Digital Transformation 2.0:From Hype to Reality

The time has come when the large and traditional enterprises brace for a challenging future. They must take a queue from the digitally-born companies that do transformation for a living and allocate 100% of their resources to this cause.

- Onkar Sharma

Digital is no longer an add-on. It must have been, if you haven’t yet embraced it, a core of your business to successfully steer forward and ensuring that your business remains relevant. The point is now how one can embark upon the next rung of digital transformation to get future ready and address organizational challenges such as– delivering greater customer experience, enhancing product/service quality and stave off cyber security attacks.

RE-ENERGIZING THE DIGITAL STRATEGY

Digital transformation initiatives let modern organizations to leverage upon modern digital technologies to fundamentally transform the way they run their business and operate through different business processes. There is a lot of talk about consulting engagements that an organization can get to jumpstart its digital transformation initiatives and harvest the benefits from improvised customer centric business processes over cutting-edge digital technologies. However, what is uniquely interesting is to see as to which program will eventually deliver the throughput as organizations invest in these transformation initiatives. “The Digital Enterprise Era applies to each aspect of life in different formats including governance, entertainment, lifestyle, payments, commerce, and banking is no stranger to it. Digital forays can help banks and financial institutions in terms of efficiency, accuracy, speed to process transactional volumes and thereby, seamlessly serve the masses,” explains Anup Purohit, CIO, Yes Bank.

The last decade has seen organizations develop their digital profiles: exploring e-commerce; hiring chief digital officers; launching apps and starting ‘incubator’ programmes. These efforts were aimed at adding digital features to a business. Now, digital is moving from an add-on to being central to any organization, presenting a massive opportunity for those able to adapt in time.