What Digital Transformation is not?
Siba Prasad Kar, AFRM
AI Architect | Digital Transformation Banking | Fintech Accelerator
When I started work as digital solution consultant, my initial thinking was digital transformation is more about technology, gradually I realize that it is not about technology, it is about a journey to transform how my client does business in digital age.
Few myths about digital Transformation:
It is about using technology: While tech is definitely crucial, it is the enabler of digital transformation, but it’s not digital transformation in itself. It’s a means to an end, and therefore requires involvement of the key stake holders of the company who understand how their business operates.
Creating a mobile app or setting up an e-commerce site: Many of us may think that by implementing a mobile app or an e-commerce portal, they have done digital transformation. By doing these, we have merely opened up one or two digital channels of communication. Yes, they will help bring revenue, but they have not transformed the organization in any way.
Automating a business process: I think this is what traditional IT is all about. You are supposed to use software to automate processes that have been manual. Sure, they help in bringing efficiency and save cost maybe, but they are not digital transformation. What is needed a smooth integration between various business processes as well as your customer s’ and partners’ data to achieve a common goal.
In this digital economy customer experience plays a vital role, customer experience augments revenue, so capturing customer context is essential. Almost everything we do result greater revenue, lesser cost or superior customer experience. The key point here is “The more you know about your customers and their individual preferences, the better poised you are to offer them solutions in the digital world”.
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6 年So true
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8 年Siba - Any examples of how companies have achieved it? Personalization of products and services is definitely good for customer but hard for the company.
Driving growth with expertise in Banking and Insurance Industry
8 年Good one. Separating myth from reality.