Holistic Transformation is a Must
Success in any digital transformation journey requires adherence to a true-and-tried comprehensive methodology. As in above diagram, this topic has been widely researched and best practices abound. In a separate post, I included details of the BTM² methodology which is my preferred due to its particular applicability to digital business transformation. In this post I provide our own concise formula that represents our specialization and focus areas within the broader domain of business transformation.
AIQUAL’s Concise Digital Transformation Formula
Digital Transformation = Data Management + Smart Apps + Smart Processes™
Our mission at AIQUAL is to help organizations both public and private succeed in their digital transformation journey with our focus on data management capabilities, smart applications and smart operational processes. We believe in promoting Happiness and Sustainability: the future will be led by organizations and cities who can manage and analyze their data assets efficiently, who can build smart and trusted systems and processes for trading and transacting among their customers/citizens, ultimately resulting in happier lives and economic sustainability.
Digital transformation is not an easy feat. Recent research shows 90% of digital transformation initiatives in Europe are failing. Despite spending millions of dollars on digital transformation efforts in the past year, many organizations still think they are at significant risk of being left behind by competitors, according to a new report by independent research firm Vanson Bourne.
The study, commissioned by database platform provider Couchbase, shows that 80 percent of the 450 heads of digital transformation surveyed at enterprises in the U.S., U.K., France, and Germany in May and June 2017 think they are at risk of being left behind by digital transformation.
More than half (54 percent) think organizations that don’t keep up with digital transformation will go out of business or be absorbed by a competitor within four years. And IT leaders are also at risk, with 73 percent saying they could be fired as the result of a poorly implemented or failing digital project.
A huge majority of those surveyed (89 percent) said their industry is either being disrupted by digital technology, or such disruption is only a matter of time. The organizations have spent an average of $5.7 million on digital transformation in the past year.
Respondents overwhelmingly agree on the ultimate goal of digital transformation, with 95 percent saying it should be giving customers and end-users a truly unique experience. While 80 percent of IT leaders are under pressure to be constantly improving their organization’s customer experience through digital innovation, 90 percent of digital projects fail to meet expectations and only deliver incremental improvements.
At AIQUAL we are aware of the pitfalls and subscribe to a path that takes care of essential requirements for digital transformation success:
First requirement is to develop data management and analytics capabilities to become a data-driven organization. Why data-driven? With the increased availability of data and advanced analytics, industry leaders will be those who can improve business performance (or completely re-invent their business model) by exploiting the latest data management technologies to gain competitive advantages. They will become masters at gathering and processing any data that impacts their operational efficiency and their ability to create high customer satisfaction.
Second requirement is to implement smart operational systems and processes that make the best use of the above analytics and insights to redesign their processes and achieve the level of performance that improves their bottom line and satisfies customers’ heightened expectations.
To learn more about how AIQUAL can empower you to succeed in your transformation journey, please contact us.