Implementing a universal ecosystem integration model for undertaking digital transformation objectives
Currently, the challenge is to evolve from doing digital to being digital, a phrase that has been a known Rhapsody for long, but took a lot of time to find a place in the boardroom. This digital ambition calls for establishing a digital strategy, which may vary from organization to organization.
On the importance of having a digital strategy, Sun Tzu stated, “Strategy without tactics is the slowest route to victory, tactics without strategy are the noise before defeat”.
The need for having a robust digital strategy is further emphasized by the mushrooming asymmetry in the changing dynamics of business ecosystems.
Hence, however divergent the myriad facets of an enterprise are, they should converge at one point – a digital direction is needed. Setting a digital direction on a macro as well as a micro level not only allows businesses to align with the metamorphic ability of the digital landscape but also kindles transformation that transcends the scope of organizations and industries.
Being Digital Leads to…Transformation
A digital strategy is the underpinning of digital transformation. However, adopting only a specific strategy to meet the objective is a recipe of disaster as digital transformation, after all, is not a sprint- it is a marathon. And, like in every marathon, the strategy has to evolve in order to align with the changing dynamics of business; it is contingent on various factors such as changing market trends, volatile consumer base, infrastructure, digital brand, and data.
Having a dynamic digital strategy in place for undertaking digital transformation initiatives can help enterprises transform their customer engagement and employee engagement process, optimize operations, and foster growth as well as innovation. As a corollary, goals achieved are:
- Increased IT operational efficiency
- Increased business efficiency
- Improve customer experience
- Introduce fresh line products and services faster
- Enhance employee experience
- Strengthen partner experience
Architecting Organizations for Change: Concerns
No matter how simple it sounds, the road to Digital Transformation is set with thorns. Not paying heed to the evident roadblocks can sabotage the digital transformation efforts of enterprises.
IT decision-makers looking forward to making the change in the digital ecosystems suffer from 5 crucial constraints:
Human Barriers:
Employees Pushback owing to the change boosts up the hesitation, thus alleviating productivity.
Technological Barriers:
Lack of access to best-of-the-breed B2B integration technology serves as one of the most pertinent inhibitors of digital transformation. Critical B2B communications and partner onboarding get deeply affected.
Infrastructural Barriers:
The infrastructural shift needed for digital transformation introduces risks, adding exponential confusion to the risk management process.
Information Gap Barriers:
Lack of expertise in leading digital initiatives proactively hampers the ethos and growth of the company.
Monetary Barriers:
Restricted budget or funding structure impedes digital progress.
In the current business landscape, where digital is the threshold for competition, enterprises suffering from such persistent challenges need to embrace a one-stop solution called integration.
Ecosystem Integration-A Fuel to Kickstart your Digital Transformation Initiatives
Ecosystem integration allows enterprises to “create new revenue streams”, “meet changing customer demands”, “offer speed and iterative flexibility” during their digital journey.
Enterprises can hit a home run by forging connected digital ecosystems, a curated intelligent body of an interdependent group of enterprises, interconnected devices, applications, and services aimed for delivering hyper-personalized customer experiences, and driving growth and profitability.
Ecosystem integration technology allows interconnection of digital ecosystems and its entities including, customers, partners, adjacent industries, and competitors to establish strong connections, adapt to the ongoing changes in the digital arena, drive transformation, and improve business outcomes.
Hence, integration serves as a cornerstone for driving organization’s ecosystem-driven digital transformation initiatives. It allows enterprises to leverage new and legacy technologies – and build automated processes around them – to continually grow a business.
Change Gears and Focus Outward
Ecosystem-driven integration approach allows organizations to prioritize their business processes i.e. the ones that occur at the edges of the ecosystem, simply because this is where the real business is happening today. Hence, the focus has to be shifted outward.
Adopting an outward-in perspective helps to meet the overarching goal of creating long-term shareholder value by providing value to customers. Simply put, customer value creation, their orientation and experiences are of paramount importance. Using this approach can:
- Expedite order-to-cash processes
- Alleviating costs
- Improving service
- Increasing value
The Significance of Ecosystem Integration
Ecosystem integration is responsible for removing customer passivity. With a customer-first approach, enterprises can enhance customer’s
- satisfaction,
- retention,
- and unwavering loyalty.
Gratified customers are the walking billboards of your business; they inspire other customers to become a part of your digital ecosystem, thereby fostering productivity, higher revenues, agility, and growth.
Ecosystem Integration Spawns Digital Transformation
Keeping the ever-increasing data demands of business today in mind, companies must proactively embrace digital transformation to enable growth and innovation. B2B Ecosystem integration platform technology is a full-proof strategy that enables organizations to transform digitally from the “outside-in” perspective.
Benefits of B2B integration platform:
- Fosters Agility
- Increases the value of your applications
- Automates data transactional process
- Builds healthy data relationships
- Increases speed of technology
- Reduces overhead costs
- Accelerates revenues, productivity
Organizations aiming to stand out in this digital era, fostering growth, agility, and innovation to meet evolving ecosystem dynamics, and striving for digital maturity to shape the market must go beyond the traditional way of fragmented operating and need an ecosystem integration platform instead. In truth, a powerful Integration Solution not only helps businesses to empower their ecosystems but also get ahead of the competition by driving digital transformation.