and life are fundamentally different from those of 20 years ago. It’s also why we are now living in the digital age to one degree or another.

function of digital transformation tools in the success of businesses

Cloud computing, data analytics, collaboration tools, CRM systems, AI and ML technologies, and cybersecurity tools all play significant roles in enabling businesses to thrive in the digital era. Implementing robust threat detection and prevention measures is crucial in ensuring the security and integrity of data and systems during the process of digital transformation. Remote work capabilities have become essential in today’s digital age, and organizations must provide their teams with the necessary tools and resources to collaborate effectively regardless of their physical location. Enhancing remote collaboration is another important aspect of streamlining communication and collaboration within organizations. With the increasing trend of remote work, organizations need to provide their teams with the tools necessary to collaborate effectively, even when they are physically apart. This enables them to make data-driven decisions that are more likely to lead to success.

The importance of digital transformation in today’s business climate

Changing how companies engage with customers, run their operations, and even how workers do their job are at the heart of digital transformation. They include reevaluating outdated operational paradigms to test out new, cutting-edge corporate strategies. Here’s a look at four notable examples of digital transformation success stories and what companies can learn from them. We also found that using remote and digital communications to convey the transformation’s vision does a much better job of supporting success than in-person or traditional channels. When senior managers and initiative leaders use new digital channels to reach employees remotely, the rate of success is three times greater.

function of digital transformation tools in the success of businesses

Integrators are employees who translate and integrate new digital methods and processes into existing ways of working. For their part, technology-innovation managers possess specialized technical skills and lead work on a company’s digital innovations. To boost adoption of project management tools, you can set up email alerts or notifications whenever there is a change in project status, a team member completes a task, or help is requested. Sharing documents within the tool allows you to address complicated workflows and tasks with several people in an instant, without having to go through your mailbox or organize lengthy meetings.

Digitalization is using digital data to simplify how you work.

But those that do are 1.6 times more likely than others to report a successful digital transformation. Whether a change effort has succeeded or not, the results point to a few shared traits of today’s digital transformations. The most commonly cited objective for digital transformations is digitizing the organization’s operating model, cited by 68 percent of respondents.

function of digital transformation tools in the success of businesses

From a customer perspective, Stripe enables them to buy from you quickly and easily, no matter where they are. Competition is high, and customer patience is low, so ease and speed of use are critical when it comes to making online payments. Here’s a complete guide covering the top electronic signature tools available in the market.

Responding to User Comments on Social Media Using ChatGPT

On our technology review and advice pages, you will find links relevant to the topic you’re reading about, which you can click to obtain comparative quotes from various suppliers or take you directly to a provider’s website. James joined in 2018, following a 19-year career in IT where he covered a wide range of support, management and consultancy roles across a wide variety of industry sectors. He has a broad technical knowledge base backed with an impressive list of technical certifications. Effective incident response and recovery strategies are crucial in safeguarding data and minimizing the potential impact of security breaches, instilling a sense of confidence and trust in stakeholders. Incident response planning involves establishing a well-defined process to detect, analyze, and respond promptly to security incidents in order to minimize their impact.

Despite the overarching nature of digital transformation, organizations can indeed measure how well they’re doing on their digital transformation journey and whether their investments are delivering returns. Then, the company sets business objectives and analyzes potential risks about implementing software and platforms across processes and departments. Thorough research is essential to identify available resources and how technology can impact the business. Unlike software upgrades of the past, digital transformation is not an isolated IT project. Digital transformation affects all areas and functions in a business and requires technological and cultural adaptation and resilience. Before this kind of project, reach out to your software vendor to ensure you’re charting the best path for your unique situation.

Extracting Insights from Data

Organizations undergoing transformations often measure the success of their digital initiatives against various business metrics, just as they would measure the return on investment (ROI) for more conventional projects. To increase the likelihood of success, create a cross-functional team led by someone with both sales and technical experience. Build in accountability measures, take an agile approach, and foster change not just in the sales process but also in mindsets. Even before the global health crisis hit, 92 percent of company leaders surveyed by McKinsey thought that their business model would not remain viable at the rates of digitization at that time. A study referenced in the popular magazine Psychology Today concluded that it takes an average of 66 days for a behavior to become automatic. If that’s true, that’s good news for business leaders who have spent the past five months running their companies in ways they never could have imagined.

  • With new technologies, new things — and new ways of doing them — were suddenly possible.
  • Additionally, data breach recovery involves conducting a thorough investigation to identify the root cause of the breach and taking appropriate actions, such as notifying affected individuals and regulatory authorities, if necessary.
  • Digital transformation tools enable organizations to digitize core business functions allowing leaders to focus on other critical opportunities.
  • When transforming a business you need to include tools to automate various HR processes like the payroll and expenses processes.
  • In addition to customer service, AI and ML have also made significant advancements in the healthcare industry.

Slack is an internal communications tool that allows you to connect with your team digitally. You can create channels to connect departments or different team members working on certain tasks and projects. This digital technology solution focuses on activity-based selling, a proven approach that involves scheduling, completing, and tracking activities to streamline customers’ buying experience.

Why is digital transformation important?

They are facilitators that help firms succeed by modernizing procedures, embracing the digital world, and doing so. With the correct tools, your organization can succeed in the digital age despite the complexity of the business evolution. Second, these technologies make handling and analyzing data more effectively easier. Large volumes of data are collected, stored, and analyzed using tools like business intelligence (BI) systems, which can then be used to provide actionable insights and improve decision-making. They allow companies to see patterns, pinpoint opportunities for development, and forecast results, boosting strategy. We understand that digital transformation may seem daunting, especially to companies that haven’t yet started this process.