OneNet Servers hosted the sixth edition of the Breakfast Chat on the 25th of July. In this blog post, we will be sharing some of the major learning points from the webinar.
Digital Transformation marks a radical rethinking of how an organization uses technology to enhance business performance. The speakers noted that Digital transformation has been around for a while but Coronavirus hastened its visibility and it has come to stay.
THE BUSINESS ENVIRONMENT
- The number of business springing up now is unprecedented;
- Previously, a business needed an office space, physical address, physical phone, regulatory approval, etc but now all a business need is a phone, data, and an email address.
- Due to rapid digitization, the business landscape is changing from businesses like General Electric, Exxon Mobil, Microsoft, Citigroup, British petroleum to Apple, Microsoft, Amazon, Google, Facebook which are all tech-enabled.
- The era of tech-enabled business brings about the following: Opportunity to grow astronomically, Borderless growth, Increased competition, Money flocking into these areas.
RECIPES FOR DIGITAL TRANSFORMATION
- Create more personal computing;
- Build an intelligent cloud platform;
- Re-invest productivity and business procession.
BUSINESS MODEL INNOVATION FRAME
This model is one every organization needs to start thinking about as we face changing times today. The 3 questions to think about include: What are your goals? What should change? How would it impact my organization?
HOW CAN AN ORGANIZATION REINVENT ITSELF?
- Engage your customers;
- Empower your employees;
- Optimize your operations;
- Transform your product.
BENEFITS of DIGITAL TRANSFORMATION:
- Improvement in profit margin;
- Increased revenue from existing products and services;
- Improvement in productivity;
- Improved customer advocacy, loyalty, and retention;
- Increased revenue from new products and services.
- Increase opportunities for individuals through better access to education and training;
- Create more higher-value jobs for individuals;
- Improved quality of education through better teaching tools.
CHALLENGES OF DIGITAL TRANSFORMATION:
- Lack of skills and resources;
- Siloed and resistant culture;
- Lack of advanced analysis to develop actionable insight.
HOW TO BECOME A DIGITAL TRANSFORMATION LEADER:
- Create a digital culture
- Build an information ecosystem;
- Embrace micro-revolutions.
AREAS OF IMPROVEMENT
- E- contracting/ bidding;
- E- project monitoring;
- E-voting;
- Digitizing processes for renewing licenses, permits, passports, thereby limiting human contact.
The benefits of these improvements include: Wider reach, Saves money, Create jobs, Promotes transparency, Attracts more money, Create new businesses, and Supply chains.
The Breakfast Chat is powered by START2DEV – an initiative aimed at mentoring startups on technical, business, innovation, sales, and marketing aspects of their careers to give them a flying start.
Join the next edition here
