The digital ecosystem is commonly attributed to as a subset of the Telecommunication, Media and Technology (TMT) companies. These companies are majorly focused towards the research and development of hardware and software applications along with provisioning platforms for creation, distribution, and access to various digital content, applications, and services. However, the digital roadmap to successful digital transformation is based on 5 core principal aspects – strategy, leadership, workforce skills, digital culture, and user vision or focus. These pillars have different connotations at various stages of digital maturity for an organization.
For instance, strategy at an early phase of digital maturity majorly characterises to cost reductive measures while in a more mature stage it corresponds to fundamental transformation of core business processes for an efficient and coherent digital business unit with minimal or not functionalities performed in siloes. In fact, survey results show that in the early phases of digital transformation, less than 15% of business have a clearly articulated digital strategy while in the matured phases almost 90% of the organizations have remarkably high clarity and distinct digital strategy.
It is observed that among all verticals, retail industry has been a witness to the most by digital transformation while BFSI and telecom sectors are catching up. It can instinctively summarised that most digitally innate businesses, fundamentally transform the business landscape, and moved ahead of the competition; while the digitally averse organizations prove to be ineffective. Thus, in the era with high digital proclivity within the consumers with plethora to digital points available, it is inevitable for businesses to step up to the digital transformation journey.
– Shiladitya Chaterji,
Senior Analyst– ICT,