96 percent of businesses are either undergoing some kind of digital transformation strategy or plan to in the near future. Those are the results of a recent survey we conducted; just about every business is trying to get a handle on how to cope with new channels, new methods of engagement, and ubiquitous connectivity. The reason is clear; nearly three quarters of IT decision makers surveyed said that if digital transformation initiatives weren’t completed, it would have a negative effect on revenue, and 39% said that the negative effect would happen within 3 months.
That’s startling, and just shows how crucial and urgent implementing digital transformation initiatives are. Ross Mason, our founder, points out that “to remain competitive, companies need to think differently about how they unleash the value of their data and assets.” But that’s proving hard for many businesses, as only 18% of IT decision makers surveyed think they will achieve their goals.
It’s all very well to talk about digital transformation, but how do you actually achieve it? What are some strategies that will work for your organization? We think successful digital transformation has three components:
- Digital transformation won’t be successful without IT’s alignment with business priorities. IT’s role needs to shift from the centralized support function to becoming the strategic business enabler, responsible for supporting innovation.
- APIs fuel a cultural shift in businesses. APIs aren’t just changing how technologies work; they’re also changing the way businesses operate and behave. They are igniting a cultural shift away from centralized IT and toward an open, collaborative environment. By opening up data instantly in governed way through APIs, lines of business can leverage this information to meet their needs quickly without IT serving as a bottleneck.
- Enterprises need an application network. IT needs to find new ways to enable the business to build its own applications, analytics and new digital experiences demanded by their consumers. IT teams need to move to a model where they deliver reusable assets – building blocks – that the business can build on top of. An application network, which seamlessly connects applications, data and devices within the enterprise and to external ecosystems, enables reuse by an entire organization to get the most value from IT assets on the network.
Take a look at the survey to see how other IT decision makers are coping with digital disruption, and check out businesses in numerous industries that have successfully implemented digital transformation industries. Change for the better is possible and can have great outcomes.