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Customers have high expectations of applications today, demanding personalized experiences, super-fast responsiveness and business value with each transaction. That pressure is one of the top drivers for businesses to initialize digital transformation projects, according to Tata Consultancy Services (TCS) experts Sunder Singh and Kallol Basu. Another is the speed of IT innovation, which has been and is enabling automation of all business processes, said the TCS consultants from Oracle OpenWorld 2017 in San Francisco this week.
In our recent conversation, the TCS duo explained the following three key reasons why businesses should start doing digital transformation projects. Kallol is the TCS Oracle Practice transformation change management consultant, and Singh is the global head, Oracle Practice, Enterprise Solutions. Here at Oracle OpenWorld/JavaOne, Singh is a co-speaker in the sessions, “Building Smarter Enterprises” and “Driving Speed, Scale and Efficiency.
Three drivers for digital transformation projects
#1: Customer expectations: Rising customer expectations include demands of more personalized experience, faster response and the desire to always feel valued at each touch point of their journey, according to Basu. Singh noted that it is now the norm for human and machine interaction to be simple, intuitive, cheap and fast. “Companies are transforming themselves to fit into the so-called norm and or de facto standards of user experience,” Singh explained.
Basu sees digital transformation placing people back at the heart of the company. “The silo mentality is not suited to digital transformation, which relies on openness and a transversal approach.
#2: Increasing reliance on and capabilities of data analytics: Analytics allow businesses to put their fingers on the pulse of the customer, said Basu. Singh adds: ”The power of machines to manage the velocity, variety and volume of data like never imagined before opens up new art of possibilities for analytics and insights in a hyperconnected world.”
#3. Computing has put business competition in hyperdrive: IT has increased a company’s ability to compete as traditional boundaries vanish allowing for new competitors to enter the market, according to Singh. Technology advancement and the availability of storage, computers and network at a throw away price – better, cheaper and faster. This has opened up a plethora of possibilities.
“With digital and cloud, one can start a business with practically nothing from anywhere at any time and usurp your very existence,” said Singh. “The entry barrier is gone. Heavy capex and years of lead time to start business is gone.”
What about your business?
Are there other reasons why your company has started or is planning a digital transformation project? Or, is digital transformation not on your agenda? Or, have your companies automation projects already made it what is known as a Digital Business?