As the business landscape evolves at a rapid pace, companies are increasingly realizing the importance of Digital Business adoption as a crucial element for success. To achieve this, adopting a cloud-based Digital Business platform (DBP) that enables a Single Source of Truth (SSOT) is essential.
This platform can help organizations unlock new revenue streams, improve customer engagement, optimize internal operations, reduce costs, and increase agility. Management engagement and ownership is the starting point to facilitate the successful development of the DBP across the enterprise.
Smoother Transition to Digital Business Platforms
However, companies face several challenges in transitioning to a Digital Business platform. Among them are managing legacy systems that are complex, siloed, and difficult to integrate with modern cloud technologies. These barriers can be resolved by instilling engineering rigor, finding and retaining a diverse set of skills and talent adept at cloud infrastructure, DevOps, and agile software development.
Another piece in the mix is Master Data Management (MDM), which is a process of identifying and managing the most critical data to ensure accuracy, completeness, consistency, and reliability across different systems and applications.
For highly regulated industries like Financial Services and Pharma, the need for modernizing their transaction platforms in the cloud for stronger governance, compliance, reliability, and performance has never been greater.
Additionally, the correct focus on engineering rigor ensures governance, privacy, and compliance that is auditable and traceable. Establishing robust end-to-end security measures and standards like ISO and IEC 27001 will protect data from hackers and data breaches.
To overcome these challenges, companies need to establish a clear vision and strategy, build a strong business-led cross-functional team with the right mix of skills and expertise, leverage agile development methodologies, and embrace DevOps and automation.
It is also crucial to work independently from the current complex transaction systems and siloed legacy systems that prevent businesses from achieving digital adoption. By doing so, companies can achieve a modern cloud-based platform with an SSOT that allows them to operate with greater agility, speed, scale, and consistency.
Key Strategies for Successful Digital Business Transformation
To achieve this, companies need to set clear business goals and objectives, adopt a business-led approach, create a collaborative culture and a cross-functional team that is empowered to make decisions, adopt an agile approach to software development, hire or partner to bring skilled talent in digital technology, and evaluate legacy systems to determine which ones can be integrated into the new platform or need replacement.
It is crucial to ensure that the digital platform is cloud-based, scalable, secure, and implemented with security measures to protect user data and the platform itself.
By adopting a DBP with an SSOT, companies can establish end-to-end industry best practices for security and compliance, quality, reliability, and higher productivity at scale in a cost-effective way. The Digital Business platform also plays an important role in breaking down the barriers by harmonizing business functions across the enterprise.
The SSOT enables advanced analytics, including artificial intelligence and machine learning to drive business value and improved decision-making. Research by McKinsey suggests that companies that use advanced analytics outperform their peers in revenue growth and profitability.
A key aspect of this process is that digital business can be done independently, quickly creating business outcomes without disruption to the current business. By working independently from the existing complex and siloed environment, this approach simplifies the process of collecting essential data into a single source of truth, which enterprises can leverage.
Effective management of data serves as the foundation for generating valuable insights and knowledge, which fosters a culture of innovation and growth.
Also read: Digital Business vs. Digital Transformation
Empowering Digital Transformation with DBP
A DBM that is enforced by a Digital Business Platform through a simplified self-service environment with end-to-end automation and strong security and compliance that is auditable and traceable.
This is crucial for companies to stay competitive in the digital age. By taking a holistic approach companies can achieve success with greater speed, consistency, and scale.
It starts with business ownership and a collaborative approach that allows companies to bring data together across the enterprise into an SSOT.
A cloud-based self-service Digital Business Platform with automated governance enables companies to launch products faster and deliver exceptional experiences with greater agility and better outcomes.
