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How Companies are Adapting to Digital Transformation!!

Digitalization has transformed the world around us. We now have access to more data and information than ever before. Businesses, organizations, and governments have begun using this data to improve processes, increase efficiencies, and all-around improve our lives.

But none of this would be possible without the technology that supports it. The Internet of Things (IoT) is one of the foremost disrupting technologies currently available. IoT devices have opened the doors to limitless amounts of data that top companies are now using to transform their industries. These transformations have led to increasing competition through optimization, efficiencies, and predictability.

Cloud services have also been incredibly influential in providing a scalable and accessible platform. If IoT is the traffic, then the Cloud is the highway and infrastructure that facilitates the flow and storage of it. The interconnection between these two has brought about a massive transformation and revolutionized the way we do business.

But how exactly is this transformation happening? Let’s look at the adaptation process.

Digital transformation can be a daunting process, especially for businesses that haven’t changed much over several years. A few ways that companies are adapting to transformation include:

1. The incorporation of digital technology
Although digital transformation is about more than simply technology, it is still an important component. Most organizations can benefit from digital technology to increase productivity. When introducing new technology into an organization, the desired business consequences of the technology implementation must be evaluated. Businesses aren’t incorporating more technology merely for the purpose of being innovative. All modifications or additions to technology are outcome-driven.

A perfect example of this in action is cloud integration. The Cloud can provide incredible accessibility to a business and its employees, but it also introduces new security and liability concerns. Businesses need to take these into account before taking the leap and exporting everything to the Cloud.

2. Simplifying customer service
In addition to enhancing company operations, a successful digital transformation is focused on the consumer's needs. To generate revenue, a positive user experience is a must. Therefore, technological improvements are being focused on parts of a business that consumers find valuable. In order to give better service to consumers and differentiate a brand from competitors, transformation should aim to better service and provide customers with a practical and simple customer experiences.

3. Implementing an agile delivery method
While top executives are used to formulating strategy alone, an agile workplace demands frequent discussions with other managers. Instead of working in silos, multidisciplinary teams share ideas and information. As a result, companies are building environments that allow them to rapidly test new ideas and improve them based on consumer feedback while controlling risks. Additionally, staff are given the freedom to express their ideas and take calculated risks to be innovative.

4. Focusing on data insights
Companies are also enhancing data management by defining how they gather, store, present, and use consumer data. Most businesses struggle to prioritize tasks and focus on specific customer needs without data-driven insights. To change this, companies are including data-related concerns in their plans and product research.

The expanse of IoT connectivity has provided us access to unimaginable amounts of data. Technologies like low-power cellular networks give us the ability to track data miles away from network connections, giving us the power to collect data on all kinds of things. Unfortunately, this data is all but useless without the ability to understand and process it.

Once this data has been effectively understood, new processes can be implemented or improved upon. This data-centric focus can then help lead companies to better profitability and competitiveness.

5. Incorporating digital technologies and trends into strategy
There has been a shift in strategic thinking while trying to achieve a more digitally oriented approach. Disruptive business models will continue to upend sectors in the coming years. Businesses are now considering what their rivals are doing, what their consumers expect, and the capabilities of the present evolving technological environment and upcoming trends while planning digital transformation initiatives.

Some of the case studies are interesting and could be a good examples to replicate or learn

It’s no surprise that major companies are making news for their digital transformation efforts. A few notable companies in the telecommunications, utility, and industrial sector that are undergoing digital transformation include:

AT&T
To provide a single view of every customer across all touchpoints, AT&T chose the Salesforce Customer 360 platform. In addition to 5G, AT&T is also investing in fiber-fed internet and software-delivered entertainment.

AT&T will be able to provide highly personalized consumer experiences across retail, marketing, internet, and business. With Sales Cloud and Service Cloud, AT&T's sales associates will get a 360-degree view of every customer interaction.

ENGIE
Facing the growing worries about climate change, ENGIE pledged to be the world leader in the transition to a zero-carbon future in 2016. As part of this change, the firm decided to convert from a typical utility to a low-carbon energy and services provider. The company plans to be net-zero by 2045.

To complete the goal, the company set up objectives:

The company focuses on lowering its own global carbon footprint as well as those of its clients by assisting them in energy conservation and supplying green energy to its customers.

They deliver these energy services more efficiently and cost-effectively.

They profit from the new industries and technologies that a decarbonized energy future enables.

Siemens
The case of Siemens is an example of digital transformation in industrial equipment and services. Since 1847, the firm has been a prominent provider of systems and technical solutions for many sectors. Siemens had a straightforward business model: it made and sold equipment to big businesses that needed trains, wind turbines, or assembly line automation.

But Siemens has chosen to reinvent itself with a new business model at the crossroads of the physical and digital worlds. The German firm's strategy recently includes digitization, focusing on combining IT and data to create innovative solutions for clients. Many emerging developments in Siemens' sector require extensive data and sophisticated analytics. To maintain its dominant position, Siemens began investing in cutting-edge software and algorithms. Its objective is to stay competitive, even if it means learning new skills.

Final Words: Obstacle to Opportunity

In the past, companies viewed technology as an obstacle that must be overcome. However, companies are now embracing the idea of digital transformation. With the digitization of nearly everything and the market that comes with it, companies are currently looking for methods to grow and adapt their business and compete in the modern world. The digital transformation is happening, and if companies choose to adapt their business to the digital age, they will find great success.

Cresteum can help you transform your business to next level. We specialise business turnaround, customer experience and leadership, GTM strategy, product strategy & brand strategy. Learn more www cresteum.com

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Cresteum Cresteum specializes in strategic consulting and advisory services in business transformation, digital transformation, operational transformation, mergers & acquisition for diverse industries globally.

Cresteum is a boutique consulting & advisory firm that specializes in business transformation, digital transformation, operational transformation, mergers, acquisition & integration service. Visit us www.cresteum.com

Our innovative engagement model is affordable, flexible, and built on collaboration with industries and markets. Talk to us !!

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Talk to us about your digital transformation journey. We are nimble, affordable & focussed!!

www.cresteum.com

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Cresteum is a boutique consulting & advisory firm that specializes in business transformation, digital transformation, operational transformation, mergers, acquisition & integration service.

Our innovative engagement model is affordable, flexible and built on collaboration with industries and markets. Talk to us !!

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