Why is Digital Transformation such a hot potato? Read this article to better understand it.
The impact of digital transformation on business success
The outcome of a digital transformation is normally a step-change in operational effectiveness and growth.
Recent research conducted by Harvard Business School suggests that companies that are digital laggards don’t perform as well as those that embrace digital transformation. They write, “Organizations that scored in the top quartile of our digital transformation index obtained much better gross margins, earnings, and net income than organizations in the bottom digital quartile. Other financial and operating indicators showed similar disparities.”
Harnessing new digital technologies to create more customer value and reduce operating costs is a challenging prospect for many organizations accustomed to primarily investing in slow-coach IT to keep the lights on. To leverage the potential of technologies like big data, artificial intelligence, blockchain, the Internet of Things, virtual reality and cloud computing (etc.), your enterprise needs to embrace a digital ecosystem that’s able to embrace new technologies and adapt to change affordably and expediently. That’s why
What subjects does digital transformation focus on?
Research suggests that the most common focus of digital transformation are projects that improve customer experience or create more customer value. Examples include:
- Portal applications to encourage self-service
- Projects to make more information and services transparent to customers
- Simpler logistics, automation, and billing
- Chatbots and customer support services brought online
- Projects to capture more customer insight to deliver more personalized, tailored products and services
Orchestrating your digital transformation
NDMC invented encanvas to support digital transformations by equipping organizations to adapt their IT to fit their business model. We describe it as a business model orchestration and it normally means the evolution of enterprise IT architecture to embrace codeless ‘Live Wireframing’ of applications.
A 2019 report by Zenzar found that employees too understand the value of having the right digital tools to get the job done. More than three-fourths (76%) of the 1,000-plus survey group said having the digital tools they need at work makes them more productive. More than half (53%) said it makes them more successful. The same share said they would be more empowered to better manage workflow if provided with the IT tools they needed, and 42% said it speeds up boring tasks. Some 68% of the 18 to 34 age group said having the digital tools they need at work makes them more productive. That’s a significant share. But it’s even higher – at 80% – for the 35 to 54 age group. And a whopping 83% of workers age 55 and older agreed.
Where to start?
Adopting a top-down approach to enterprise IT – and creating a single, unifying digital platform with modern cloud platforms – will transform your business and its ability to compete in the digital age.
McKinsey & Co. suggest companies with digital platforms enjoyed an annual boost in earnings before interest and taxes (EBIT) of 1.4 percent, compared with the 0.3 percent gains of non-players. They go on to state that performance effects are cumulative, with EBIT improvements adding to early-year gains, so over a five- year period, platform players may capture an additional 10 percent in EBIT growth—a company’s 2 percent EBIT growth, for example, would increase to 2.2 percent in year five. Source: ‘The right digital-platform strategy’, McKinsey & Co, May 2019
Encanvas is an enterprise software company that specializes in helping businesses to create above and beyond customer experiences.
From Low Code to Codeless
Better than code-lite and low-code, we created the first no code (codeless) enterprise application platform to release creative minds from the torture of having to code or script applications.
Use Encanvas in your software development lifecycle to remove the barrier between IT and the business. Coding and scripting is the biggest reason why software development has been traditionally unpredictable, costly and unable to produce best-fit software results. Encanvas uniquely automates coding and scripting. Our live wireframing approach means that business analysts can create the apps you need in workshops, working across the desk with users and stakeholders.
When it comes to creating apps to create a data culture and orchestrate your business model, there’s no simpler way to install and operate your enterprise software platform than AppFabric. Every application you create on AppFabric adds yet more data to your single-version-of-the-truth data insights. That’s because, we’ve designed AppFabric to create awesome enterprise apps that use a common data management substrate, so you can architect and implement an enterprise master data management plan.
Encanvas supplies a private-cloud Customer Data Platform that equips businesses with the means to harvest their customer and commercial data from all sources, cleanse and organize it, and provide tooling to leverage its fullest value in a secure, regulated way. We provide a retrofittable solution that bridges across existing data repositories and cleanses and organizes data to present a useful data source. Then it goes on to make data available 24×7 in a regulated way to authorized internal stakeholders and third parties to ensure adherence to data protection and FCA regulatory standards.
Encanvas Secure and Live (‘Secure&Live’) is a High-Productivity application Platform-as-a-Service. It’s an enterprise applications software platform that equips businesses with the tools they need to design, deploy applications at low cost. It achieves this by removing coding and scripting tasks and the overheads of programming applications. Unlike its rivals, Encanvas Secure&Live is completely codeless (not just Low-Code), so it removes the barriers between IT and the business. Today, you just need to know that it’s the fastest (and safest) way to design, deploy and operate enterprise applications.
Learn more by visiting www.encanvas.com.
Nick Lawrie is the CEO of NDMC Ltd and a member of the Encanvas Steering Group. His background is in corporate finance where he served for several decades as a Fortune 500 CFO. Nick is an experienced practitioner in large-scale enterprise IT and change management projects. He can be contacted via his LinkedIn profile.