Paperjam, November 2018
Addressing business challenges through digital
The digital impact for businesses is not about disruptive technologies themselves, it is rather about pace, agility, and handling the explosion of data that is created all around and which is no longer ‘owned’ or ‘controlled’ and is being identified as a major organizational risk. To put in pеrspective, it takes two minutes for 408m emails to be sent, 3.6m post likes to be generated, 556k Tweets to be written and 400k photos to be uploaded on one social media channel.
With the right digital solution and strategic implementation, businesses can address some of their most pressing challenges and transform every facet of their operations. For example, through the introduction of Artificial Intelligence (AI), massive volumes of unstructured data can be processed in a fraction of the time humans take and thus, supporting workforce optimization by allocating the right resources to the right tasks. This means, the administrative burden will be significantly reduced. Instead of spending valuable time on repetitive and routine tasks, human experts can now focus on more complex, higher value activities, such as mission-critical work, in a way not previously possible. Additionally, an improvement of employee satisfaction and retention can be achieved.
Technologies like chatbots can vastly improve the way businesses interact with their customers, providing faster answers to client queries. Well-thought-out client-facing portals provide insights and guidance through analyzed data and provide quick and structured information in order to drive decisions and business. AI and data analytics will support complex problem solving by understanding context, reveal patterns and provide insights from data to help predict future events and guide more effective decision-making. Even business risks, such as non-compliance, financial or reputational harm, can be reduced by leveraging advanced technologies through the secure and centralized collection of management information, audit records, and process logs.
However, simply choosing a certain technology will not be that effective. There is a need to identify the business plan points and to deploy a combination of digital technologies and methodologies along the business’ value chain.
Besides the critical human factor, the appropriate processes and tools as well as proper framework policy, governance and risk management need to be chosen and set up. At the very core basis, the provided system architecture and technology should support digital change activities while a performance measurement framework is established and integrated. Furthermore, it needs to be ensured that the digital function resides and interacts meaningfully within the organization and other teams.
Undergoing a digital transformation will require a proper roadmap planning, following phases of the assessment of current state of digital maturity as well as opportunities/threats, vision formulation based on the digital journey and definition of the digital strategy. The implementation itself should be bedded in a proper governance structure and transformation plan. The entire roadmap is advised to be accompanied by regular reports and validation to ensure consistency and on track steering.