A business’s ability to leverage digital technology and innovate in a rapidly changing business environment is crucial for success. Digitally mature companies are growing at a rapid pace. Leveraging cutting-edge digital technologies, they are able to transform business models and operational processes. Legacy companies have the fear to lose out against these mature players if they continue to follow traditional and conventional processes without instilling business agility.
Moreover, shifting market trends and constantly evolving project requirements can also hamper the overall growth and profitability. According to Organizational Agility Report by PMI “Research conducted at the MIT suggests that Agile firms can generate 37% higher revenue and 30 % higher profits than non-agile companies” This is mainly because they are adaptable, flexible, scalable and can follow iterative product development with shorter release cycles.
Along with Agile methodologies, the convergence of various digital technologies such as Cloud, Mobility, IoT, Big Data and Analytics helps businesses achieve competitive advantage. Leveraging these technologies with Agile and Lean mindset helps improve time to market and overall user experience. Integrating these technologies can pay the way for digital transformation to build a smarter, more efficient customer-centric business.
Out of the many digital advances, Cloud is perceived as a key enabler for digital transformation and rightly so. Companies wanting to bring business agility, add new revenue streams and digitize their products leverage Cloud technologies. A robust Cloud platform provides scalability, flexibility, and cost-effectiveness. With Cloud, there is enhanced collaboration, quick disaster recovery and mobility with boundaryless IT environment. It would be very difficult for a product engineering company to accelerate experimentation, delivery services, and testing cycles without leveraging Cloud.
Conceive of a scenario, a customer is browsing products on one of the leading e-commerce applications. She is unable to checkout due to latency issues. This is surely impacting both top and the bottom line growth of the company. With a high-performing cloud, it is easy to decrease the latency and downtime and improve the customer experience.
Cloud not only helps companies to digitize products, reduce latency or accelerate time to market but also brings economies of scale. The multi-tenancy based solutions are deployed on one single hardware with pooled resources shared among various users. Companies embracing digital technologies blend Cloud with DevOps to orchestrate the IT infrastructure better and automate the delivery pipeline.
Along with Cloud, mobility is quickly gaining traction. Enterprises are adopting mobility for instilling business agility across the organization. Whether it is providing new communication channels, increasing workplace productivity, improving customer experience or embracing BYOD, mobility adopters clearly are the game changers.
Apart from empowering workforce, mobility adopters are also designing 10 feet experience for customers. With customers consuming content and information across multiple channels, brands want to be consistent and seamless in their messaging and experience. They want their customers to recall the same message whether they are consuming information while traveling or in their living rooms. Smart TV application development is rising rapidly and brands are developing customized platform-specific apps to cater to the varied audience.
Companies are also embracing data and analytics to drive meaningful actionable insights and enhance the customer experience. Companies are also leveraging social media to listen to conversations, understand their brand advocates, and instill business agility by adapting to the changing consumer behavior.
Convergence of digital technologies such as Cloud, Mobility, Data, Social and Analytics help companies to remain Agile thereby enabling them to improve time to market, enhance customer experience and launch innovative products much before their competitors can even think.
Technology has changed the business world. Businesses surely need to leverage this convergence to gain competitive advantage.