Technology is guided by the objective of digital conversion, and this purpose is sure to reshape the company.
FREMONT, CA: Investing in technology is not the same as transforming digitally. Almost every business invests in new technologies, platforms, and services. Digital transformation can go from the creative implementation of strategies to an architectural framework to practical application.
Most companies are trying to embrace new technology as quickly as it becomes accessible on the market. Moreover, if the right technology, architecture, and services for your business were to be implemented and road-mapped, the change would be much easier to manage. And anybody could effectively transform. Technology has affected not only economies, but also behaviors, expectations, and the general digital journey of customers and employees. The transformation plan must be aligned with modifications in the industry using new technology to enable the latest (and changing) environment to compete on a scale.
Much of today's disruption dialog centers on traditional firms weaknesses—legacy techniques, tech talent failure to attract, etc. But the conventional firm's strengths should not be underestimated. In coping with digital disruption, some companies appear to have a complex of inferiority. These incumbent businesses take huge assets, such as large client bases, big brand names, or regulatory approvals, to the table. These are strengths that can be incorporated into their new digital business.
Often incumbents are struggling to construct new cultures and companies, especially those threatening the current franchise. New insurgents—for all their hubris—often need their bigger competitors' assets and branding to break out of their numerous rivals. Finally, combined with the insurgent challenger, the new enterprise can speed up time-to-market—a critical benefit in digital space. The digital disruption is not always a zero-sum game— the best and fastest way forward can be a mixture of forces.
For businesses, a digital transformation is no longer an option. Companies on the digital platform take over, and client focus and technology are essential to what and who they are.