India and all other companies in the world are exploring options to maximize business and technology such as artificial intelligence, machine learning, and blockchain.
According to a recent survey by Accenture, $ 1 trillion last year (nearly half of India’s GDP) was spent digitizing around the world.
But the results do not seem promising enough.
Sarajit Jha, Head of Crash Tata Steel at Digital Value, feels that even without the right plan, companies still deploy many digital technologies to the dividend. As a result, they continue to keep up with the competition for digital reinvention.
With technologies that are reinventing the customer ecosystem as well as business processes and models, Accenture offers six CDO tips to help you develop your digital transformation strategy.
First, companies need to transform elementary processes, including engineering and production processes, in addition to business processes. For example, Bajaj Electricals has set up a dedicated IoT center that serves as a fulcrum for digital transformation.
“This center aims to make extensive use of real-time analytics so B2B and B2C businesses can use dashboards and advanced data-driven decision making.
The company is also replacing the manual discount processing process with a blockchain system developed by Yes Bank to complete all transactions.
Business Model Innovation
Apart from the digitization of central business, companies need to balance investments in traditional business with regards to developing new business models.
For example, in June 2016, Mahindra Tractors launched a farm equipment sharing platform called Trinngo. Through the platform, farmers can use their company fleet with private player tractors and pay according to him.
experience is one of the most important challenges in a company’s digital reinvention strategy.
This combination of technology not only helps businesses reduce operating costs, but also provides customers with personalized products and services.
The rapid adoption and digitization of technology has created disappointments related to the stability of work in the market and the need for CDOs to address this issue.
How can you help? Accenture’s report states companies need to try collaborative approaches such as Tata’s Steel program. Building a digital workforce, the company promotes a one-to-one relationship between millennial employees and an experienced leadership team, helping the latter catch up with the latest trends.
Companies need to create a robust ecosystem that includes not only suppliers and distributors but also startups. These relationships help companies quickly scale new business models across the digital value chain.
In fact, in a recent interaction with entrepreneurs in India, T-hub COO Srinivas Kollipara stressed on the need for extensive corporate collaboration and start-ups for innovation. T-hub is one of India’s largest incubators and has worked with companies such as Intel, Samsung and Boeing on programs related to enterprise innovation.