“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change” — Charles Darwin (1809-1882)
While Darwin’s evolutionary theory back in the day applied to the natural ecosystem and survival of species, these words ring true for businesses today as well. While a good strategy, great people, and a viable business model can take you so far, businesses need to constantly change to keep up with a changing global landscape. Most importantly, they need to leverage technology to help them address the needs of the future. The answer – Digital Transformation
Digital Transformation – The disruption catalyst
Digital Transformation or DX is the infusion of digital technologies into all aspects of a business. It involves bringing about a fundamental change in business operations and delivering more value to your end customers. At the most basic level, this requires a mindset change, requiring the entire organization to buy into this new way of thinking and operating. What firms need to understand is that it is an ongoing process. While DX aims to bring firms towards digital maturity, changing technological advances means changing digital end goals. That means having a plan in place that is capable to withstand sudden changes in the economy and adapt accordingly.
While merely a term used in passing in the late 90s and mid-2000s, today it is clear that organizations need to be mindful of DX and implement required strategies in their business in order to be preemptive rather than reactive to market changes.
It was this preemptive thinking that drove me to think about technology to empower HR all those years ago, when my co-founder Sujit and I were building out the concept of imocha. Our thought process was about empowering HR pros with technology and simplifying an until then offline process into the online mode, the result being remote assessments via a robust platform. Our investment in tech has helped us ensure imocha is on a continuous digital-ready trajectory.
An IDC study predicts worldwide spending on tech and services that enable DX to reach 2.3 trillion in 2023. Gartner predicts that by 2021 physical, financial and healthcare will be so digitized that 20% of activities will involve at least one of the top digital giants. But do these numbers stand true in the face of the current pandemic facing the world?
Marketoonist, Tom Fishburne couldn’t have put it better –
While the numbers clearly indicate that Digital Transformation is something more and firms need to be invested if they intend to survive, unexpected events such as the COVID-19 pandemic require businesses to fast-forward their digital ambitions. A digitally transformed enterprise, especially at this time benefits from increased efficiency, improved decision-making and innovation.
Forbes contributor, Andrew Filev, in his article lists the drastic change across four industries – telecommuting, on-demand food and services, virtual events and the cloud. It is no surprise then that COVID-19 could be the unexpected digital transformation accelerant, speeding up organizations’ digital ambitions.