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Technology is a Catalyst for driving transformation. However, understanding of the business strategy is the key driver


How will you make an omelette without cracking an egg? Similarly, there is a procedure in every business to welcome Technology at some point, but we need to be aware "When". Understood that the enterprises are being more data-driven and all in a race to call themselves "tech-oriented" but are they prepared for such a big shift? Just jumping into transforming a significant part of your company into digitalization is blood, sweat and tears. Without analysing how they fit best into overall goals can take a massive hustle at the ongoing procedure, thus resulting in a loss if business and Technology are not aligned strategically.

Until the specific goal is defined, the resulting gap is analysed, getting into Technology may not be a productive move. The companies should take business goal's outcome-based approach to evaluate technology decisions for implementation. First, assess its need before falling for schemes like "increase productivity through technology".

Roadmap:

  • Problem evaluation: Organization needs to streamline by asking what problem they need to address.
  • Business goals & objectives: Organization should be very clear about what they want and how they are going to achieve it with an existing business plan, irrespective of it being digital Technology equipped.
  • Outcome analysis: Was the outcome favourable and did it make the goal. If yes, then by what percentage.

Many companies run behind being the fastest innovative organization, but they forget there is no point of automation if the results are achieved just by human efforts. Companies need to find the areas which need real help to speed up the process and reduce lead times. By getting deeper into the planning, strength & weakness, efficiency, control and competitive advantages of the company surely one can know which area needs a digitization upliftment. Even companies need to assess the fitment concerning the CAPEX model and not the OPEX model. To align a technology improvement means how the services or departments can be a Profit Center rather than just a Cost Center. Companies prepare strategies for a 3-year or 5-year; however, they don't emphasize how the future state can be amalgamated together in the roadmap, which can drive success.

Aximind helps to access the current state and plan a Smart Industry transformation roadmap if at all needed in a specific department. The roadmap is prepared to look into the aspect of the company's current state and what enhancement is required rather than jumping into a technology implementation.

When Company ABC was doing well operationally in the quarters, but they wanted to upgrade the innovation objective and improve its customer services, Aximind team determined the below goals. It defined a business strategy to focus on the needs of the company.

Innovation Objective:

  • Differentiate the product
  • Grow the percentage of sales from new product
  • Improve research and development (R&D)
Customer Service Objective:
  • Develop and use a customer database
  • Invest in customer management
  • Improve customer satisfaction and retention

The processes above are programmed with the help of relevant technologies, and a thorough assessment of the post-implementation state helped Aximind's client to have success in increasing the revenue percentage and customer satisfaction scores.

Technologies like Artificial Intelligence, Robotics, Augmented, or Virtual Reality helps to drive the change in businesses; however, what drives the difference is the right-fit business strategy improvement process. Data has been a crucial backbone to the business where the companies have leveraged the data to become a Data-driven insight company. Be it increasing customer satisfaction or preparing a go-to-market strategy for bringing a new product to the market, Technology has been nothing but a support system in leveraging such activity. The new normal activities had seen changes in the areas where before it was impossible to bring the technology advancement making a shift in the entire ecosystem of driving the business, however, the truth is this is happening now as we talk.

Working on questions like "Can digital technology alter target customers and enhance the capabilities of the new product" made the company use a particular technology model, which suited their work environment. Similarly having a deep understanding of business strategy is a must before acquiring the technical advancements. Knowing what you want to achieve with Technology drives you towards full potential and competence. But the question is, are we moving towards digital strategy altogether? Will there be strategies around only technologies and no business?

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