By: Virender Jeet – Sr. VP Technology, Newgen Software
‘Change is the only constant’
This age old adage is credited to Heraclitus, a philosopher who lived in ancient Greece. The world we live in today couldn’t be a truer reflection of this. It is not only fiercely competitive but changing at break neck speeds in terms of business trends, operational dynamics and technology.
In this tumultuous environment, the enterprise is expected not only to keep pace but to constantly keep evolving. It is hardly surprising then that enterprises are striving to market their product/services faster, meet dynamic customer demands, enhance process efficiency and transparency, ensure process agility and comply with strict regulations.
What is driving this dramatic change? Digital Technology
Digital Technology is being used to enhance the performance of an enterprise by refabricating its business activities, core competencies, processes and models. Businesses that have been slow to recognize this paradigm have in some way or another faced the brunt of this digital tsunami as it radically reforms the global business landscape. Either evolve or get extinct is the new mantra of this digital revolution.
How have business leaders reacted to this digital transformation? Many have been quick to gauge the opportunity amidst this chaos and devised strategies that aim to build the right balance between customer engagement, business objectives and IT innovations, and help their organizations gain a distinct competitive edge. Others have been caught off guard.
Digital transformation is not just about introducing the latest technology trends into an organization. It’s about bringing a cultural change. It isn’t just about becoming more efficient, about how these modern technologies are accepted and used by different users in the system to gain optimum benefits. Dhas become a major catalyst as it is forcing the industry to rethink its core business models and key functions. Traditional businesses still operating on old and soon to be redundant business models have to reassess and redefine their business models to keep up with this digital age.
For enterprises to succeed in their Digital Transformation efforts, they have to be agile and innovative. Business Process Management (BPM) as a technique enables organizations to re-think their business operations & strategies, gain insights into operational intelligence, drive continuous improvements in processes through forecasting and improvisations. To drive digital transformation, organizations need a solid strategy which connects the gaps between the different entities including people, departments, information, processes and technology.
That is essentially what BPM is and does. If implemented correctly, BPM can definitely help organizations drive digital transformation as it between different functional areas like Customer Relationship Management, Enterprise Resource Planning, Supply Chain Management line of business applications and much more.
A well-developed Business Process Management plan allows for correction and improvement of processes before rapidly automating thembut even more important is the increased agility it offers. This enhanced capability empowers businesses to respond quickly to changing market dynamics. With the ubiquity of social, mobile and most recently IOT (Internet of Things), BPM solutions have acquired a whole new dimension through real-time work collaboration and advanced analytics. BPM ensures are standardized across the enterprise and also helps reduce errors and mitigate risks. Another vital aspect is that it enables the enterprise to respond @ speed to market contingencies. fueled by digital transformation also has the ability to enrich customer experience and improve overall business efficiency making a direct impact on a company’s bottom line.brings technology and the business together in a way that provides the knowledge and capability to harness new technologies.
Without BPM, today’s businesses would lose their ability to change direction quickly with minimal disruption and losses. What is absolutely clear is that early adopters of digital technologies are going to be the ones who benefit from their investments and gain market advantage while those who have been slower to respond or are still contemplating their digital investments will struggle for their share of the market.