Digital transformation is the significant transformation of business and organisation processes, tasks, models and competencies to fully harness the opportunities and changes of a mix of digital technologies and their positive impact across society in a prioritized and strategic way, with current and future shifts in consideration.
Is Digital Transformation just about disruption or technology?
Digital Transformation – Emerging Technologies
Powerful emerging technologies like Big Data Analytics & IoT, Blockchain, Machine Learning, Artifical Intelligence (AI) and AR/VR are driving several companies in Singapore from marginal efficiency to turning out to be a catalyst of disruption and innovation.
The biggest benefactor of Blockchain will be the financial industry. However, even small businesses and Startups can leverage the data security point that it comes with.
AI has taken rapid strides in cognition and speech recognition, with the combination of two making AI accessible to small business. Take the most effective and simplification of AI which is Chatbots, a powerful extension of customer support helplines. The employment of RFID tags will enable AI to manage end-to-end inventory, focus on new product development and perform product quality tests. Tools such as Amazon’s AWS, Google TensorFlow library and Microsoft Azure come with highly accessible AI applications for the cloud.
Big Data has made the process of collecting and processing useful data using multifaceted sensors. Predictive analytics involves sorting this data using statistical models to arrive at possible outcomes. Big Data and predictive analytics can be combined to map an entire customer journey using Google Analytics, in addition to other data analytical tools. Predictive Analytics helps businesses micro-analyse what works and what doesn’t for a particular customer set and easily predict customer behaviour. In addition to this, big data can form multiple strategies that use these insights and predictive analytics can be employed to stress-test these strategies and suggest a necessary course of action for your business.
The phenomenal growth of IoT is expected to have a positive impact on store merchandising, inventory management, office management automation, customer engagement and increased security. RFID technology upgrades have brought down Internet costs.
Virtual Reality (VR) is a powerful tool for data visualization, and finds applications in the areas of hospitality, fashion and real estate. Augmented Reality (AR) involves juxtaposition of virtual elements with real perception using a wearable device or screen. MR, or Mixed Reality, an extension of AR, entails interaction of virtual elements with real elements in real time.
Are companies in Singapore taking the Digital transformation route?
The last few years have seen several companies, enterprises and organizations in Singapore undergoing digitization of core business assets with the development of customer software, bespoke web-based applications, mobile applications, and deployment of digital technology in key operational areas through the development of Project Management Software, Project-based Human Resource Software, Time Management Software, Facial Recognition Software, and so on. And remember these digitization tools are simply the tip of the iceberg!
On a final note, taking the digital transformation route is not simply copycatting competition, but taking specific critical steps, understanding the framework for digital transformation and what part of our business strategy requires transformation.
How to implement digital transformation in Singapore?
Digital transformation is the way forward for all businesses—established brands, SMEs, or Startups. And there is every reason why companies and organizations in Singapore should undergo digital transformation. When it comes to digital transformation, the ‘why’ is a walk in the park, but it is understanding how to implement digital transformation that is a tough nut to crack. Let’s try to sink in what digital transformation in business term is.