More Innovation and Improved Processes is the Key
Digital innovation is definitely driven by people and by business processes. Technology keeps changing as platforms and its usage is application oriented, which is ever changing due to dynamic demands. People (engineers, technologist and scientist) are the owners who master the acing technology coupled with robust business processes which help to deliver excellence to customers.
Business processes generate the basic needs of improvement in changing world. These processes feed into people’s mind and enable them to think differently on improvements and change, which encourage them to experiment. Additionally, digital technology provides them platform to explore and use it for improved processes which results in faster, better and cheaper way of transformation.
Challenges face with Manual Communication and Collaboration Techniques
Digital Technology is certainly the technology which puts the growing workforce of digital era at ease. However, it also brings in some challenges. For instance, cyber security is becoming a crucial challenge particularly in the highly sensitive industries like aerospace, nuclear, defence etc. Furthermore, establishing disciplined use of digital technology and making sure we are following the compliances becomes critical.
Also, there is growing trend towards remote work spaces as opposed to a physical office. As new workers, who grew up with technology available at their fingertips, join the workforce, we need to recognize this generational shift and consider how IT can enable today’s employees to be most productive in the work environment, while also maintaining consistency and security across the enterprise.
Digital transformation is effective only when it forms the core of an organisation’s business strategy. In the last few years, there has been a huge shift away from the cost centre mentality to truly being a core enabler of the business.
Having a dedicated role, such as CIO, CDO & CMO, is necessary to drive digital transformation, adapt, respond positively and be prepared for the challenges of the digital era. As more and more organisations are enabling digital transformation, there is a need to drive adoption and recognition of simplification, agility, enablement, and security to make an impact across the business.
Even at Rolls-Royce, as the organisation positions itself for the future, we are looking to work more closely with our customers to drive continuous innovation, build trusted relationships and create new product and service solutions needs by leveraging our data-led services across businesses.
Digital technology has immense power and it works at the very core of the ecosystem. With growing internet penetration and smart devices (USD 4.3 trillion connected life opportunity), there is a shift towards enabling Digital transformation across industries to spur innovation and productivity growth and transform customer experiences, as information, knowledge and data become more widely available.
All firms from Uber to AgSmarts are leveraging Digital technologies to access new markets, reach out to new customers and bring in new goods and services to consumers globally thus leading to better economic growth. Even the government’s ‘Digital India’ programme has revolutionised the way the government functions injecting efficiency and transparency into the delivery of government services.
Going forward, with digital technologies touching and influencing the lives of people, economic growth will be driven by the digital revolution in the future.
The Rise of Digital Business Models and Future of Digital transformation
Today, Digital transformation is no longer an option for businesses. It will become the key strategic thrust for most companies. We’ve already witnessed a 180 degree change on how retail businesses functioned. Several e-commerce companies have brought in a revolution in FMCG (Fast-Moving Consumer Goods) sector through digitisation. Banking sector will see the next wave of digitisation as cryptocurrency and technologies such as block-chain are reaching out to the mass and already getting exchanged as a medium of payment for services. Even India is looking to create a cryptocurrency regulatory framework. Looking to the future, business success will depend on digital transformation more than ever.
I came across an interesting phrase that read: “Digital technology has begun to eat the world”. While this explains what the future of digital transformation will look like, however, technology should be adapted cautiously and used wisely and we should be prepared and ready to face the impact of it.
Rolls -Royce take on the Transformation Wave
Rolls-Royce has always been the service pioneer. Since it transformed the services landscape nearly20 years ago with the introduction of TotalCare, it has been using the combination of its engineering and data expertise to help airlines optimise their operations. Today Rolls-Royce is accelerating digital transformation to deliver further value to customers, improve existing services and create new areas of growth.
Recently, Rolls-Royce announced its partnership with TCS to accelerate digital transformation. TCS will provide digital platform capability, allowing data to be captured, shared and analysed more easily across Rolls- Royce, so that new products and services can be developed at pace. This will enable Rolls-Royce to use data to innovate within all of its businesses and collaborate more effectively with partners and customers.