Today, companies are trying to implement the right digital transformation strategy, as going digital is not the way to stand out but to survive in the market. How to understand that your company has chosen the right digital strategy?
The point is that if in the past AI or VR was as far as cosmic shuttles, today these or other tools are more accessible on one hand, but on the other hand, more companies can access these technologies.
Deloitte study, The Fourth Industrial Revolution is here—are you ready? Has shown that 94% of respondents think that digital transformation is a top strategic priority for their companies. However, the task to implement the right digital strategy is not that easy. Some companies may not fully explore its strategic capabilities.
How to understand whether your company follow right steps in digital transformation. Here are some fears proves your company is ‘frozen’ for necessary changes.
You can find many articles about impact of AI on the labour force today. And, these articles claim that thanks to AI, people can lose their jobs. This is the example how companies can have a fear to automatize operations, for example. Or, some employees are afraid of implementing AI to defend their current positions. Because of this narrow mindset, companies remain ‘frozen’ in their development.
According to Harvard Business Review, while conducting the survey, about 68% of respondents agreed that technologies are critical to maintain profitability.
It’s added that “In fact, this was the lowest-rated response of any of the statements presented. CEOs had an even more sobering view; only 50% indicated the importance of digital transformation to maintaining profitability”.
New technologies mean reconstruction, and companies can be afraid of implementing innovations into their operations. Innovations also bring risks. Such technologies like AI or IoT are bringing various benefits for companies, but they are significantly cutting the organizations’ budgets, and require to maintain them. If you implement data-driven solutions, you need to implement cybersecurity tools.
Implementation of technological advances require big investments, and this means that profitability can come in very long-term perspective. Companies afraid of taking these risks, and don’t understand that development and bigger profit require impressive investments.
AI can take away some jobs, but at the same time create new and fasten more processes. Digital transformation significantly helps employees in their daily duties, to move away from manual and routine work, automate such processes as payroll, document workflow, etc. Implementation of chatbots, for example, doesn’t steal jobs but allows them to answer more important inquiries from the customers.
The most important for any organization is to satisfy its customers’ needs. Technological advances bring various opportunities to improve customer service. For example, IoT in healthcare domain can track all actions of the patient to bring more information to doctors. And, of course, another example is machine learning that creates personalized customer service experience.
In the data-accessible and data-driven world, it’s important to secure information as well as implement the right cybersecurity strategy for companies. In order to protect your company’s or your customers’ data, companies must implement necessary technological tools.
Digital transformation is a significant part of the company’s business strategy. These five fears show that your company is stuck in the place where it is and afraid of moving forward. In some cases, the fear of going digital can result in loosing a place in the market.
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