‘RoI is a concern as companies are not patient with Digital Transformation’
Published by : Industrial Automation
Sandeep Raut, Founder & CEO, Going Digital.
While most companies are today talking of Digital Transformation, do all of them have effective strategies in place for implementation?
Several companies have already spent some time and efforts on Digital Transformation initiatives. But they are in silos and not interconnected for enterprise and that has created more problems for the organisations. In most of the organisations, there is no single senior leader like Chief Digital Officer who runs the show. Organisations do create good digital strategies but timely execution is a problem. Only where there is full support from the Board of Directors and top leaders like the CEO, digital initiatives become successful.
What are the impediments in the process of Digital Transformation in the Indian context? Is RoI the key concern?
The main impediment is the culture change in the organisation. In the Indian context, it becomes more evident when everyone thinks for their own circle of control and ensure their position is safe when such Digital Transformation initiatives fail. The way out is CXOs should make it clear that failure is not considered negative – fail fast, but succeed faster, is the only option.
RoI is also a concern as companies are not patient with Digital Transformation. They pull the plug even within a few months when they don’t see any returns. Digital is like a newborn baby that takes a year to walk and hence companies should continue with their digital initiatives for a longer time to show some results.
As one of the main drivers of the economy, is the SME sector ready for this transformation?
When big corporates and large companies are struggling to get the digital right, we cannot expect the SME sector is ready. Some of the SME are so focused on the business and revenue generation with personal connects, they don’t even bother to worry about digital technologies. It is still like an unorganised sector.
How should the SMEs prepare for Digital Transformation?
First and foremost SMEs should be aware of what exactly Digital Transformation is, and how it is going to impact their business. Who are their customers and how much technical savvy they are? Accordingly, create the customer journey maps which will help in a systematic way of creating the digital initiatives, which will impact the customer experience most and eventually benefit the company.
Are privacy and cybersecurity concerns regarding the cloud exaggerated?
Privacy issues will remain and continue to be a bottleneck in some of the end consumer-driven businesses where data is of extreme importance. When IoT is making headway into the mainstream, Cybersecurity is extremely important. With all their equipment and appliances connected to the internet, anyone can hack into their network and steal the important data. The standards for inter communication between internet of things have to be evolved and full proof over the time.
Sandeep Raut helps businesses in setting up Vision, Digital Strategy, Digital Maturity Assessment, Customer Journey Mapping, Multi-year Digital Transformation roadmap and Digital Marketing. He has been ranked among Top 10 Digital Transformation Influencers to Follow Today by IDG, and among Top 10 Digital Transformation Influencers that will change your world by Enterprise 360, and also ranked #8 in Global Digital Transformation Thought Leaders by Thinkers 360. Sandeep is an expert in simplifying the digital technology and writes a blog, Simplified Analytics. He spearheaded Digital Transformation consulting engagements like digital vision & strategy, digital maturity assessment, customer journey mapping workshops, mobile-first strategy, and new digital business models.