Digitization is currently radically and exponentially changing business across all sectors. Organizations are facing the challenge of managing all rapid and repetitive adaptation in the face of changing infrastructures in order to correspond with the needs of the digital age, so organizations must be aware to avoid unnecessary disruptions to business. The digital economy shows great growth potential in the scope of transactions between companies. Today, consumers have a huge impact on the economy, as we are in a society that is always “online” and well informed.
TopTo remain competitive, businesses around the world are increasingly investing in digital transformation. According to Andriole (2017), there are 5 Myths to overthrow that increase the path to the “unknown” world:
Not every company, process, or business model requires digital transformation. Digital transformation is not a software upgrade or a supply chain improvement project. It is a planned digital shock to what may be a reasonably functioning system. For an example, to launch a digital transformation of business processes, it is necessary to purposefully model those processes with tools that enable creative, empirical simulations. For instance, the software programs that enable business process modelling and business simulations. So, as a first step to digitally transforming your processes, you need to honestly assess if your company can create digital models that simulate the nuances inherent in its procedures.
Most short-term transformational impact comes from “conventional” operational and strategic technology not from emerging or so-called “disruptive” technology. Most transformational leverage comes from tried-and-true operational technology (for example, networking and databases) and strategic technology (such as enterprise resource planning or customer relationship management software).
If things are going well defined crassly as employee and shareholder wealth creation, then the chances of transforming anything meaningful are quite low. Failing companies are much more motivated to transform themselves, simply because they need to change something, if not everything quickly. Successful companies, especially if they are public companies, are understandably cautious about change. So, how many succeed companies without market duress have truly transformed their business models? Change is expensive, time-consuming, inexact, and painful. It is this sort makes the leaders who suggest it easy targets for in-house politics, especially when the change initiatives move slowly or stumble.