Since the advent of the World Wide Web in 1990, businesses have undergone such quick and significant changes that it hasn’t seen since the industrial revolution. Internet connection has been available virtually everywhere since the days of dial-up.
Companies have revolutionised their digital transformation process with artificial intelligence and other technology-based strategies. As executives seek the best way to embrace new technologies and prepare for future development, these changes present possibilities and difficulties.
In these circumstances, leaders who are well-versed in strategic concepts and ready to take advantage of developing technologies are vital to keeping a business on course with the application of cloud-native approaches.
Let’s look at how digital transformation is revolutionising businesses today and some innovators that achieved company success through their application.
How Digital Methods are Revolutionising Business Success
Minimises Operational Expenditure
Business owners may save money by utilising technology. Back office activities like record keeping, accounting, and payroll may be automated using basic business software. Home offices and field salespeople can communicate in real-time thanks to mobile technology. Field salespeople, for example, may utilise mobile applications to record daily costs as they occur and have them connect with accounting software back at the office automatically.
Enhances Flow of Communication
This benefit was highlighted in 2020 when government-mandated restrictions on movement (due to the COVID-19 pandemic) prevented the use of in-person communication.
Businesses benefit from technology that enhances their communication channels. Emails, messaging, websites, and apps, for example, let businesses communicate with customers more effectively. Companies can flood the market with their content by employing a variety of ICT strategies. Through these channels, businesses may also obtain more consumer inputs.
Inter-office communication is also improved by technology. Social intranet software, for example, provides employees with a centralised gateway via which they can view and amend internal papers and contracts and immediately transmit pertinent data to other departments. These approaches also allow businesses to communicate with customers in real-time via mobile devices.
Outsourcing and Collaboration
In today’s ever-expanding business environment, business technology allows firms to outsource business operations to other enterprises. Outsourcing may help businesses cut expenses while allowing them to focus on what they do best. Two popular functions that organisations outsource are technical support and customer service.
If a small business owner lacks the necessary facilities or staff, they may consider outsourcing some activities. Businesses can also use outsourcing technologies to delegate functions to the most cost-effective locations feasible, such as customer service.
Keeping Sensitive Data Safe
Company owners may also use technology to build secure settings for storing critical corporate or customer data. Many forms of corporate technology or software packages are user-friendly, allowing even those with only a rudimentary understanding of IT to take advantage of its capabilities and features.
Digital Innovators Facilitating Success in their Companies
Gary became the Chief information officer at Nationwide in 2021 and was tasked with rebuilding Building Society’s tech capability. The organisation searched for an end to its dependence on third-party providers and wanted to build a next-level digital platform for its stakeholders.
When Gary began working with Nationwide, almost 90% of their IT capability was outsourced to tech providers and system integrators. This model burdened the company with overwhelming operational costs and security risks.
With Gary at the helm of things, the company’s in-house tech capabilities have experienced rapid growth. They now have the expertise to design and implement core technology on their own. By 2018, they were already redesigning their IT estate by moving to the cloud, eliminating complexity and modernising legacy.
Delooze’s success hinged on his ability to listen. He enjoys spending time with his colleagues to learn from them what works or doesn’t work on site. He also ensures that his tech teams prioritise the interest of Society’s members.
Davis became the Head of Cloud Engineering at Lloyds Banking Group in 2017. His original role was to facilitate the establishment of their Open Banking Platform, but as time went by, he began using his cloud expertise to propel cloud-native development in the bank.
Much of his work now revolves around emphasising the power of cloud-native infrastructure in a heavily regulated corporate environment.
Currently, Lloyds is undertaking a multi-year, billion-pound digital transformation process to streamline the customer experience. Matt Davis has championed this initiative by handling several technological strategies for the bank.
These projects have had a significant role in proving that cloud-native approaches can add value while maintaining security.