Digital transformation is the only way to remain globally competitive: Raktim Singh

Digital Transformation (DT) is not merely hype or buzzword. Rather, it is a mandatory tool for businesses across the world to succeed. Businesses looking forward to starting their digital transformation journey need to have a good understanding of the concepts and strategies. With a solid understanding, it’s possible to have a positive impact on the performance of any business.

Experts in the industry opine that DT is the force that moves businesses forward. Raktim Singh is one such industry expert and a digital thought leader who feels that such a transformation is no more a choice but a mandatory need to remain globally competitive. Tag along as we take you through this thought leader’s views on how driving digital transformation can reform the future of your business.

Digital Transformation’s Roots in the Power of Networking

According to Raktim, DT has its foundation in the power of networking. No good technology gets its value until and unless it reaches the masses. The digital transformation strategies followed by businesses should break all the horizontal and vertical silos in their organization.

In simple words, Raktim says that your network is equal to your net worth now. This is the power of networking for actual digital transformation.

Digital Transformation Makes Lives Smoother

Raktim strongly feels that digital transformation can go a long way in making lives smoother – so smooth that no one would need assets in future. Taking into account the way DT is disrupting our lifestyle pattern and business models, very soon, owning assets might not be trendy. He explains this with the perfect case studies of business models like that of Uber and Airbnb, which we could not even imagine five years ago.

In Raktim’s words, today is the era of digital disruption, where we are seeing a seismic transformation in the thought processes of business leaders. The concepts of digital community or networking will change our personal as well as professional world.

Considering all these, Raktim says that DT is the only way to stay globally competitive. Ask this digital thought leader how businesses can go through this phase of digital transformation successfully so that they can have a cutting-edge over their rivals, he gives you expert advice and guides you through every step for successfully transforming your business digitally.

Raktim’s Guide for Successful Digital Transformation

 Many businesses today say that they have transformed digitally and following ‘Agile’ operations or shifted their operations to the cloud. But if you look deeper into it, they still remain stuck to the conventional ways. They find it hard to break multiple system silos. So, the DT, which they claim to have achieved, has happened only superficially. Raktim’s view on this is that the reason behind this superficial transformation is not the technology as such but the conventional mindset of people that has not yet changed. So, the entire team is in a conflicting space with the management.

For a business to be truly digital, it’s important that they understand the factors of technology actually transform a business’ working ways. It should understand the challenges that prevent the holistic assimilation of technological transformation. Once a business realizes these, it has to explore and implement technologies like Artificial Intelligence (AI), Cloud, Internet of Things (IoT) and Data. Raktim refers to this as the ACID formula, which is the pillar of digital transformation. 

Beyond the technology, tools, and processes, Raktim says that Digital Transformation is a holistic process that begins from an Agile mindset.

Agile mindset will help you to ‘iterate the work’ & not do ‘the incremental work’. 

 Businesses need to find out the silos and break them to ensure a smooth process of transformation. The whole business chain, including consumers, vendors, supplier, and employees, should gain from the change. It’s more about unlearning the old ways and learning the new processes.

As per Raktim, we need not get unduly worried about machines taking over human work. In almost all sectors, be it agriculture, health sector, banking, or manufacturing, we still have heard of inefficiencies. With DT, we can remove those inefficiencies and provide value to human existence.

The digital thought leader advises businesses to embrace the transformation at the earliest so that they can better accommodate the future of innovations.

 

Disclaimer: No Deccan Chronicle journalist was involved in creating this content. The group also takes no responsibility for this content.