Digitization is playing vital role today in all business sectors like Manufacturing, Services, Automobiles, Oil and Gas, Banking, Utility etc. Operation structures are being redrawn for the customers, vendors, business partners, and employees alike. This has been putting immense pressure on CIOs, CTOs and CDOs to regulate and decide whether digitalization solutions are ready for the organization. In this increasingly high pressure situation, vital components like reliability, security, usability, performance management, data management and cloud infrastructure sizing should not be neglected. CIO, CTOs and CDOs should have a clear vision of a world in which every customer, worker and supplier is hyper-productive, hyper-available and hyper-engaged.
Innovation in connectivity and IoT devices marked the launch of the digital revolution. The revolution has now reached businesses far and wide. Many organizations today find digital initiatives popping up in every business unit, in every region and in every department. The floodgates have opened.
In this chaotic environment, CIOs today face the following challenges:
- System Integration challenges – Lack of effective and mobilized IT system for digitalization integration as part of prerequisite.
- Regulatory standards and compliance – Managing regulatory standards and compliance issues are among the major challenges toward digital adoption.
- Budgetary constraints – Active participation in the objectives defined and acceptance at every level of the organization as well as considerable allocation of funds is a major concern.
- Data Capture – Capturing large amounts of customer data from social media, purchase transaction records, call details and GPS signals from mobile phones in fast moving organizations are difficult to manage.
- Seamless transition to digital platforms – Online platforms are poorly suited to offering a seamless customer experience thus banks are still in the process of transitioning to up-to-date digital integration platforms.
- Organization Silos – Business leaders from various parts of the organization need to collaborate closely. Organizational silos and traditional, hierarchical structures are often a strong inhibitor to digital transformation
- Data Security Acceleration – A key challenge when playing with big data is that the data security process should accelerate and prevent malwares like ransomware etc.
Industry Digitization process innovations:
Organizations can benefit by Digitization of Processes through in the following ways:
- Service innovation: With integrated mobile payment and shopping apps through digitization, companies will deploy new business models to win over the end consumer and create profitable demand.
- Digital transformation: By partnering with intermediaries and specialized companies, digitization of the processes will reshape the employee-employer relationship and offer a new social approach to talent management.
- Service innovation via co-creation and crowd-sourcing will ensure that any new technology investment goes beyond automating existing processes to support dynamic and strategic analysis, and decision making, to enable the digitalized value chain.
By: Vivek Jadhav, DGM-IT, VFS Global