Preparing for the 4th Industrial revolution - going Digital

In the recently concluded World Economic Forum - Davos 2016, one of the top subscribed panel discussions was on Digital Transformation of Industries. Large and old companies started thinking deep on digital transformation. How companies need to build trust with its employees, partners and customers in on boarding them into the digital journey, will be the key driver for the 4th industrial revolution, the Digital one.

Below given are key Enablers for digital transformation, which will form the theme for companies to lay out a plan and join the digital revolution.

1. Orchestration of departments by focusing on value chain with user in epicentre through increased collaboration between staff, customers and partners. Digital is not a separate department by itself, rather each department should think digital in improving the customer and partner experience.
2. Careful selection of technology platforms to support integration of solutions across the supply chain. Technology should not be the bottleneck in bringing speed to the business, speed - the new currency of business that differentiates from competitors.
3. Intuitive mindset within company, across all levels of staff and leaders to convert the data (abundant!) to a meaningful information to a pattern that can be translated to a business case to provide better services/products to the customers and generate revenue or optimise cost.
4. Selecting and promoting disruptive initiatives yet stick to core business purpose of the company. In the digital roadmap, mismanagement of initiatives will only create unrecoverable losses to the company reputations.
5. Be informed on the well informed customer. Digital customer is getting smarter day by day. If the companies are failing to be smarter on where the customer is heading to, they fail.
6. Balancing the resources to transform current business processes to digital roadmap and keep investing budget to identify new channels/opportunities is key.
7. Providing safety and security around digital platforms through digital assurance in order to build partners and customers adequate trust, to gain the best in class experience, a result of digital transformation.