Topics In Demand
Notification
New

No notification found.

Digital Transformation - The need of the hour
Digital Transformation - The need of the hour

June 14, 2021

1404

0


Listen to this article



Digital Transformation - The need of the hour
 

Digital Transformation is changing the way business is done in every sector of the economy. Businesses need to transform themselves into digital enterprises to thrive and succeed in this new era. It is not just about adopting new technologies. It is about learning how these technologies can be applied to the existing business models so as to yield better results. For this, today’s leaders must debunk the myths in the industry, be open to learning, adapting & collaborating, thereby helping their organizations to ride this tide by following a successful transformation roadmap.

 

Focus on Customer Centricity


Every organization needs to be foremost focused on its Customers. Customer centricity has many aspects which need to be addressed, such as ensuring that the products and services meet customer needs and help in creating superlative Customer experiences and relationships. An interesting data point has been published by Bain & Company, which says that “Increasing customer retention rates by 5% increases profits anywhere from 25% to 95%.”

Digital transformation would help you in being more agile, responsive, add more value to services provided, and achieve much more at a lesser cost.

Given that creating value for our customers is our topmost priority, let us now consider how best this can be done in today’s day and age. No matter what the industry vertical, digital transformation seems to be on the agenda of most organizations. As per Gartner, 
“Through 2024, businesses will be forced to push their plans for digital business transformation by at least five years to survive in a post-Covid world that “involves permanently higher adoption of remote work and digital touchpoints.”

 

How to Get Started


The way I look at it, going digital is a two-fold process. The first is to have the right set of tools, technologies, and expertise that enable organizations to take that step forward into the future. However, at the same time, the digital-first mindset and fixing it into the employee culture are also important. Since these are emerging technologies which come with some level of risk factors associated with them, there are several industry-standard best practices that have been created for ensuring that the risk is mitigated and a strong return on investment (ROI) is achieved when embarking on such initiatives.

 

Our Experience at Godrej Infotech


The tremendous potential in revolutionizing today's industry of technologies such as AI, IoT, ML, and RPA is almost unbelievable. We see that clients are looking for end-to-end solutions that can be executed in a phased manner. There are several proven use-cases and success stories that have taken place in the last 3-4 years which can now be leveraged by other organizations in a more efficient manner. Some of the inspiring examples that can be used as a reference are:

  • IoT techniques used on the shop floor for predictive maintenance of devices has helped in minimizing machine breakdown & unplanned outages by as much as 85%
  • AI-powered chatbots that answer simple customer inquiries serve as a welcoming presence on your website, reducing the time customers must wait to reach an agent.
  • RPA solution to automate rule-based, error-prone, manual processes have resulted in 100% accuracy and savings of as much as 2 FTE (full-time equivalent)
  • Quality inspection using machine learning techniques has resulted in defect detection within less than 30 seconds.

To conclude, we can surely say that digital technologies are here to stay and dictate the future. However, before embarking on any initiative, organizations must do their due diligence by conducting a detailed cost-benefit analysis along with consultation from industry experts who can compare against standard benchmarks and best practices.

 

                                                                                                                             Biju

                                                                                ABOUT THE AUTHOR

                                                                                                                                          Biju Thomas

                                                                                                                      Global Delivery Head, Godrej Infotech Ltd.

 

 


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


Download Attachment

DigitalTransformation_Blog.doc

Godrej_Infotech

© Copyright nasscom. All Rights Reserved.