Only 30% of corporations have seen improved performance stemming from their digital transformations. Because these transformations represent an evolving series of changes, success requires a multifaceted approach. Here’s how companies can get started on a smoother, more rewarding digital transformation.
Companies around the world seem to be flocking toward digital transformations. Yet even leaders who embrace the concept don’t seem to be getting consistent results.
Case in point: McKinsey found less than 30% of corporations that had undergone transformations experienced an improved performance that persisted over time. In other words, the majority found their progress — if they improved at all — was not as fast, holistic, or enduring as originally hoped.
What’s the problem? One Harvard Business Review article suggests digital transformation is misunderstood by applicants. As the piece explains, digital transformation is a “multifaceted journey.” It’s not a destination, per se, but an evolving series of changes that have to work together. McKinsey’s research echoes this: It identified two-dozen actions making up transformations. While using all 24 actions wasn’t a guarantee of success, the odds grew as companies took on more comprehensive approaches.
Of course, getting everything to work in tandem can be tough. To improve potential outcomes, be sure that you’re folding the right technologies and solutions into your workflows. That way, you’ll avoid misses and enjoy more hits. Below are some areas to get you started on a smoother, more rewarding digital transformation.
- Look for opportunities to integrate all your tech pieces.
Like all organizations, yours has a wealth of data points. However, chances are strong that you’re not bringing your data together to efficiently foster and drive innovation. For instance, your data may reside in numerous places. Unless and until those places start “talking” to each other, you can’t get the full benefit of your data insights. Having the information isn’t enough when you can’t rely on it.A great example of the advantages of integrating your data is happening in the healthcare market. John Baker, an implementation engineer at AMD Global Telemedicine, writes about ways forward-leaning entities are using technology to create more centralized health data systems. “Healthcare leaders can ensure telehealth continues to provide value into the future by pairing it with data-driven devices,” Baker says. “With proper integration, devices like EKGs, ultrasounds, stethoscopes, and more can provide valuable data, audio, and video in live sessions.” The bottom-line result? Doctors can better care for their patients.
You don’t have to be in the medical field to practice thoughtful data integration, though. No matter what sector your business represents, look for ways to collectively store and parse all the information at your fingertips. Then, expect a few surprises to develop as you become more aware of ways to make your operations more effective, efficient, sustainable, and profitable.
- Use AI and machine learning for supply chain and procurement management.
When your supply chain and inventory run smoothly, your company can save serious money. The problem, though, is that supply chain woes seem to be more common than supply chain wins.Software programs powered by AI and machine learning can help solve your dilemmas. They parse data from large pools and then push the findings to human operators. The result is a truer, more transparent look into not just what’s happening with your supply chain but potentially how to fix problems, too.
A Business Continuity Institute report from 2021 showed a little over half of corporate respondents are turning to technology to analyze and report on supply disruptions. If you’re not on this train already, grab a ticket before your competitors leave you behind.
Bringing AI into your digital transformation decisions is becoming increasingly important to maximize efficiency. Don’t wait to start utilizing this tech to fight back supply chain woes.
- Prioritize the adoption of voice technology.
When used within enterprise-level companies, voice technology is proving tremendously positive. According to a recent Deepgram report, 71% of companies that used voice technology saw a significant improvement in productivity. Normally, voice technology is used in customer sales and support endeavors, but its applications can be more expansive. From constructing reliable, accurate transcriptions of meetings (and then automatically storing the transcriptions in a centralized place) to helping people with speech-related disabilities communicate with colleagues and clients, the possibilities are countless.Even if you start small, voice technology may become more important as time passes. Consequently, it may be wise to consider how voice technology could fit into today’s digital transformation goals to get everyone on your team accustomed to working with this emerging tool.
If your digital transformation hasn’t provided the returns you expected, don’t give up hope. Adding a few more solutions into the mix could be the missing link to major momentum.
Authored by Rhett Power.
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