Across all industries, digital transformation has fundamentally changed how businesses operate. For the most part, the transformation over the previous two decades has resulted in increased efficiency, better project management, increased capacity for innovation, and other advantages. However, life hasn’t been easy for those who have tried to harness the potential of modern technologies.
The impact of this transition has been brought into sharper relief than ever before thanks to the Covid-19 outbreak. According to some estimates, the digital revolution accelerated by seven years as a result of consumers’ shift to online channels and the demand that remote workers be technologically proficient during the 2020 and 2021 lockdowns.
However, not all have succeeded, and the gap between those who have mastered the ins and outs of digitalization and those who haven’t has grown. Digital transformation has not been the great equaliser that many expected it to be, but rather the driving factor behind a discrepancy in company fortunes due to inflexible work cultures, sluggish upskilling, and fear of change.
Embracing the change:
Companies are being pressured to embrace digital processes as government entities transition to online offerings. Businesses who digitally modernise their operations will not only be ahead of the competition, but also many mandates. New regulations incentivize enterprises that digitally alter their operations in specific cases. The Australian Federal Budget promised tax breaks for small firms who invest in digital technology this year, demonstrating the government’s commitment to digital transformation.
The NSW government has stated that digital signatures will be used for contracts worth more than $150,000. These changes will have no impact on enterprises who have already developed digital services; but, businesses that have not yet done so will need to catch up. For example, Vicinity Centres has implemented digital signatures to speed up the processing of leasing and media contracts.
Digital Transformation Challenges: People, Processes, Technology
- Invest in your people. People are concerned about what they don’t understand. Bring your staff into the digital transformation discussions if at all possible. It’s a chance for the company to expand, hire new employees, produce new goods, and enter new markets. As you restructure your company, meet with employees on a regular basis to learn what they appreciate and what isn’t working. Not dread, but exhilaration should accompany digital transformation.
- Bring your processes into the twenty-first century. Going digital entails evaluating your processes in order to improve and standardise them, resulting in increased digital advancement. To modify how your facility runs, how you assess KPIs, and where and how your information is stored, start by investing in robotic process automation (RPA), big data, and cloud technologies. In just a few years, these enhancements can provide unheard-of returns.
- Invest in the Most Appropriate Technologies. The digital technology you install should fit within your entire operating strategy and investment capability, just like any other facility upgrade. A comprehensive strategy to digital transformation will help you organise your efforts, target your growth, and create dependable KPIs to track the progress of your facility.
To utilise the power of data using Machine Learning and AI-based technology:
Given that data is a company’s most valuable asset and how vital it might be, using algorithms to execute swift actions becomes critical. Today’s machines can analyse and forecast which elements affect production, assembly-line speed, and quality in advance, demonstrating that efficiency does not have to mean sacrificing quality. ‘Data quantity’ and ‘computer power’ are two reasons why manufacturing companies should use AI-based solutions to improve productivity.
Augmented reality transforming communication:
The utilisation of AR technology and ERP System to speed up the assembly process across different product lines and improve decision-making has enormous potential. There are many back-and-forth communications and adjustments before anything goes into production and manufacturing. AR can help with this by speeding up the process, making teamwork and communication easier, and augmenting the task. The AR mechanism allows for quicker and easier work practises.
A better customer experience:
Customer expectations have never been higher, as previously stated. However, through self-service dashboards and apps that capture vital data from clients, digital transformation can provide instant delight. This capacity to improve customer experience is especially important for increased performance and success — few would deny that CX (Customer eXperience) has emerged as the most important driver of long-term corporate growth.
A stronger digital culture:
By incorporating more intelligent technology in both front-end and back-end operations, as well as providing your team with the right tools for their environment and industry, they can now collaborate effectively both externally and internally, while also collectively advancing the entire organisation. While it may appear to be a ‘nice-to-have,’ a strong digital culture is what drives meaningful upskilling and digital learning down the road, all for the benefit of the company.
Businesses are always looking for ways to improve their operations and performance, and technology, particularly digital transformation, makes it easier to achieve those goals. Digital transformation is the concept of improving a company’s performance by investing in technology in order to provide greater value to customers. However, digital transformation would be meaningless without ERP solution solutions, which allow users to perform all of their day-to-day company operations using a single piece of software. ERP systems are useful to organisations regardless of their industry, making them a valuable tool for all types of businesses.