Data-driven decisions are at the core of every modern enterprise growth strategy. To compete in your industry, you need a reliable and agile digital strategy that harnesses the power of cutting-edge technologies and comprehensive data modelling.
What is Agile Digital Transformation?
Agile digital transformation refers to an evidence-based digital strategy that embraces continuous innovation, by improving business capabilities over time with the right resources employed at measured steps. This means that you are fully aware of the gap between current systems and digital transformation initiatives required to reinvent the way your business works.
For an organization, an agile digital strategy can accelerate digital transformation by launching business specific initiatives that are responsive to
- Varying market conditions
- Rising business requirements
- And customer demands.
An agile digital strategy for transformation encompasses 5 core principles.
- A vision for digital transformation
- Digital customer engagement
- Secure technology platforms
- Data visualization
- Creating a digital advantage
Let’s dive deeper.
1. Embrace a Vision for Digital Transformation
In a survey by Gartner, 63% of business leaders reportedly state that they do not fully understand the potential of next-gen technologies. Among the respondents, 13% indicated that they have already identified the next best digital transformation strategy to invest.
The reason for such a huge gap being most companies lack a vision for digital transformation which clearly defines a strategy to address their unique business requirements.
While enabling an enterprise with technology driven infrastructure, it is equally important to map out the business’s ability to measure progress in real-time, while continuously incorporating digital initiatives that guarantee a positive ROI.
The leadership and management teams should be able to clearly articulate, communicate and create a vision for digital transformation which enables a smooth transition between every phase of development and execution. Digital transformation requires decision makers to understand the possibilities of digital initiatives that can truly refine their business operations.
With a clear vision, you can create a digital strategy that saves costs, time and effort in continuous development of your technology infrastructure.
2. Grow with Digital Customer Engagement
Today, marketers are constantly releasing new products and services via digital channels. The products on show are mobile applications and AI-powered software. Customer expectations have thus been influenced by digital transformation.
To accelerate digital transformation, you need to be able to focus on digital customer engagement. The experiences of your customers will determine the most successful business model for longevity and scalability.
According to IBM, more than 60% of failed customer support calls could have been solved with better access to data.
Legacy models and processes are no longer befitting to the context of modern user experiences. People expect more personalized experiences and quick resolutions that cater to their unique demands and desires.
For example, the music industry transformed with digital technology by making favourite tracks more accessible. The industry identified the interests of listeners, their friends’ playlists, critique reviews and artists’ preferences to create personalized experiences for listeners. By leveraging customer data and digital strategies for transformation, the entertainment industry disrupted the limitations of the physical world.
Successful digital transformation revolves around customer sentiment to foster engagement. While modernizing your approach to customer engagement, you need a solid foundation to monitor, manage and nurture customer experiences using data-driven insights. That’s what digital transformation can do for you.
Why do Modernization Initiatives Outperform Legacy Processes?
Digital technology focuses on the front-end customer experiences, which is the exact opposite of legacy processes that focused on customer relationship management (CRM) and back-office marketing automation.
Data modernization involves the process of real-time analytics that can accelerate digital transformation. When you know exactly what the customer expects, you never miss an opportunity to deliver and assure quality.
Additionally, a digital strategy for modernization can help your business identify new growth opportunities in a rapidly evolving market, where your offerings are adaptive to the customer engagement trends.
3. Back your Vision with Secure Technologies
While using mobile phones, customers rarely notice the underlying weaknesses in a digital infrastructure. People are too busy engaging with content. In the corporate world, privacy and security practices are vital to effective risk management. You are responsible for your data and your user’s data. Furthermore, you must be able to foresee vulnerabilities beforehand to implement the best practices for a secure technology infrastructure. A single breach could lead to severe consequences, leading to data theft, loss and threats to your business.
The average cost of a data breach is $3.9 million across SMBs globally. And a staggering 95% of breached records targeted only 3 industries in the year 2016. Government, retail, and technology. To add on, there is an estimated cyber-attack every 39 seconds.
An important aspect of digital transformation and data modernization is to enable optimum security and prevent any intrusions in the future. Especially when you’re dealing with confidential data, you must identify and employ secure digital platforms that align with your vision for digital transformation.
The Prominence of Cloud Infrastructure
While in the past, monolithic structures, high costs and limited flexibility were the problems faced by businesses attempting to go digital, the cloud has introduced new platforms for innovation.
