One of the trending topics of today is digital transformation because its outcome impacts enterprises, customers, and employees alike. Some of the key stakeholders interested in digital transformation are the technology and finance chiefs (CTO/CIOs and CFOs) and architects in organizations considering transformation. However, achieving digital transformation at justifiable costs has been a major issue.
A survey of directors, CEOs, and senior executives found that digital transformation (DT) risk was their foremost concern in 2019. Yet 70% of all digital transformation initiatives do not reach their goals. Of the $1.3 trillion that was spent on digital transformation last year, it was estimated that $900 billion went to waste. (according to an HBR 2019 article titled “digital transformation is not about technology”)
Digital transformation is about evolving your business by experimenting with new technology and rethinking your current approach to common issues. Because it’s an evolution, a transformation doesn’t necessarily have a clear endpoint. Hence digital transformation is a journey, not an event. For enterprises, that means continually seeking out ways to improve the end-user experience.
Digital transformation needs tools, techniques, and experience to effectively deliver value. Tektorch AI has been doing this for its clients since 2004.
How TekTorch.AI Fosters Your Company’s Digital Transformation
TekTorch.AI uses Artificial Intelligence and machine learning to experiment, evaluate and deliver results to fuel business performance. It works with stakeholders to achieve the objectives through the following key steps.
An important first step is to articulate an organization’s business strategy for the transformation journey. Tektorch.AI, through sessions of consultations with stakeholders, helps to establish a digital transformation strategy and deliverables to guide the process to success.
Digital transformation brings about change to organizational dynamics. Resistance to change is instinctive and cuts across the strata. A change management strategy will be agreed upon with stakeholders to ensure success. Tektorch.AI can implement solutions that make change management engaging through digital twin simulation.
Tektorch.AI makes the digital transformation process engaging through access to digital twin for stakeholders to have a feel and appreciate the evolving change. Gartner defines a digital twin as “a digital representation of a real-world entity or system. The implementation of a digital twin is an encapsulated software object or model that mirrors a unique physical object, process, organization, person or other abstraction.” Digital twins support digital transformation because they facilitate experimentation and collect data that supports more informed business decisions.
Many companies that collect large volumes of data can fail on the home stretch because they can’t extract the insights they need. AI and machine learning reduce human error when performing complex data analyses. They simplify repetitive tasks and create accurate forecasting models to predict the future and make informed decisions at reduced cost and time.
Since digital transformation is a journey, not an end, Tektorch.AI tools and techniques can help keep the process on track through monitoring and feedback mechanisms.