Digital transformation has become widely prominent today, particularly in the business world. Digital transformation profoundly alters your operations by incorporating digital technology in your procedures. Businesses need to change everything from leadership to way of thinking and integrate innovation in their business models in such a manner that they use technology to its fullest potential. It modifies the entire experience in a digitalised way for employees and customers both.
What does it entail?
Digital transformation is not a choice anymore; it’s a means of survival in the competitive world; businesses that don’t do it, fail to evolve. Others understand its value and its growth rate between 2017 and 2022 is 16.7 per cent. Like every change, digital transformation is also not effortlessly accepted by everyone as it challenges the status quo, and at times, the core values a business is established upon. Initially, there is resistance, then people experiment to understand benefits, and finally, they get comfortable with it. Richard Rohr states “Transformation is often more about unlearning than learning”, and it’s very accurate as first people have to let go of outdated processes, only then they can introduce innovative and technologically advanced ones. Like many healthcare workers still prefer pagers instead of smartphones only because they are so used to it. So they need to learn to let go first, then they build acceptance to the continually evolving technology.
Phases of transformation
Organisations can be on the path of digital transformation; however, they will never wholly transform since technology is evolving every day. Ther are core digital drivers like, the internet: a global connectivity platform, applications: skillset platform, cloud: data platform and artificial intelligence: an insight platform, which together assists transformation. Businesses are on different stages on the road to digital transformation, and they face hurdles like adjustment in culture, talent struggles and financial issues.
The process varies in every industry; however, the journey has three stages.
Task Automation. Here automation replaces human involvement which saves time and increases productivity. CoSpace 1.0 and CoSpace FB Area, have a website that gives a virtual tour of the coworking space and all that it offers. This way, they don’t need people to introduce the concept to interested individuals; they can visit the website and find out relevant details.
Digital Expansion. In this stage, organisations can make use of the full range of applications like cloud-native infrastructures that help enhance efficiency. Business leaders manoeuvre this phase as they chose applications that offer unique customer engagement. For example, if CoSpace 1.0 and CoSpace FB Area decide to expand country-wide, they can use software that connects them or facilitate their users.
Artificial Intelligence Assisted Business Augmentation. This is a more advanced stage of the digital journey, where you highlight and eliminate the drawbacks of applications with business telemetry and data analytics. For example, CoSpace 1.0 and CoSpace FB Area have an App for its users, but a certain percentage of legitimate users cannot pass the login validation and are locked out. It can result in loss of time, thus using behavioural analysis and AI-assisted identification can help identify legitimate users from fake ones, to eradicate hindrances.
The stages give a comprehensive outline of how digital transformation happens. The sooner businesses realise its importance, the better they will be. They will come across hurdles; however, accurate management can lead them to reap great results.
The concept of Cospace started as a direct result of startups, freelancers and entrepreneurs being unable to find a facility that boasted all the amenities – as well as a place where they could creatively focus all their strengths and meet other like-minded professionals to network with.