Innovation key to successful digital business transformation
Traditional business models and strategies are static and rigid, adjusting only when economic pressures force the organization to make a radical change.
However, this is quickly becoming a thing of the past, with new and innovative businesses deploying deliberately unstable and flexible business processes in order to keep up with rapidly evolving consumer demands.
According to Gartner, the increasing number of interconnected devices in the workplace is providing modern businesses with a wealth of information. The most successful organizations will be those that utilize this data in real time, to evolve business processes strategically.
Organizations that take full advantage of the digital technologies at their disposal can adapt quickly to the shifting needs of their consumers, while also achieving a competitive advantage by fostering better customer interactions fuelled by intelligent, informed, on-the-spot decision making.
As for those businesses that refuse to adopt, and continue utilizing large, stable processes? They risk being left behind.
“Many organizations are either beginning, or in the midst of, digital business transformation initiatives,” explained Gartner Research Director Julie Short.
“We expect that only 30 per cent of these efforts will succeed. To be part of that 30 per cent, business and IT leaders must be ready and willing to innovate rapidly from a business model, business process and technology perspective.”
Gartner expects that a lack of business process management maturity will serve as a barrier to successful digital business strategies for as many as 80 per cent of businesses over the next few years.
This may serve as a stark wake-up call to businesses in Australia and abroad that are still resisting flexibility and adoptability in their business processes and strategic planning initiatives.
Technology that allows you to constantly review and assess the success of your businesses processes can help you make changes to these strategies on the go, based on external and internal factors that may hold back a less flexible business.
The tools to become an evolved business are out there, it’s up to you to reach out and grab them.