The climate of uncertainty that we are experiencing due to the COVID-19 pandemic, imposed on organizations a clear commitment to digital. Nowadays, organizations must have a digital strategy that keeps them close to their customer and suppliers, allowing to reduce costs, forecast sales and streamline all processes so that they can remain productive, profitable and efficient.
Digital transformation represents a profound change in processes and operating models for organizations, and it is here that the use of disruptive technological solutions, at the service of good management, comes into action and takes on tremendous importance.
Even before the health crisis that we are all experiencing, IDC predicted that by 2024, more than 50% of all IT investment would be directly oriented towards innovation and digital transformation, growing at a CAGR of 17%. Digital technologies such as Data Analytics, Machine Learning, Artificial Intelligence and Big Data are some of the solutions that are part of this reality.
According to a Harvard Business Review Analytics Services research, 68% of leading digital organizations have improved business profitability.
And it is precisely in times of highest uncertainty that organizations need reliable information that supports conscious and efficient decision-making. Mistakes and decisions based on intuitions are not allowed. To accept that an investment in digital transformation is essential for business survival, which will put your organization ahead of the competition and allow to have competitive advantages, is fundamental in an economic scenario marked by uncertainty.
The adoption of Data Analytics and Artificial Intelligence solutions allows organizations to become data-driven, where data is fundamental to organization’ decision-making process, allowing a response with higher precision and speed, and greater agility in its processes. In practice, we talk about how a good management capacity, well-defined and well-founded, works as a starting point to respond to business challenges, allowing the creation of conditions to stand out from the competition and achieve better results. With these solutions, managers can have an organization’ 360-degree view, and therefore, it is possible to act quickly toward any opportunity, challenge or risk.
Consequently, looking at the infinity of data produced nowadays, using disruptive tools, is decisive for the organization’ success, as it brings higher efficiency, productivity and dynamism, in addition to adding transparency and reliability in decision-making.
The Digital Transformation is also very relevant to the relationship with the customer and the impact of the service it will provide. It is necessary to know customers’ needs and trends and give quick and personalised responses while providing engaging experiences, as the customer is nowadays very informed and seeks to have the best shopping experience possible.
The Digital Transformation presents itself as a unique opportunity for organizations to optimise their processes, reduce costs, increase revenues and mainly remain competitive in the market which they operate. Organizations must continue to invest in a digital transformation strategy, with a focus on objective and sustainable, however intelligent and predictive solutions. The digital transformation is not a trend, it is a guarantee of survival in a global market, which presents new challenges and must necessarily be part of the decision-makers’ agenda.
It is time for organizations to align their strategies, create competitive advantages and look at technological solutions as a lever for their business
Opinion article published in Jornal Económico – 22nd, April, 2020