Digital Transformation and the role of IoT
Created on July 26, 2016
At any given point in time, most organizations focus on multiple things. This also depends on the organization’s maturity, industry/market trends, operational and tactical position well as their long-term strategic initiatives.
Of late, during conversations with business leaders across industries, one common theme keeps recurring when it comes to organizational focus. Organizations are ‘Going Digital’.
What does it mean by ‘Going Digital’? Depending on whom you talk to, you get different answers, sometimes within the same organization. For some it’s about online sales and online marketing. For others it is integrating technology or utilizing analytics for an entirely new way of engaging customers. While none of these definitions are wrong, they aren’t entirely correct either since their definitions are too narrow. It reminds us of the description of an elephant given by six blind men.
We believe the single most important thing that organizations need to focus on right now is increasing the ‘Digital Quotient’ (DQ). DQ is very similar to Intelligence Quotient (IQ) or Analytics Quotient (AQ).
Here’s the broader definition of ‘Digital Quotient’ (DQ):
‘the ability of an organization to leverage digital technologies, expertise and infrastructure to deliver the respective business outcomes including innovation’.
Of all the technologies, we firmly believe that IoT will have the lasting impact on businesses. It has the ability to transform resources, processes and the profit formula of companies at all levels. The rest of the technologies would extend and expand this impact across both internal to the organization and strongly influence external entities as well.
Digital Quotient is all about focusing on extracting business outcomes leveraging the digital technologies such as Social, Mobile, Analytics, Cloud, Internet of Things (IoT), Artificial Intelligence & Robotics.
To achieve business outcomes, organization’s need to create a forward-looking vision in the digital era and defining a clear strategy with a long-term roadmap. This roadmap which takes a company’s DQ from departmental (orange) to organizational (green) level is a critical step. As a company moves from one level to the other, organizational maturity grows positively impacting the corporate culture to embrace the changes.
The organizations that are successfully increasing their DQ is where the CEO said ‘we aren’t competing with the traditional competitors anymore, we have a new set of competitors with different rules, the company is going to change, we need to go digital and act on it now’. In most cases, these organizations appoint a Chief Digital Officer (CDO) to carefully & strategically navigate through this journey. It requires a combination of business, technology, culture, process & people skills to successfully deliver on the promise with total support from the CDO.
As we move into the future, Digital Strategy becomes the Corporate Strategy and companies with highest DQ score are the ones who will develop an Insights Driven Organization.
So what does ‘Going Digital’ means to us? It’s about increasing the ‘Digital Quotient’ of the organization to achieve business outcomes. These outcomes include empowered data-driven decision making across the organization, followed by agile infrastructure of integrated platform. This platform offers new product/services, order/service fulfillment and customer support while doing all these in the most cost effective manner. As organizations transit into more agile forms, at least half of the organizational focus will be on innovation.
When enterprises take the next step and wish to dive into digital transformation, consider NetObjex the industry’s most comprehensive Commercial IoT Platform helping organizations transform into NetObjex Intelligent Connected Enterprises (NICE).
Starting with setting up of the devices to delivering dynamic value for the customer, NetObjex works closely with C-Level executives in various industries including Retail, CPG, Manufacturing and Healthcare. NetObjex serves as a Digital Transformation partner powered by IoT.
For all inquiries about netObjex, feel free to email: Inquiries@netObjex.com.