Connecting Technology and Business.

Digital Transformation – Buzz word or reality?

The challenge. The third industrial revolution flooded in the digital technology and pervaded every desk with a desktop or a laptop. However, this took nearly a quarter of a century to make a man’s dream come true. But here is the deluge – the fourth industrial revolution that tries to bring digital in every realm that man has set his foot on. The volume and pace with which this has invaded this planet is unprecedented.

While technology promised a lot triggering huge investment by enterprises over long periods, the results had always remained a mirage for decision makers. A major reason for this might have been because of a lack of a unifying vision across technology deployments. Another reason might have been the lack of seamless information flow for businesses to make intelligent decisions. Data kept flowing in in bits and pieces, from various silo systems and in disparate forms that contributed little to the enterprises for sustenance and growth. Various functions in the enterprise could not harvest actionable insights from business data that had been accumulating over the years. The data just remained dead in systems for enough time that it had only increased the cost of safekeeping day by day.

 IT and digital had remained a supportive function with limited business role for quite long but has now quickly moved to a state where it is currently playing a transformational role spreading an all pervasive intelligent mesh touching and transforming all aspects of business.

The reality. Now, there is a realization that technology infrastructure should talk to each other and work in unison to produce value for the enterprise. Data that has been lying fallow for years should be harnessed to show reality and predict the future for the enterprise to device its course of action. There is valuable IT infra in the enterprise datacenters and a rich collection of data that contain a wealth of information for executives to strategize their approach for expanding their business, reaching potential markets and increasing their revenue and profits.

All industries have started investing heavily in digital transformation as they realize that digital business is intelligent business in the current state of IT affairs. The top ten highest spending industries are expected to spend $151 billion (approximate Rs.10 lakh crores) in the next two years capitalizing on this unprecedented opportunity. Financial services lead the pack with the highest intended spending during this transformation journey. Manufacturing and Retail business have also jumped into the bandwagon so that they don’t want to be left behind by the startups and digital leaders that rely heavily on digital for their success and leadership.