Digital Revolution is the next big thing which happens in our world after the industrial revolution. The word itself, Revolution, says it all – either you be a part of it or you may not be relevant anymore. Similarly, our business world is going through this stage. We have seen business environment changing around us with Demonetization and GST; these big changes impact in big way. These are exciting times for all CIOs , CTOs, CMOS, CFOs and CIOs. Every organization is talking about the digital strategy now and all CXOs are a part of this game changing strategy. Few years back SMAC was the buzzword for all the corporates - social, mobility, analytics and cloud. Now IoT and Industry 4.0 got added to this and it is SMACII.
The biggest motivation for further investments in digital factories is efficiency - 98 percent expect it to improve. Some of the technologies they are relying on to get there include connectivity technologies, using sensors and Manufacturing Execution Systems, and a whole range of data-driven approaches, including predictive maintenance and process improvement, visualization and optimization. For these technologies, usage is expected to double over the next five years.
Digital strategy organizations are focusing on 3 Ps. Digitize People, Process and Products - this is essential for organizations to remain relevant in this regard.
Every organization has to see that they follow broadly the following principles to be a Digital Organization.
● Collaboration is key for Digitization
● Low hanging fruits are to be encashed
● Fail Fast approach
● Short-term thinking and twisting to meet quarterly objectives is not the path to innovation.
● New business models like those from Uber and Airbnb are changing the competitive landscape.
● Physical and virtual businesses are merging and everyone, in time, will be a tech company.
● Partnering is critical to seize opportunities in rapidly evolving markets.
● Every organization needs to make security a core competency. This is being fueled by the explosion of the Internet of Things (IoT) and the advanced skills of hackers.
● Mobility is trumping online presence, and millennials are the torch bearers. Get them, embrace them, or risk becoming irrelevant.
● The nature of work is changing; the new workforce will consist of value-driven jobs.
● Prepare to be disrupted, but play for the long-term.
Businesses face a choice: disrupt or be disrupted. Transformation is the key, but the old pace is no longer an option. Business has to move at “the pace of change, squared” or be left behind. Exponential thinking is needed at all levels of the collaborative chain.