With immense focus on digital experience design, cloud technologies can streamline various business processes and centralize most operations. You can make the whole world seem like a part of your organization.
By leveraging cloud platforms for innovation, businesses are offered highly scalable applications and tools to influence their presence in the market. With limited need for broad research and development, cloud platforms allow companies to create custom solutions that enable continuous development for their technology infrastructure.
With virtually limitless technology partners, cloud digital platforms allow effective
- Big data handling
- Data analytics
- Data processing and visualization.
Besides offering exceptional predictive insights, digital transformation can also help bridge the gap between enterprise systems and the massive opportunity available in the market.
Paired with a solid digital strategy for your company’s vision, cloud technologies can help business owners, partners and even consumers create next-gen solutions that offer secure and seamless experiences. A centralized cloud architecture governed by intelligent privacy tools and native applications can prevent data loss and create sustainable digital solutions.
Security, speed and scalability are the key components of modern digital transformation. By mitigating risk and foreseeing any intrusions that may arise, continuous development is easier and more cost-effective on the cloud. Cloud transformation also liberates existing IT assets and enables faster innovation for overall organizational growth. That’s why cloud should be a part of your digital strategy.
4. Harness Powerful Insights with Data Visualization
“A picture tells a thousand words” is a popular saying by Frederick R. Barnard in 1921.
According to MIT, 90% of the information being transmitted to the brain is visual. This statistic encompasses the power of data visualization for your digital growth strategy.
An agile digital strategy is ideal for progressive organizations that deal with big data. By enabling a comprehensive approach to visualize and use data, businesses can make the right decision at the right time.
Real-time data intelligence can create a unified and dynamic digital customer engagement which provides insights on everything from demographics, interests and customer personas to micro segmentation of resources.
Data visualization is being used by enterprises to communicate effectively using plots, infographics, statistical charts, dynamic tables and graphics. This type of data visualization helps users understand complex subjects with little effort.
For example, traditional sales transactional data often lacks comprehensive insights to create a successful and scalable global campaign. On the other hand, using predictive insights can drive more conversions and improve the reach of your sales operations continuously. This is because large sets of data are made available in a way that people can interpret easily.
By making complex data more understandable, accessible and usable, you can accelerate digital transformation at your organization. When business owners and executives can make confident decisions based on data-driven insights, the overall efficiency of your enterprise increases.
5. Agile Transformation to Create a Digital Advantage
According to research by Telegraph, people are exposed to 5x more information today than we were in 1986. To catch up with the age of information, you must create a digital advantage.
The more expansive a business project, the more resources are required. In a constantly changing digital landscape, you need to know the correct facts to make decisions accordingly.
Data-driven digital transformation minimizes the disconnect between people and technology. Thus, your project development approach is streamlined, and the innovation is fast paced. You know where you stand and what you need to incorporate to get where you want to be. This is the biggest benefit of an agile digital strategy for enterprise growth.
Business leaders can explore beyond traditional models and tap into the data to create solutions that achieve desired objectives.
Your organization can learn and influence,
- Customer demand
- User engagement
- Market segmentation
- Industry insights and more.
By leveraging digital transformation, businesses can avoid pitfalls and harness the ideal technology to streamline various business operations.
Successful firms in the digital age should be able to demonstrate their knowledge of agile transformation. Then, the business can execute an agile digital strategy that manages innovation and governance at scale. This means that the overall growth of an organization can be dictated using comprehensive data models.
Digital agility empowers enterprises to evolve with the latest technologies and create a feedback channel for continuous growth. By incorporating best practices and security measures, companies can focus on systemic growth while mitigating risks beforehand.
For effective digital governance, your enterprise should make use of global connectivity and simple interfaces that are built on a secure data architecture. For continued insights, security and reliability, you need to persistently improve your digital initiatives. Your digital strategy should evolve as your business grows. Thereby, businesses can have full control over assets and gain a competitive edge in the industry using agile digital transformation.
With the numerous options available today, it can be a challenge concluding about the digital transformation that works best for you. If you would like to gain expert advice, you can reach out to us and learn how to accelerate your digital transformation journey at your organization.
Also read our blog on Five reasons why data modernization is no longer a choice, and keep up with the latest happenings in the world of technology.