Changes in customer expectations for products and services have led to a reassessment of how an organization employs technology, people, and processes in the search for new business models and new revenue sources. This entails creating digital products for many businesses that manufacture conventional items, like smartphone applications or e-commerce platforms. Digital transformation needs cross-departmental collaboration in combining business-focused philosophies with rapid application development approaches, especially in places like Canada. It is best led by the CEO in collaboration with CIOs, CHROs, and other senior leaders.
In 2023, the market for digital transformation was estimated at USD 752.38 billion, and by 2030, it gets anticipated to be worth USD 4339.82 billion. In short, every facet of a business, from its business models to its customers’ experiences to its procedures and operations puts the focus on the consumer through digital transformation. It makes use of hybrid cloud, AI, automation, and other digital technologies to accelerate intelligent workflows, quicker and wiser decision-making, and real-time market disruption response.
What are some digital transformation strategies?
1. Realigning business operations
For agility and experimentation, business procedures must change, and new working methods must get adopted. Whether it’s implementing sustainability across engineering or other supply chain operations, or shifting important services to the cloud, understanding what the consumers require can help establish better processes everywhere.
2. Flexible technology at the heart of long-term change
Avoid becoming shackled to a single technology. You can encourage innovation within your business and more readily create ecosystem connections that promote speed and scale by remaining nimble and adaptable. Fast and lasting change is possible with a modular strategy, and it’s important to keep the client in mind.
3. Evolution of business strategies
Digital transformation has positioned technology at the heart of business strategy for all of today’s tech organizations. Operating costs and inefficiency can be highly decreased with this strategy. It might potentially alter the direction of your company. Future goals are simpler to accomplish with a unified business and technological paradigm.
4. Deployment of innovative techniques for adaptability and experimentation
Modern engineering capabilities must be always combined with new working methods as customer expectations and the rate of change increase. The majority of businesses choose unwisely where to focus their technological efforts. The key is to welcome change and innovation.
Top areas for digital transformation
1. Process Transformation
There is no one method that works for all business process transformation projects. The best strategy to decide how to change your business process is to first establish the objectives you want to achieve and then customize the transformation to meet those objectives. When undergoing business process transformation, the following essential considerations should be always kept in mind: Set goals, evaluate your present procedures, Decide on the best course of action, carry it out, and then monitor and tweak it.
2. Domain Transformation
Moving your company’s data and operational processes to the cloud is domain transformation. Costs can be significantly decreased, scalability gets increased, and agility also gets increased, among other reasons. Choosing which workloads and applications may run in the cloud is the first step toward domain transformation.
You can then start moving your data and workloads after completing that. Make sure your data is always protected and secure. To satisfy your goals, you must also pick the appropriate cloud provider. The last thing you need is a clear plan for moving your workloads and data.
3. Business Model Transformation
In the business world of today, transformation is essential to staying ahead of the competition. To be relevant in business, this entails ongoing innovation and evolution. Companies might alter their pricing strategies, target new markets, or create brand-new goods or services. The objective is always to stay ahead of the curve and keep the business expanding, regardless of the path taken.
Key aspects of digital transformation
1. Augmented Intelligence
Beyond artificial intelligence (AI), augmented intelligence enables collaboration between humans and robots. The ability of AI to gather and analyze data is significantly superior to that of a human worker. However, the goal of augmented intelligence is not to replace humans with machines. AI gathers information and delivers it in a way that helps people learn more.
2. Data protection
The failure of your digital transformation is inevitable if you can’t manage privacy. Organizations often adopt convenience-oriented trends as more digital solutions become available. Many customers and employees, though, are unwilling to compromise on security and safety for the sake of convenience. If people believe a transition will compromise the security or privacy of their personal information, they won’t support it.
3. Digital twins
A digital twin is a representation of an object or system that exists in reality. A software object or model that replicates a particular actual thing, process, organization, person, or other abstraction is a “digital twin” implementation. Because they encourage experimentation and gather information to assist better-informed business decisions, it helps digital transformation.
When a digital transformation’s cultural component gets ignored, resistance will start to build up very fast. In actuality, their main opposition to change is culture. By addressing culture, you can be sure that your change program will have internal support. You can harness the voices of change leaders who are outspoken proponents of your digital transformation to advance your effort.
5. Digital Product Management
The transition from project to product-focused thinking is as digital product management. These goods must get distributed through digital channels and must get created to enhance the client experience. Knowing your business and creating products that cater to it are key components of digital product management. By continually enhancing and expanding their businesses, CIOs may stay one step ahead of the competition by concentrating on these five important factors.
TOP DIGITAL TRANSFORMATION COMPANIES IN CANADA
1. Digital Monk
Digital Monk has worked with 100-plus companies across various domains and industries over the past decade. Because of its contemporary deliverables, it has become one of the leading digital transformation companies in Canada. It provides technology solutions like mobile app development and UI/UX along with digital marketing services like social media, growth marketing, and Google ads. The company has worked with clients like Allianz, Audi, AXA, Lafarge, etc.
Established in 2010, Signifly is a digital development and design company based in Montreal. With a team of more than 70 team members, the company provides digital strategy, UI/UX development as well as ecommerce development solutions. This company has clients ranging from industry leaders like Google, 7 eleven, and Leo Pharma to startups like Veo, Medusa, etc. Signify has completed around 550 digital transformation projects to date.
3. SideKick Interactive
Sidekick Interactive develops mobile development projects for innovative companies of all sizes across the world. It has an in-house team of expert mobile developers who follow agile technology to support its clients right from ideation to final product. The company has also been working on complex mobile applications in the field of blockchain, Augmented Reality, EV charging, and many more. Some of the popular brands that the company has worked with are Daimler, HP, Dassault Systems, etc.
Nventive is an expert in developing custom digital solutions for its clients. In over 15 years, the company has come up with thousand plus digital solution with a team size of more than 135 employees. This company has been associated with big brand names like National Geographic, Air Canada, Parkland Fuel Corp, etc.
Thanks to modern technology, businesses are constantly evolving and undergoing digital changes that increase their efficiency and competitiveness in the market. But the digital transformation is still ongoing with the adoption of new technologies. Organizations need to go beyond technology to accomplish fundamental digital transformation. Businesses must radically restructure their organizational structures in order to benefit from digitization’s operational advancements, opportunities for collaboration, expanded product offerings, and a groundbreaking new approach to the consumer experience.