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Why Digital Businesses drive growth and profitability

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There is a big shift in how businesses are growing and responding to opportunities in today’s rapidly changing marketplace.

Importance of Digital Business

There is a big shift in how businesses are growing and responding to opportunities in today’s rapidly changing marketplace. It is the emergence of digital business, which is focused on simplification and using real-time business intelligence to create engaging value-added products for customers. This approach isn’t expensive, doesn’t take long, and will not disrupt the current business. The COVID-19 pandemic has magnified the importance of developing a digital business capability that can deliver specific outcomes.

Although the majority of business leaders say digitalization is a company priority only a fraction has been successful in their efforts. Digital transformation has become an overused buzzword that focuses on technology and a big bang approach rather than how the business comes together to take ownership of the outcomes. Leaders recognize that digital business is the way forward and it creates new value chains and business opportunities that traditional approaches cannot offer. It allows companies to leverage data intelligently and make smarter decisions – all of which leads to higher growth and better profitability.

digital businesses

Taking a fresh perspective, the digital business brings results quickly and more effectively because it enables continuous innovation and responsiveness to opportunities that boost revenue growth and market share. The key to sustainable success comes from a collaboration between technology and the business that focuses on specific outcomes. This is made possible by bringing together data from various sources to make better and faster decisions. It also increases the focus on delivering consumer preferences, expanding business through additional channels, and improving capabilities that support core operations – all utilizing existing assets.

Digital Business vs Digital Transformation

It is important to distinguish between digital transformation and digital business; on the surface, they may seem the same, but they are not. Digital transformation is being applied to any and every technology initiative yet only a fraction of digital transformation efforts meet expectations. In fact, responding to COVID-19 has raised awareness within organizations that digital business enablement leads to faster, positive outcomes. Digital business fuels growth by opening a pathway to new frontiers. Key behavioural patterns ascribed to digital business include:

1. Simplification and continuous innovation through experimentation to create real-time business intelligence and launching improved products. This creates high-value models for customers and ensures a high probability of success which can be launched more easily and quickly.

2. Delivering specific business outcomes whether launching a new product, business or making better decisions. Collaboration between technology and business in agile, short sprints creates real-time business intelligence. Coupled with AI and applying the right algorithms to provide better predictive modelling for delivering specific business outcomes.

3. Utilizing practitioners who take an end-to-end perspective and are experienced in bringing agile digital teams and business partners together to collaborate, iterate, and create solutions. It is a product approach with engineering discipline, bringing security and compliance together on a digital platform that simplifies the process from ideation to launch.

4. Nurturing a continuous discipline as a new way to do business, not a one-time transformation. Businesses that are adopting this approach start in a specific area, then as benefits are realized the rest of the business adapts. Creating an agile culture will accelerate the ability to create new business models leading to accelerated growth and end-consumer benefits.

The appeal of digital business is gaining momentum as companies realize how it can simplify processes and accelerate growth and profitability. People and cloud-based digital platforms are the building blocks of how large or medium enterprises make the transition. This also fundamentally changes how enterprise leadership thinks about the IT relationship transitioning from alignment to integration. Collaborative solutions, or iterating in short sprints, will create results in a matter of weeks without the major expense of a big bang approach.

digital businesses

Final Thoughts

Digital businesses create competitive advantages based on a combination of collaboration between technology and business teams, being focused on specific outcomes, and bringing together digital and physical resources. Substantial ROI comes from delivering fast bite-sized outcomes, rather than taking a big-bang approach. Digital business is simply a new and better way to accelerate business growth and profitability.

Picture of Raj Vattikuti

Raj Vattikuti

Raj Vattikuti is an American-Indian entrepreneur, business executive and philanthropist. He is the Founder and Chairman of Altimetrik Corp. He is also the founder of Vattikuti Foundation. through which he is involved in many charitable causes.

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Michael Woodall

Chief Growth Officer of Financial Services

Michael Woodall, as the Chief Growth Officer of Financial Services at Altimetrik, spearheads the identification of new growth avenues and revenue streams within the financial services sector. With a robust background and extensive expertise, Michael brings invaluable insights to his role.

Previously, Michael served as the Chief of Operations and President of the Trust Company at Putnam Investments, where he orchestrated strategic developments and continuous operational enhancements. Leveraging strategic partnerships and data analytics, he revolutionized capabilities across investments, retail and institutional distribution, and client services. Under his leadership, Putnam received numerous accolades, including the DALBAR Mutual Fund Service Award for over 30 consecutive years.

