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Business Excellence In A Digital Era

The digital evolution of the business is here, and no industry is immune from its impact

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Since the dawn of the new millennium, businesses are experiencing significant changes in the evolving technology environment, with respect to the uncertainty of competitors, products/services, business models and consumer expectations.

With growing competitors of varying scale, we see a rise in the offering of products/services with higher functionality at a lower price and improved customer experience. Their attractive business models constantly evolve to stay relevant in the market and enable customers to meet their demands - anywhere and anytime.

The digital evolution of the business is here, and no industry is immune from its impact.

With this rapidly changing technology environment, businesses are pinpointing sources of these uncertainties, defining a path ahead and making required strategic and operational adjustments. This becomes an opportunity to be grabbed for creating something new and immensely valuable.

In the challenging new scenarios, businesses have found a need for a journey of continuous improvement for the organisation to for a sustainable growth and achieve long-term survival. Business excellence in the digital era is about adopting a holistic approach to strengthening the management systems and processes by leveraging the technological advancements for organisational growth and productivity improvements. We will call this approach as Digital Business Excellence.

Axis of Digital Business Excellence:

1.    Vision: Redefining Digital Business vision for a convincing value proposition, processes, working culture and methods that take into account the disruptive forces of change.

2.    Talent and Structure: Transitioning from traditional structures to flat hierarchies and cross-functional collaboration and inclusion of digital talent to anticipate and prepare for rapid change.

3.    Culture: Need for overhauling by inculcating the sense of urgency, rapid Innovation and continuous learning.

4.    Technology: Leverage opportunities presented by agile IT to advanced analytics, IoT, robotics, 3D printing and others.

5.    Processes: Simplified processes with ownership, empowerment and customer focus

What Lies Ahead

The convergence of digital technologies makes it possible for companies to create customer value by providing a unique personalised experience for every consumer and delivering products and services sourced from across the globe. Global market leaders in every industry are facing competition from start-ups that leverage the power of digital technologies to create new business models and reshape their industry.

In order to advance this progress, the CEOs must take the lead in the journey towards Digital Business Excellence.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Tags assigned to this article:
Business Excellence Digital Era consumer

Moiz Vaswadawala

The author is Senior Executive Vice President & Chief Governance Officer, Netmagic (An NTT Communications Company)

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