Digital Transformation and Technology

Based on various industry research reports digital transformation market is expected to grow at compounded annual growth rate of 23% - that is to $3.3 trillion by 2025. Successful Digital transformation empowers employees, enables customers, creates new business models and increases the productivity of existing business models. A successful digital transformation helps to increase operational efficiency, reduce time to market and improve customer experience.As per Harvard Business Review article by Thomas H. Davenport and Thomas C. Redman, technology, data, process, and organizational change capability are four inter-related domains in digital transformation. Each of these domains get interconnected and transact with the contribution of right talent in place in each domain.

Following is a listing of some the elements in technology that will have positive impact for a successful Digital transformation.

1.   With the increased data generation through all transactions of system interfaces, IoT and IoE, the scope for analytics is high. So focus should be not only on having sufficient data, but also  on quality of data and analytics.

2.   Open architecture in terms of systems, solution and data so that there is easiness in building the products with less time to market, easier plug and play approach and higher agility.

3.   Creating a strong partner ecosystem to leverage technology advancement as building every required capability in house will be time consuming and not scalable.

4.   More micro services based approach – Microservices concepts helps to have small, loosely coupled independent services. Microservices helps to have focused task and data for each service and makes it easy to deploy, monitor and scale.

5.   Optimum technical skills from the technologies that contribute for the digital transformation available in house to be the channel between business domain team and external experts from the various technology domains.

6.   DevOps – Digital transformation need to take care of ongoing business activities which generates cash and at the same time create improvements. DevOps helps to deploy new features as per the business needs and also helps to overcome digital disruptions faster.

As more and more organizations progress towards digital first approach and consider digital models more important than brick and mortar models, rapid innovation in technology, increased cross domain usage of concepts and increased customer reach will be the result.