Enterprise Innovation, a provider of information on enterprises across Asia, held a panel discussion recently in which it asked leading business and IT leaders about their opinion on digital transformation. Included in the talk was the challenge of implementing new technology what their challenges were, particularly in challenging economic circumstances.
The case has been made many times for the benefits of digital transformation in companies, with time and cost savings, improved customer experiences and freeing up manpower etc. all raised by numerous people; however, working out the best way to innovate can be a challenge for companies who have limited funds or resources. The process of transformation is one that takes time and effort and, if done properly, is more of a continual development to leverage new technology to improve a company’s efficiency, service or products.
Although some companies may make an effort to automate processes or implement new technology, often it is not done effectively. In order to digitally transform, companies need to both know the extent of the capabilities of new tech, and work with IT specialists to evaluate the areas of their business that would gain the most benefit from putting it into practice. Simply applying new technology to all areas of a business will most likely be wasteful. Instead, specific problems should be identified to update.
Areas of businesses that this approach can improve were noted as: providing remote working, sales automation and a variety of other applications that are being taken on board by many companies; however, the attitudes of people, whether they be management, stakeholders, employees or customers, are often found to be an issue to development. Often technology will be beneficial but adversity from humans can hamper its implementation.
Besides negative views on integrating new technology, a big issue also raised was the potential cost of digital transformation , especially when margins are narrow. The counterpoint that was made to this essentially stated that, if it will help the business, a good company will find ways to make it happen.
The resulting finding of the discussion was that, in Hong Kong, there is an uptake in people employing digital transformation even despite perceived challenges or resistance from investors. Regardless of this, it was noted that simply enacting digital transformation would not make a company successful: there needed to be a good business and careful implementation in place first. These opinions may have been given about companies in Hong Kong, it can be applied to businesses across industries. Including the gambling industry. By using techniques such as roadmapping, companies can identify the best ways to leverage new technology.