Digital Transformation (DT) is sweeping boldly across business and society at a breakneck speed – and it is taking us towards a new reality i.e. from “Going Digital” to “Being Digital”. Companies need to transform not just by advancing their external digital presence for customers but also by transforming their internal business operations.
Enterprises are standing at a crossroads. Particularly, in an environment where everyone is going digital. Many new breeds of digital conglomerates such as Spotify, Airbnb and Uber have often disrupted entire industry business models quickening the tempo of the business.
Their intrinsic use of digital technologies such as cloud, mobile and analytics pushes them to evolve and scale at a speed that is unthinkable for traditional organizations. They drive change across the board, improving people’s lives and building a better-connected world.
DT is plain sailing for business incubators who live and breathe technology. On the surface, it sounds avant-garde and appealing while underneath the plot continues to thicken when companies remain unclear about the exact nature of DT.
State of Digital Transformation
Essentially, DT is the process and strategy of using digital technology to profoundly transform an organization’s business operations. DT reduces or replaces archaic, manual processes with more efficient automated processes that change how businesses operate and serve customers.
Imagine, if the largest Transportation Network Company could develop a ride-hailing mobile application rather than waiting for a rival to beat their momentum or if leading publishers who can sponsor e-books instead of allowing competitors to practically discover the medium first. Imagine, if the world’s largest video streaming could pioneer digital media streaming rather than scrambling their head after DVDs-by-mail service providers hit the market. These are all real-world examples today – big companies who explored Digital Transformation and spurted unprecedented growth at rocket speed.
These companies would not just have prevented their obsolescence, but also would have captured million dollars in creating new customer value. That is the true potential power of digital transformation.
The opportunities are immense, but only for those businesses who understand how far and fast they need to transform. Needless to say, today nimble disruptors are eating away entrepreneurs’ profits at a rapid pace. That is because every organization – regardless of its size or industry – promotes the efficient use of data and technology to operate customer-focused business functions more efficiently and achieve bona fide business outcomes.
For most organizations, digital transformation is interwoven with their business strategy. They look for new ways to engage with customers, leverage innovative technologies to bring more innovation, and empower their workforce to develop new methods for collecting data insights.
According to the MIT Center for Digital Business, companies that have embraced digital transformation are 26 percent more profitable than their average industry competitors and also have a 12 percent higher market valuation.
Despite the significant enthusiasm and high-hopes surrounding digital transformation, many businesses still wonder how it looks like in practice.
Understand How Digital Technology Adoption Is Playing Out
In these industry-specific examples, companies are leveraging Cygnet’s disruptive digital technologies such as Automation, Blockchain, Cloud, Data Analytics and Artificial Intelligence to derive business value.
One of the leading US-based Independent Software Service Provider for the retail industry aimed to drive revenue of its retail customers.
With our proven industry-specific approach, our experienced team developed a comprehensive cloud-based SaaS solution based on Microsoft SQL server capabilities and Microsoft Business Intelligence (MSBI) tools which can be easily integrated to their current business operating systems.
This solution facilitated end users to collect and analyze EDI 852, POS and supply chain data, export, share notes and send detailed reports to their sales representatives and buyers. This resulted in reduced data storage cost by 15% and improved product sustenance cost by 18% with respect to time.
A leading UK based Traffic and Public Transportation solution provider needed to extend their digital capabilities to better understand and serve citizens across various counties in the UK and Australia.
Embedding an Agile mindset with our digital technology, we developed a first of its kind Dynamic Stand Management System. This new facility enabled smooth throughput of buses at the bus terminal leading to 70 percent improvement in the utilization of the terminal space. It also communicates information to passengers and directs drivers towards the right platform allocation via large passenger information display and mobile applications.
An emerging start-up had the vision to disrupt the traditional insurance model that leads to high-overheads and low profit in the agriculture sector and overcome the challenges of uncertain crop damages that smallholder farmers always faced and suffered extreme financial distress.
Our in-depth expertise in Blockchain technology enabled us to conceptualize a decentralized blockchain-based application that aimed at ensuring “Mutual risk sharing with low cost and fast damage pay-out” while reducing third-party risk sharing by 80% to a large and un-insured population worldwide.
World’s largest podcast network, pioneering the system to host and publish podcasts required a breakthrough technology solution to integrate into the existing solution that provided smart bidding suggestions to the advertisers and podcasters.
Cygnet Infotech developed a recommendation engine based on natural language processing that can understand genres, content, timeslots, and bidding rates. This solution could transform the overall platform into a complete digital marketplace that could interpret key behaviors and impressions of podcasters and advertisers and provide precise business insights which resulted in 56% increase in a number of podcasters and advertisers.
Companies walking on the path of Digital Transformation do not change their core values or offerings. Instead, they develop a solution-suite powered by technologies to support strategic business goals.
This article is originally posted on Cygnet Infotech
Drive enterprise performance with Wipro's SaaS-based business process transformation services, offering supply chain management, warehouse and finance control, procurement management
The information management is a business-critical activity to organize different forms of information- unstructured data, small data, big data, or scattered data that’s growing at an astonishing pace, and then distribute it to the concerned stakeholders or departments.
The four key problems that information chaos cause within the organization:
• The information is in silos and without connecting the dots, the organizations fail at using the right information to engage the right customer, employee, or the partner at the right time.
• In the dynamic world, no human figure can analyze the petabytes of data and extract the insights from the collected data in a couple of minutes, which is actually a need of the hour.
The employee’s productivity decreases due to the lack of access to the information and insights in the real-time.
• Just forget about process automation because even intelligent machines need to be trained with loads of data to perform operations in an automated fashion.
