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article imageWhat's next for businesses attempting digital transformation?

By Tim Sandle     May 4, 2018 in Business
Digital transformation is the objective of most business leaders, yet achieving this has proved challenging. Many businesses are now focusing on step-wise changes. A review from Canon selects the top three.
Digital transformation has been slow for businesses, as the Digital Journal article "Only 1 in 10 enterprises are 'digitally transformed'" reveals. Very few organizations or industrial sectors feature high on a digital business maturity scale. This has led many businesses to undertaking the 'go digital' task incrementally. This is so that enterprises can better understand the impact of a technology shift both outside and inside the organization.
In terms of the step-by-step approach, Rob Ferris, who is the director of Document Solutions at Canon U.K., has provided three areas that businesses should focus on to adapt to the Information Age. Canon is a Japanese multinational corporation specializing in the manufacture of imaging and optical products. The three areas are:
Blockchain
Ferris considers that blockchain will push digital transformation to new levels. The association of blockchain as a conduit for cryptocurrency has expanded to place blockchain as an essential mechanism for transparent and secure business transactions. Current examples include the use of blockchain for smart contracts, digital payment systems and improvements in cloud storage. Sector specific examples include insurance, where the need for central records can be avoided since each transaction is recorded; and with healthcare, with digital patient records.
New ways of working
Ferris notes that businesses need to reform internally since digital transformation reaches into the "very heart of the business", and this necessitates new ways of working. In particular, digital transformation will disrupt information technology roles, at all levels. There is also a need for a culture shift. A Gartner survey of business leaders found that 56 percent of CEOs state when their employees take a digital-first attitude this is coincidental with digital transformation success and increased profits.
Data as a strategic pillar
The use of data and the commitment to the use of quality data will be crucial to businesses pursuing digital transformation success. Capturing quantifiable, data-driven information can assist with identifying new market opportunities; optimizing supply chains and distribution channels; and developing multi-channel experiences for customers.
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