Tuesday March 2, 2021
What is Digital Transformation?
Digital Transformation is essentially changing how a business operates, both culturally and in work processes, by incorporating digital technologies in all departments. Digital Transformation is upgrading technology and driving the company to buy into a culture shift to facilitate growth and a valuable customer experience.
Achieving Digital Transformation requires a Digital Transformation Strategy which encompasses every area of the company. This strategy includes technological solutions to reinvent and improve current business processes and models. A Digital Transformation Strategy also touches upon the cultural shift of implementing new technologies and how ‘buying in’ must be company-wide, not just within the C-Suite.
There are many aspects on how to achieve Digital Transformation, but the main areas we want to focus on are Identifying Business Processes, Researching Technologies, Involving the C-Suite, and Mastering the Digital Process.
Identifying Business Needs
The first step in any industry is to identify business needs that require change or can be improved. These include business processes, models, and strategies. These can be difficult to identify considering how embedded legacy business structures can be in a company.
Once the company’s needs are identified, one can dive into the vast selection of Artificial Intelligence and Machine Learning technologies, Data Integration and Data Governance, Predictive Analytics, and many more. Understanding the potential of these technologies opens the door to transformational opportunities.
Involving the C-Suite
Organizational Change must start at the top of the chain for Digital Transformation to succeed. A single CTO or CIO cannot just lead the initiative. For Digital Transformation to be realized, the C-Suite must be responsible for driving the transformation strategy.
Mastering the Digital Process and its Benefits
A business must master the digital processes that come with the new technologies to reach the full potential of Digital Transformation benefits. Having the technology is useless unless it is in the hands of team players open to a shift in business processes and company culture.
Digital Transformation Key Benefits
The life sciences and healthcare industry are on the front lines of innovation. Companies in sectors like the life sciences and healthcare industry need to keep up with the speed at which technology and medical practices are improving. Digital Transformation is a necessity to remain relevant in a rapidly growing industry.
The Digital Transformation key benefits in life sciences and healthcare are efficiencies, reliable data, and analytics. Businesses implementing new technologies in their processes and services are seeing returns from Digital Transformation. Life sciences and healthcare systems rely on speed and reliability now more than ever. Using digital technology is helping to fulfill these fundamental needs in an effective and reputable way. Businesses implementing a Transformation strategy in their processes are seeing an increase in productivity and customer satisfaction. The successful implementation of digital solutions further drives these benefits.
Having digitized data not only helps increase reliability but also drives accurate analytics. The use of predictive analytics can give businesses concrete objectives and goals. Predictive analytics is especially important for the use of Artificial Intelligence, Machine Learning, and Data Mining. Digital Transformation benefits in a life sciences or healthcare organization are endless once the digital process is suitably executed.
Why is Digital Transformation Important?
Digital Transformation is important because it allows a company to improve or modify core business processes by utilizing digital technologies that streamline otherwise monotonous tasks and jobs.
An excellent example of Digital Transformation is the introduction of Electronic Medical Records. The availability of important and life-saving data being kept in electronic form instead of on file has streamlined Digital Healthcare in significant and advantageous ways. An emergency room no longer needs to wait for a fax from a general practitioner’s office to get an accurate medical history. It is all stored safely in a secured server rather than a filing cabinet. Furthermore, organizations in the medical device industry have implemented supply chain digitization to reduce overall costs, increase visibility in their supply chain, reduce maintenance, and improve customer experience.
Address Digital Transformation Challenges with Arbour Group
Once a company identifies its technological debts, it can start a Digital Transformation strategy and reach its full potential. However, some Digital Transformation challenges include but are not limited to a lack of commitment, the existing culture, lack of agility, inadequate partnerships, faulty understanding, and preexisting methods. To resolve these issues, it is essential to have the sponsorship of a Digital Transformation strategy at an executive or C-suite level. It is easy to feel comfortable in a business process or model that has been in place for years. To enact an organizational change of processes, backing must be given at an executive level to prevent failure due to lack of support.
Another key aspect of achieving Digital Transformation through organizational challenges is a third-party partnership and knowledge of industries. Arbour Group has a considerate understanding of the life sciences and healthcare industries. We know what it takes to implement a Digital Transformation strategy while meeting compliance and regulatory requirements. Arbour focuses on the culture, methods, and technologies to exceed your business strategy expectations. We identify prospects for process enhancement that maximizes shareholder value and has a significant impact on efficiency.
To learn how Arbour Group’s Digital Transformation consulting services can exceed your business objectives, contact us today.