Michael’s dedication to industry evolution is evident through his involvement with prestigious organizations such as the DTCC Senior Wealth Advisory Board, ICI Operations Committee, and NICSA, where he served as Chairman and now holds the position of Director Emeritus. Widely recognized as an industry luminary, Michael frequently shares his expertise with various divisions of the SEC, solidifying his reputation as a seasoned presenter.

At Altimetrik, Michael plays a pivotal role in driving expansion within financial services, leveraging his expertise and Altimetrik’s Digital Business Methodology to ensure clients navigate their digital journey seamlessly, achieving tangible outcomes and exponential growth.

Beyond his corporate roles, Michael serves as Chair of the Boston Water & Sewer Commission, appointed by the Mayor of Boston, and is actively involved in various philanthropic endeavors, including serving on the board of the nonprofit Inspire Arts & Music.

Michael holds a distinguished business degree from Northeastern University, graduating with distinction as a member of the Sigma Epsilon Rho Honor Society.

Anguraj Kumar Arumugam

Chief Digital Business Officer for the U.S. West region

Anguraj is an accomplished business executive with an extensive leadership experience in the services industry and strong background across digital transformation, engineering services, data and analytics, cloud and consulting.

Prior to joining Altimetrik, Anguraj has served in various positions and roles at Globant, GlobalLogic, Wipro and TechMahindra. Over his 25 years career, he has led many strategic and large-scale digital engineering and transformation programs for some of world’s best-known brands. His clients represent a range of industry sectors including Automotive, Technology and Software Platforms. Anguraj has built and guided all-star teams throughout his tenure, bringing together the best of the techno-functional capabilities to address critical client challenges and deliver value.

Anguraj holds a bachelor’s degree in mechanical engineering from Anna University and a master’s degree in software systems from Birla Institute of Technology, Pilani.

In his spare time, he enjoys long walks, hiking, gardening, and listening to music.

Vikas Krishan

Chief Digital Business Officer and Head of the EMEA region

Vikas (Vik) Krishan serves as the Chief Digital Business Officer and Head of the EMEA region for Altimetrik. He is responsible for leading and growing the company’s presence across new and existing client relationships within the region.

Vik is a seasoned executive and brings over 25 years of global experience in Financial Services, Digital, Management Consulting, Pre- and Post-deal services and large/ strategic transformational programmes, gained in a variety of senior global leadership roles at firms such as Globant, HCL, Wipro, Logica and EDS and started his career within Investment Banking. He has developed significant cross industry experience across a wide variety of verticals, with a particular focus on working with and advising the C-Suite of Financial Institutions, Private Equity firms and FinTech’s on strategy and growth, operational excellence, performance improvement and digital adoption.

He has served as the engagement lead on multiple global transactions to enable the orchestration of business, technology, and operational change to drive growth and client retention.

Vik, who is based in London, serves as a trustee for the Burma Star Memorial Fund, is a keen photographer and an avid sportsman.

Megan Farrell Herrmanns

Chief Digital Officer, US Central

Megan is a senior business executive with a passion for empowering customers to reach their highest potential. She has depth and breadth of experience working across large enterprise and commercial customers, and across technical and industry domains. With a track record of driving measurable results, she develops trusted relationships with client executives to drive organizational growth, unlock business value, and internalize the use of digital business as a differentiator.

At Altimetrik, Megan is responsible for expanding client relationships and developing new business opportunities in the US Central region. Her focus is on digital business and utilizing her experience to create high growth opportunities for clients. Moreover, she leads the company’s efforts in cultivating and enhancing our partnership with Salesforce, strategically positioning our business to capitalize on new business opportunities.

Prior to Altimetrik, Megan spent 10 years leading Customer Success at Salesforce, helping customers maximize the value of their investments across their technology stack. Prior to Salesforce, Megan spent over 15 years with Accenture, leading large transformational projects for enterprise customers.

Megan earned a Bachelor of Science in Mechanical Engineering from Marquette University. Beyond work, Megan enjoys playing sand volleyball, traveling, watching her kids soccer games, and is actively involved in a philanthropy (Advisory Council for Cradles to Crayons).

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