Digital Transformation FAQ “Frequently Asked Questions”. Read FAQ and Learn more about Digital Transformation and Sustainability.
Digital Transformation incorporates technological innovations and business skills to develop strategic transformative solutions. It aims at driving business process improvement for organizations of all sizes.
Digital transformation is the profound transformation of business and organizational activities, processes, competencies, and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way, with present and future shifts in mind.
Digital transformation got several great benefits like “Data accessibility& reliability”, “cost & risk reduction”, “employee retention”, “Improved data & analytics, reporting”, “Customer retention”, etc.
Digital Transformation got few implementing difficulties like, “In-efficient budget”, “Lack of expertise”, “employee resistance to change” “Structural gap in organization”, etc.
Digital transformation helps an organization to grow. It improves data & analytics, reporting system of an organization. It reduces risk and cost. It facilitates digital benefits so that customers can engage more than before.
Investing in Digital Transformation be a large investment regarding time and money. This investment needed for new technologies and to enhance existing technologies.
Organizations should incept by laying out a communication plan followed by outlines of the organization’s goals and objectives for Digital Transformation. That plan should facilitate and support this important organizational change.
Some people are afraid of changes. Hardly,they believe any new change may come out with something new. If there is employee resistance to change, that can be overcome showing them the ROI of digital transformation.Therefore, having a change management plan is an essential tool to have in place at the beginning of any Digital Transformation initiative.
Technologies like, Artificial Intelligence/Machine Learning, Automation and Workflow, Compliance & Security, Data Management & Integration, Infrastructure and Cloud, Reporting, Planning, and Data Analytics are used in Digital Transformation process.
No, it will enable them to be more functional and useful for companies. Also, existing employee will require training to gain better knowledge of latest technology so that they can handle it well.
Digital Transformation process will influence these things: Inventory Planning &Management, Financial, Reporting, Planning & Analysis, Assets, Hiring-retiring, Payroll, Treasury Management, etc.
Although, Digital Transformation affects all industries, however it differs from industry to industry. The more technology an organization uses, the more impact it will have.
It will depend on several factors. However, the sooner the better. Factors such as your organizational readiness, industry, market, finances, long-term strategy, compliance, and government regulations may all be factors.
In fact, digital transformation is more of an evolutionary process, rather than an individual project with a set start and end date. It may take months or even longer.
To implement digital transformation successfully, your leaders within IT, finance and accounting, operations, HR, and other areas should expect to manage teams effectively that will participate in these efforts. Leaders should also be prepared to culturally support the change that comes with digital transformation.
That’s a million-dollar question. Stakeholders may include your customers, suppliers, shareholders, creditors, government. Also, other outside relationships can be added that will be impacted by this effort.
This part is most important. The management team must strike the right balance with current business operations and other company initiatives.
Tonex offer Digital Transformation training course, seminars, and consulting services. See detail here https://www.tonex.com/leadership/digital-transformation/