Every aspect of businesses is reshaped by digital transformation. With the continuous evolution of digital technology, a successful digital transformation would require thoughtful planning, inclusion of each department, and careful collaboration. Various inclinations have been depicted in the operations of traditional leadership roles over the past few years, as scopes of different roles change and widen, and silos break down. Digital transformation has wrung from being a trend to central component of the modern business strategy.
The Digital Transformation Market in MENA Expected to Register a Double-Digit CAGR through 2020
The adaption of company’s value proposition, operation models to fundamental changes incurred by digital technologies, and technology strategy, is described by digital transformation. Organisations’ business models, eco systems, and value chains are being transformed by digital transformation, revolutionising its interactions with customers via mobile devices, social media, and online platforms. Digital transformation conquers digital software and services, which are becoming the mainstream across various major verticals viz. manufacturing, retail, and banking, finance services and insurance (BFSI) sector. These software and services enhance experiences of customers at all customer touch point levels.
The digital transformation market in Middle East & North Africa (MENA) is projected to register a healthy growth at double-digit CAGR, reaching revenues worth US$ 2398.3 Mn through 2020, according to a report by Future Market Insights (FMI). The growth of MENA digital transformation market is primarily attributed to enhanced process transparency across enterprises, and surging necessity for an enhanced customer experience in all customer interaction point levels. In addition, soaring smart city and eGovernment initiatives in the UAE and Saudi Arabia, with an objective of transforming themselves to digitally-enabled economies, is further foreseen to drive the market growth.
Some Top Trends Observed in Digital Transformation Include
- Change is inevitable either it is pursued or not. One needs to discern the evolution of cloud computing’s role in the recent past for understanding. By adapting to marketplace and industry shifts, modern enterprises succeed and incorporate new technology to their regular operations and company culture. Digital transformation is however not only about technology but also bringing the power of technology together with a culture of being able to lead the organisation by embracing the change.
- The ultimate goal of digital transformation is customer experience. Customers are always cautious, turning away from brands which are unaligned with their needs and values. Top-notch user experience is an excellent way of keeping customers engaged and involved with a brand, which is a comprehensive process. The experiences of customers must be positive and consistent, irrespective of the place of their interaction with businesses. For example, analytics could be used by entrepreneurs for discovering the origin of customers such as from a blog, social media platform, or from somewhere else, and streamlining their interaction in high-traffic areas.
- For staying competitive in the present world’s evolving marketplace, proactive innovation could be the best way. New technology requires to be analysed, tested, judged, and assessed more quickly than ever. Businesses are no longer capable of affording wastage of resources and time for implementation of new tools which provide no real value. This implies the mentality of “Fail Fast, To Succeed Faster”. The faster an organisation can progress from idea towards implementation, the more it will be capable of embracing opportunities for transforming and even disrupting markets as well as internal business models. Adaptability, which is mentioned above as well, plays an indispensable role here too. If an organisation possesses an adaptive culture, capable of integrating new technologies easily, acquiring long-term success will be realised by such an organisation.
- The criticality of big data in business world cannot be overstated. There is a lot of valuable data across the globe, however few companies are seen to utilise this data to maximum effect. Analytics drive the business by depicting the way of thinking of customers, their requirements, and the way a brand is viewed by the market. Almost everything could be measured in the digital transformation age. All important decisions must be supported by application of analytics and data.