Different people have various connotations of the term Digital Transformation. In a nutshell, Digital transformation is innovation in businesses using technology. It could be improving logistics or customer service. With advancements in Fintech, AI and internet of things (Iot) it is now more smooth to look in cybersecurity of digital lives. Not only in previous years hacking tools and digital security tools were in combat but they are still in the contest and will remain in the struggle to take over each other. Fraud is not going to end before the end of this world. Some measures could be taken by company employees or individual users for comprehensive security. Since 2014 searches for Digital transformation are rising steadily according to Google trends data. Recently Deloitte reported that medium-sized businesses increased their budget 25% for digital transformation last year and “The State of Digital Transformation” reported competitive pressure is the main reason businesses are investing in digital marketing more than before. According to GDPR legislation, it is now law for companies to chart risks in their data flow, Processing and identify where and how to control it and what measures must be completed to diminish the uncertainty. Due to advancing innovations in AI and Machine learning, Risk is rising for sensitive data to be lost. By regulations of authorities for non-compliance, fines are too high and consequences are too severe to bear.
Keep your Goals Achievable
If you want to digitally transform your business your goals must be very precise and achievable. Several businesses overstretch themselves, This is the basic reason of their fall and most of the time they risk their confidential data and reputation. For instance, if a company want to digitalize their business and they require to pursue resources being used by their staff, to find low performing department and rectify it, to find maximum performing employees and to integrate it with HR to provide promotions. This seems right to be done but a business must set its goals and attain the right time to perform changes. Firstly secure the technical infrastructure and communicate privacy team to detect and deter risk.
From the beginning, privacy must be the priority of the companies. No business should compromise privacy to prevent security breaches. While digitalizing businesses consult a legal or privacy expert to find unseen consequences. Business must take consent of their employees or customers i.e if a business is using address verification service to add a layer of security for its customers than it must take consent that we will reach and verify your address if they agree than proceed further. In change management digital business transformation is a challenging task to perform. It will not only affect the infrastructure of a company but it will affect the whole organization at every level. It will affect every process, activity, daily tasks and even supply chain.
Importance for Organization
For any organization, digital transformation is very crucial. It is required by the organization due to profitability, reducing cost, improving differentiation, speed to market and customer satisfaction. The best approach to increase clientele is to provide ease and smoothness in a business. By digitalizing a business an organization can do this. All aspects i.e. processes, assets, all activities, models and business functions are interconnected in the digital business transformation context. An essential aspect is every activity in digital transformation is interdependent. Even a small single activity of an organization is dependent on others. Digital transformation can provide better customer service and can increase productivity gains. No matter what is the vision of company digital transformation is crucial for the growth of the country. Here are some reasons why digital transformation is crucial for the growth of any company:
1- Every Customer is expecting digital services for his ease. But it is a challenge for any business to achieve because for this purpose they require more agile network and IT equipment.
2- Digital technology is playing a pivotal role in the creative productivity of employees because it decreases their workload and benefits them by automating their workload via digital technology instead of performing every activity manually.
3- Digital transformation can reduce the biggest threat of security breach better than traditional business methods.