n. a state of perfect ROI happiness, business cultural harmony and freedom from paper
In this two-part insight, we challenge you to think about what kind of digital traveler you are on the digital spectrum, and we explore where your organization falls on that spectrum. Further, we look at how taking the enterprise view marries the forward-thinking strategists with the business unit needs for effective content management enabling your organization to reach Digital Nirvana.
Now that you have an idea of the type of traveler you are on the digital spectrum, and you understand the value of reaching Digital Nirvana for your business operations, we take a look at how various industries trend into those traveler groups. With some industry insight, you will be able to see if your organization fits the norm, or if your innovative leaders have helped you rise above your peers.
To recap from Part One of this topic, we identified points along the journey to Digital Nirvana from transformational leaders to sustaining momentum that helps to drive the vision and encourage the actions for your enterprise to gain a positive ROI.
And, we introduced the profile of the travelers along the digital spectrum from Beginner to Digerati to show how low action and/or low vision on part of the company is a roadblock to maturity.
Finally, we reviewed findings from a recent study by Capgemini Consulting (CGC): The Digital Advantage: How digital leaders outperform their peers in every industry, providing additional details on these groups and further showing how several industries plot into these groups. This insight lets us see which industries have found the right combination of action and vision to make their investments across the enterprise payout.
" A company that thinks through the life cycle of their content saves when they have the right tools in place. "
Digital Maturity Matters
From the chart on the right, we can see that Retail, Banking and High Technology are Digerati. Their actions and vision have led solutions for more effective business operations so they can see the value in their employees’ action. For instance, when we think of all the processing a bank must do and all the regulatory requirements they must follow, it makes sense that they would seek out efficient ways to operate across the enterprise.
Is Your Industry on the List?
The Beginners have to embrace a stronger vision and stronger action to move diagonally into the Digerati quadrant while Conservatives lack sufficient action to match its vision and Fashionistas lack the vision to match their enthusiasm for action. These travelers need a trusted advisor to help them match their vision with the actions—helping to define their needs and guide them down the digital path.
For instance, Enterprise Content Management (ECM) impacts businesses with vertical solutions (i.e., mortgage loan processing for banks) and horizontal solutions (i.e., accounts payable) but also is often deployed throughout the enterprise to centralize content in one repository for easy access for internal collaboration, compliance, customer service record access, mobile access or branch document retrieval. This ensures that the new technology impacts not only front end business processes, but also end-of-life storage or retention plans. Savings are achieved from workflow productivity and on the long-term storage of content that you need to be compliant with government rules. A company that thinks through the life cycle of their content saves when they have the right tools in place.
" Embracing change can be a difficult proposition for a company that feels that their operations are working fine as is."
Admittedly, embracing change can be a difficult proposition for a company that feels that their operations are working fine as is. They are reluctant to take the next step that technology provides because they are just not certain and have justified inaction. In the chart below from CGC, we see that in reality a visionary firm will have the edge in the marketplace and the company that embraces the status quo will not reap the long-term benefits of digital nirvana.
Myths and Realities of Digital Transformation
- Myth: Digital is primarily about the customer experience
- Reality: Huge opportunities exist also in efficiency, productivity and employee leverage
- Myth: Digital primarily matters only to technology or B2C companies
- Reality: Opportunities exist in all industries with no exceptions
- Myth: Let a thousand flowers bloom; bottom-up activity is the right way to change
- Reality: Digital transformation must be led from the top
- Myth: If we do enough digital initiatives, we will get there
- Reality: Transformation management intensity is more important for driving overall performance
- Myth: Digital transformation will happen despite our IT
- Reality: Business/IT relationships are key, and in many companies they must be improved
- Myth: Digital transformation approach is different for every industry and company
- Reality: Digital Leaders exhibit a common DNA
- Myth: In our industry we can wait and see how digital develops
- Reality: There are digital leaders outperforming their peers in every industry today
Can you afford to wait? Let us share with you more about Konica Minolta and guide you to the right ECM solution that meets your business needs, enables you to realize a positive ROI and achieve Digital Nirvana, Contact Us!
Download the Journey to Digital Nirvana Infographic for a complete depiciton of the journey.
See Part One of Achieving Digital Nirvana where we help you reflect on your business profile and demonstrate the value of digital maturity to business processing across your enterprise.