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While companies are adopting digital transformation, they still have a long way to go. This is because many companies are still grappling with traditional way of engaging customers, managing workflows, and utilising information. Some of the challenges they encounter are as follows:
- Scattered, non-actionable data: Data serves as the vital essence of any business, as companies amass vast amounts of customer data. However, this data often remains segregated, lacking communication between different sources. Alternatively, the data may exist in its raw form, harbouring countless valuable yet untapped insights that have the potential to propel businesses forward. Consequently, this data is rendered non-actionable and fails to be optimised for effective decision-making.
- Weak resource management and collaboration: Companies labour under hundreds of applications. This results in an overload of vendors and a sea of different software and databases. It can lead to work duplication and lower collaboration.
- An inability to keep pace with customers: Today’s customers have significantly changed. They want brands to intuitively understand their needs, serve them effectively on mobile, web, and social media, and move at their pace instead of the other way around. Brands that don’t use digital technology fail to understand and seamlessly serve their customer’s lag. Currently, only 17% of Indian businesses deliver ‘exceptional’ customer services, though 79% say improved customer experience is a way to drive revenue2.
- Slow to respond to change: The lack of digital transformation can make it harder for companies to gather the right data at the right time and execute the right intervention. That, in turn, affects their speed-to-market.
- Lower value creation: Without the right technologies working in tandem, the workflow can be cumbersome, people don’t have access to the same data, and many professionals end up investing significant time in non-critical tasks.
- That’s why it’s crucial for senior leaders and function heads to rethink digital in their business model to improve productivity, customer experience, and profitability. EY’s CEO survey 2022 reported that 50% of respondents expected to improve profits with digital and technological interventions3.
So, what can companies achieve through digital transformation?
When companies embrace digital technology, they can effectively address various challenges. They optimise data utilisation, leading to valuable insights and informed decision-making. Database and software consolidation enhances collaboration and provides a unified perspective for all employees. Understanding customers better enables targeted value propositions and enhanced experiences, fostering loyalty. Furthermore, companies equipped with digital capabilities can adapt to market shifts, stay relevant, and capitalise on emerging trends.
Most of all, in the long run, companies that adopt digital technology start to create new sources of value. That makes them become more differentiated and competitive and helps them increase profitability. As per the CIO Technology Playbook 20234 by Lenovo and AMD, Asia Pacific companies are expected to generate as much as 43% of their revenue from digitally connected products, services, and customer experiences by 2027 with the help of rapid digital transformation.
Leaders at all levels can reshape their careers by embracing digital
With every business function standing to gain hugely from digital transformation, professionals across disciplines and industries are expected to level up now. It is essential for junior, middle, and senior managers to rethink the role of digital in their business model and workflow, learn new skills, and be more competitive. As a result, thousands of new job opportunities are opening in this area. To thrive, professionals need to learn about emerging technologies like Blockchain, Social Computing, IoT, and their business use cases. This is where a programme in Digital Transformation by ISB Executive Education can add value to your career.
What will you learn from a Digital Transformation programme?
A certificate programme in Digital Transformation by ISB Executive Education can provide professionals and teams with many distinctive advantages:
- Bolder visioning: Grasp how digital can radically change the future of the company, create a bold, new vision, and start planning for that future now.
- Stronger competitive advantage: Understand and explore how new digital technologies can redefine one’s competitive advantage, say in supply chain or manufacturing, and create a bigger impact in the market.
- An insights-led culture: Change how people think about and work with data and create a culture of insights where everyone in the company has timely access to the right insight that results in smarter collaboration and decisions.
- Increased customer orientation: Instead of playing catch-up with customers, digital transformation pioneers can begin to anticipate what customers want, make more informed decisions, and deliver more seamless experiences. This one factor alone can powerfully change demand generation, profitability, and market image.
- Internal buy-in: Digital technologies enable professionals to quantify results and measure progress. This can help them make a case for digital strategies, get quicker buy-in from top management, and carve their niche as future leaders.
Why the Digital Transformation Programme by ISB Executive Education?
ISB’s 12-week online programme, commencing on June 29, 2023, offers participants an immersion in the modern digital landscape. They will learn about emerging technologies like Blockchain, Social Computing, and the Internet of Things (IoT). They will acquire an experimentative mindset that enables them to identify chances for innovation and growth. They will learn frameworks to improve collaboration and competitive advantage. Most of all, they will apply it across business use cases. The programme is helmed by distinguished ISB faculty, and the curriculum features video lectures, case studies and peer-to-peer networking. A 2-week capstone project also helps participants apply what they learn in real-time. In a world disrupted by digital, ISB’s programme is a necessary learning experience for anyone who wants to stay relevant.
The importance of digital transformation in today’s world cannot be overstated. It is essential for senior leaders and function heads to rethink the role and impact of digital in their business model and craft new strategies. Learning on the job is possible. However, conscious upskilling remains the most reliable way to embrace the domain’s cognitive and technical demands and open exciting new doors.
About ISB:
ISB evolved from the need for a world-class business school in Asia. Ranked #1 in Research in India, ISB anticipated the leadership needs of emerging economies. The rapidly changing tides of the business environment, especially in the context of emerging economies, require leaders today and in the future to be equipped with leading-edge levers to sail through them. ISB Executive Education designs programmes for professionals providing timely learning interventions that help them enhance their capabilities through specific skill sets and progress in their careers while positively impacting the organisations they operate in. Through innovative programmes, outstanding faculty, and thought leadership, ISB Executive Education is committed to creating future-ready leaders.
About Emeritus:
ISB Executive Education is collaborating with online education provider Emeritus to offer a portfolio of high-impact online programmes. Working with Emeritus gives ISB Executive Education the advantage of broadening its access beyond their on-campus offerings in a collaborative and engaging format that stays true to the quality of ISB Executive Education. Emeritus’ approach to learning is built on a cohort-based design to maximise peer-to-peer sharing and includes video lectures with world-class faculty and hands-on project-based learning. More than 300,000 students from over 200 countries have benefitted professionally from Emeritus’ courses.
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Disclaimer: The article has been produced on behalf of Erulearning by the Times Internet’s Spotlight team.
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