Drop a stone in water, and you will see the ripples of that event spread out. That simple image is universally known, and it’s a wonderful analogy for what’s happening in business today thanks to lightning-fast technological change.
According to a recent study by Cognizant, in conjunction with Roubini Global Economics, businesses have the potential to unlock huge waves of digital value. Revenues at the companies surveyed could dramatically increase into 2018 through the application of digital tools and technologies across their processes. Today’s e-business leaders recognize that next-generation IT will drive new business models, new revenue streams, new types of customer relationships, and lower costs. Indeed, what started with a ripple is growing quickly.
The numbers in the survey reveal some amazing upward trends. Respondents reported a five-percent increase in revenue in their digital investments, translating to an additional $150 billion last year alone. Those surveyed also expect the total potential revenue impact of digital technologies to grow to 8.4 percent by 2018. That´s great news.
Of course, it’s a little more complicated than that. The success of any business venture – especially in the 21st century – requires a mixture of technology, tools and people. That last part is essential.
The right technology’s existence alone is meaningless unless it’s being used… and used correctly… by the right people. “In many cases, the problems initially are not caused by a lack of technology, but by a lack of coordination between departments and processes,” says Bernhard Zoeller, an enterprise content management (ECM) and enterprise information platform expert.
Here at FileSolve, we take great pride in our role as consultants. Our experience has shown us the wisdom of the above quote. It’s our role – our privilege – to not only understand new technology, but help our clients understand how it can help them and how to deal with the typical roadblocks. Many of these are very human. Zoeller also says that companies and their employees need to be willing to digitize, and even more key, to see the potential of new technological solutions.
You’ve probably heard the phrase, “Change happens at the speed of business.” In other words, change happens quickly. Success – both in the short- and long-term – depends on organizations being able to lean into that change. They must embrace, welcome and commit to flexibility if they really want to discover and take advantage of new revenue streams linked to the digital era.
“Culture eats strategy for breakfast, you know,” said Kamales Lardi, keynote speaker at the OnBase Summit EMEA in Berlin this past winter.
As you might expect, we ardently believe that the proper implementation of enterprise content management (ECM) is a prime example of that “power in technology” of which we speak. What makes it so exciting is how so simple a concept can have such revolutionary effects on an organization’s workflow. That, in turn, leads to more productivity, which leads to greater successes – in every measurement of the term you care to use.
From a technology perspective, when ECM meets digitization, it means we have to think big. That means thinking about things like mobile, social media and the integration of big data. An organization needs to implement these aspects of technology in order to execute a digitized, comprehensive ECM strategy.
There’s no stopping technological change. There is no choice but to buy in. Without a doubt, digitization is a bet on the future. In this instance, not making the bet is the surest way to lose. There’s too much at stake for all of us to let that happen.
“Researchers define digital transformation as an evaluation of business processes,” said a recent study by Forbes. “As such, findings show that real business transformation, made possible by digital transformation, is only achievable when organizations relate the interconnectedness of people, processes and technology.”
By interconnecting people, processes, and technology, new ideas ripple forth. Those ripples become waves, which then rise ever higher. Why not enjoy the ride?