Thanks to digital transformation, many enterprises have gone beyond revenue growth and developed into the global market. On the contrary, there are actually many “the Big”, leading enterprises in many fields that used to be at the peak of development had “fell unstoppably”, even collapsed for not be in tune with trend, transforming slowly, resting on laurels, hiding on golden nest.
Digital transformation has obviously brought enormous effects, including helping DuPont save USD 1.6 billion of cost of information technology, increasing several hundred percent of interests, earning billions of profit for the corporation; reducing 90% of order processing time; highly individualizing customer experience…
This is one of the typical successes of an enterprise in digital transformation in the world. However, the world has also seen failure of Kodak, Yahoo… due to mistakes and maladaptation to digital transformation, slow innovation, or it’s too late when realizing it’s time to change…
The journey is not of any particular enterprise
Reality had it that, in transformation steps, digital technology is helping enterprises to change substantially. Professionals said that digital transformation in organization, enterprise is the changing process from traditional model into digital enterprise, by applying new technologies such as artificial intelligence (AI), Big Data, Internet of Things, cloud computing… changing operating, leading method, working process, company culture… By 2025, it is estimated that the number of enterprising using cloud computing will reach 85%, hence, intelligence wave will spread to every field.
According to IDG’s report to multinational billion-dollar-scale corporations, enterprises and organizations, 90% of this group has planned to develop and implement digital transformation; 32% of CIO, IT managers claimed that digital transformation helps enterprises grow strongly and brings back huge profit. CIOs of worldwide giant corporations all put digital transformation in Top 3 issues that need prior concern from enterprises in the current era of booming technology.
Professionals claimed that digital transformation wouldn’t neglect any kind of enterprise. Digital transformation is neither the private story of any enterprise nor whether transform or not. It is also not that standing on one side looking at other enterprises’ transformation but learning to transform later. If enterprises do not transform on time, they will be quickly out of the game. There are enterprises that could get lost or be eliminated without an absolute transformation measure.
How to successfully transform?
Today, every company is software company and in accordance with the rising trend, all interactions will be digitalized. To obtain success, organizations need to adopt new technologies quickly, and enhance their own digital capability at the same time. Being late in AI applying process means that enterprises and the whole economy will lose competitive advantages reserved for organizations pioneering in adaptation.
According to professionals, digital transformation is a journey. This is not a sprint but a marathon. Small-and-medium-size enterprises have to constantly assess development level and make prior to key initiatives to close the gap. They need a strategy and a clear digital transformation direction. Enterprises needs to use them as a “moral compass” to make strategic investment decisions on technology, carry out investments that help them handle major challenges and make use of growth opportunities.
In particular, implementing changes could meet with many difficulties, so small-and-medium-size enterprises need to guarantee staff and senior managers’ agreement. Enterprises have to identify leading digital factors in organization and quickly put them into transformation process. They should make use of these factors as catalysts to change culture by encouraging cooperation, sharing success stories and accepting estimated risks.
Facing the essential demand of digital transformation trend, many nations have actively joined the digital transformation wave, speeded up economic and social development, enhanced nationally competitive capability. Many nations have also issued transformation plan into digital economy.