In the current economic climate, Organizations are under pressure to deliver value to the shareholders. Many are turning to digital transformation to improve their performance and competitiveness. Speaking at the Digital Transformation Seminar in Singapore, Author and Digital Thought Leader Suchit Poralla said that this is the perfect time for organizations to invest in digital transformation.
According to Suchit, during the bad economic climate, organizations need to find ways to do more with less and find new ways to provide value to customers to stay competitive. He advises organizations to focus on three key areas which can help deliver shareholder value during a recession:
- Cost Cutting: One of the first things organizations do during a recession is to look for ways to cut costs. And one of the best ways to do that is by investing in digital technologies that automate processes and reduce overhead costs.
- Revenue Growth: While cost cutting is necessary, it's also essential to grow revenue during a recession. And digital transformation can help Organizations do just that by creating new channels for growth and increasing customer engagement.
- Leaner Operations: Finally, digital transformation can help organizations streamline their operations and become more efficient. This is especially important during a recession when every penny counts.
Suchit Poralla also emphasized that digital transformation is not just about technology implementation but also about fostering a changing culture. He offered the following tips for organizations looking to implement digital transformation:
Before embarking on a digital transformation, organizations need to define what success looks like. What are the goals and objectives? What does success look like regarding improved customer satisfaction, increased revenue, or reduced costs? Once organizations have a clear idea of what they want to achieve, they can develop a plan to make it happen.
Next, organizations should start with an assessment of their current business. This means assessing the existing infrastructure, processes, and capabilities. Only then will organizations be able to identify the areas where they need to improve. Once they clearly understand where the company is today, they can start mapping out where they want to be.
To be successful in digital transformation, Suchit emphasized the need to create a transformation roadmap. This roadmap will help organizations map out the steps they need to take to reach their goals. It should include both short-term and long-term goals. Once the roadmap is created, Organizations need to start taking action. He suggested that organizations should begin with quick wins by implementing new technologies and processes that will help them achieve their goals.
Finally, he explained the importance of measuring the impact of digital initiatives. This will help organizations determine whether the changes are making a difference in their business.
Suchit concluded by talking about the importance of people. He reiterated that digital transformation is not just about technology; it's also about changing how people work. Organizations should ensure that they have the right team to support their initiative and help ensure its success, he said.
