Are You Ready for the Digital Transformation Revolution?
Every sector of business –– manufacturing/construction to biotech/life sciences, financial services/banking to health care delivery –– faces a new force of change unfolding around us in real-time. The Digital Transformation Revolution (DTR) is here, and it is now.
This new era differs from the digital era we have all lived in since the 1980s. It arises out of revolutionary new digital technologies and simultaneously responds to and converges with vast demographic, social, and even political changes that the covid-19 pandemic has intensified. Every business must now grapple with these three core questions:
What is the Digital Transformation Revolution?
How can it benefit our company?
How can our company master it?
Shock of the New: Embrace…Adapt…or Perish
By itself, the term “digital transformation” is not new. The classic view of IT is communications, sharing of data, and the hardware/software that enables these capabilities. By contrast, Digital Transformation refers to the data itself. The hallmarks of Digital Transformation are process automation, data analytics, Machine Learning, and Artificial Intelligence. These are not future capabilities. These are available now; many companies are already paying for them but are unaware.
DTR is unleashing revolutionary changes in all business practices. For example, in years past, organizations often undertook digital transformation as a one-time fix or piecemeal approach to any competitive threat or market shift. But as a recent MIT Sloan Management Review study reports, today’s DTR is “a continual [digital] adaptation to a constantly changing environment.”
DTR entails a simultaneous technological and cultural revolution.
It demands that companies, organizations, and campuses develop technical and operational cultures to evolve and respond to unpredictable and ever-changing customer/partner expectations, market conditions –– and local or global events.
Fueling this revolution are several converging, society-changing events. For example, true to form, the Boomer generation’s retirement numbers are the highest in recorded history, generating labor and expertise shortages. The Generation Z members coming into the workforce are not offsetting these numbers, creating an inherent labor shortage. Covid-19 lockdowns worldwide have turbo-charged off-site work and digitalization trends. DTR’s responses –– which includes Artificial Intelligence (AI), hybrid cloud, and global automation –– amount to radically new technologies, practices, and work cultures to optimize data, favor the most intelligent workflows, and prioritize faster and smarter decision-making.
This is a revolution of real-time responses to a permanently disruptive market. Those companies that understand and master DTR will be the ones that benefit immensely from this revolution’s creation of new business opportunities and transformation of customer expectations. Those companies that do not will fall by the wayside.
BACS: Guiding You Through the Digital Transformation Revolution
BACS is at the forefront of the Digital Transformation Revolution. Our expertise and customer-centered work have built an eclectic, loyal client portfolio in biotech/life sciences, financial services/banking, and manufacturing/construction worldwide. Our work has won prestigious awards and attention: industry journals of record seek out our views on a range of thought-provoking subjects about the Digital Transformation Revolution.
In the upcoming weeks, we will explore how this new era can impact your company in greater detail. And we will present impactful, doable strategies for your organization to embrace…adapt…and prosper in the Digital Transformation Revolution unfolding around us.