Today, digitalization is a fundamental pillar for a competitive and inclusive economy. The digital conversion represents a new space in which all economic players can relate, with clear advantages of reducing geographical barriers, minimizing the time essential to the execution of each process and creating a truly global market for participate in it more actively. But how can we make process digitalization a competitive advantage?
If, on one hand, there are already a large number of organizations that have sophisticated digital services, on the other, there are companies that are still far behind in digital transformation.
According to IDC, only 37% of national organizations have a digital transformation strategy aligned with business strategy. And, in this sense, it is urgent that the business model be adjusted to benefit from technological advances, in order to maximize useful data so that, finally, a better experience can be provided to the Customer. Technology today no longer affects only the products or services that the company markets or the way it markets them, it also affects all the internal processes of an organization. In this way, the digitalization of processes is today a subject that represents, for companies, new challenges and new opportunities, regardless of their sector of activity.
However, according to Nova SBE, 60% of national companies consider that they lack the knowledge to face this digital transformation. And in this context, it is important to bear in mind that there are some limitations to organizations that prevent them from being able to make a rapid transition to digital. Despite this situation, the Portuguese government recently announced a new set of measures and incentives for companies to digitalize their processes. The main goal of this initiative is for organizations to follow the digital transformation, making it a competitive advantage, as no company survives today if it does not respond quickly and effectively to a global market in a digital world.
However, it is important to be aware that there are different rates of adaptation to the digitalization. First, there are the companies that lead the digital transformation, that take advantage of the latest trends and that have a strong digital presence. These are the companies that have already realized the need for an online presence and, consequently, are starting to take the first steps in their digitalization. Lastly, there are the companies that while facing changes remain static in traditional ways waiting to move to the new world.
Thus, organizations must adapt to a changing, digital economy, where they are required to work and position themselves facing increasingly demanding customers and suppliers. Through digitalization, processes become faster and more efficient, not only when storing, but also when information needs to be shared, examples of which can be written documents, reports, as well as photography, audio or video.
We now live in a society model in which everything revolves around data, and between the starting point, the data and the arrival, the knowledge, are the tools of Big Data and Analytics. According to PWC, 73% of organizations lose or have lost business opportunities because they do not access information efficiently.
In this sense, there is an increasing recognition for Analytics platforms as they allow the synchronization and integration of information gathered from various systems, and turn that same information into valuable insights for the company.
Therefore, if we think time is money, a system that streamlines procedures, monetizes time and increases productivity is undoubtedly essential for a company to achieve good performance.
Opinion article published in PME Magazine – January, 2019