When a tide of disruption is sweeping the world, digital transformation can’t be an outlier. With a prediction of market size growth from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, a Compound Annual Growth Rate (CAGR) of 19.1% is expected during the forecast period (source- Markets and Markets) Digital transformation is a game-changer for many enterprises, and has proven to be instrumental in optimizing performance, reducing lead times and shareholder value. In fact, it’s the sustenance for every business. Today’s organizations have been embracing digital transformation, with many companies having put a digital-first strategy in place. The trend is true not only for large enterprises but even for startups, making digital transformation a must-have strategy.
To give you a rundown of how digital transformation has been reaping results for enterprises, here are a few facts. More recently, high-tech B2B sales were seen to come from digital transformation in 2020 (Adobe, 2021). Companies that have higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies (Deloitte, 2020). The implementation of digital technologies can help accelerate progress towards enterprise goals such as financial returns, workforce diversity, and environmental targets by 22% (Deloitte, 2020). The popularity of the digital transformation is due to the ever-growing digital landscape. The growing need to ensure market competitiveness and rapid adoption of emerging technologies forecast decent prospects for digital transformation market. The success stories and multiple usages of existing datasets are expected to be the driving force to ignite the growth of the market.
The COVID-19 has accelerated the disruption of innovation at a massive scale for business operations worldwide. Organizations believe digital transformation is a necessary step in preserving their business as reflected by the most current statistics. Fueled by the Seamless connectivity and the ubiquity of the mobile phone, digitization now plays a critical role in adding business value.
Digital transformation is much beyond than automation of processes which is saturated and has already served its purpose of facilitating ease and availability of data.
Digital transformation is a radical rethinking to understand how an organization is agile in using technology, people, and processes to fundamentally bring about a cultural transition. It becomes imperative to engage people at the start, for the successful implementation of digital transformation. Here focus lies more on building, enabling, and implementing new digital use cases that lead to top-line revenue growth. Successful digital transformation begins as a cultural transformation of the workforce by upskilling them to make the most out of niche technologies and adapt to a digital-first culture.
Digital technologies relies more on new technologies. These emerging technologies are not just bringing in ease, but have an undeniable business value proposition. Now there is a paradigm, where the focus of an IT intervention in organizations is leaping from mere proof of concepts showing that the tech works to proof of value; measuring how the tech has impacted not just the business’ KPIs but also the very way they do business. This is where digital transformation offers efficacy in terms of employee empowerment, superior customer engagement, operational optimization, products or service delivery transformation, process re-engineering for efficiency, cost optimization, increase scalability and making business more agile & adaptable.
CSM Technologies has internalized the experience of Digital Transformation. We have been delivering digital transformation services to our customers while understanding their ecosystem, landscape and challenges. And after months of debate, policy prototyping and piloting, we prepared our digital transformation framework- one that heralds a tectonic shift in the way we ideate and deliver technology solutions. The framework comprises of three steps to propel the vision of transformation through, 1st – evaluate & envisage, 2nd- establish and 3rd- evolve.
CSM’s Digital Transformation Services navigates enterprises in a digitalized journey with the following bouquet of offerings:
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