INTERVIEW OF THE MONTH
INTERVIEW WITH MR. MANISH CHANDEGARA,
CIO, CERA Sanitaryware Limited
Enterprises are at different stages of their digital journey. What kind of competitive advantage can enterprises get with the early adoption of new and emerging technologies?
The Technology Adoption Curve has become a familiar sight of late since it can apply to the adoption of nearly any innovation. The 2.5% of the population that are Innovators typically see the greatest benefit from being first to adopt something new, but they also sometimes face the biggest risks, since the innovation may be unproven at that point.
The electronic hand hygiene monitoring industry has now moved to the Early Adopter phase, having already been embraced and refined by Innovators. The technology has been tested and debugged, so there’s no longer a risk in adopting it.
The top three objectives are improving efficiency, improving security, and taking advantage of new technologies, such as edge computing, big data analytics, and AI. The pronounced desire to leverage new technologies reveals a strong ambition to pursue innovation by adopting advanced wireless.
While there’s still a huge upside for any industry who come on board during this phase, there’s a limited window to maximize these benefits. Here are the advantages of installing electronic hand hygiene monitoring technology sooner rather than later.
What impact has a digital transformation on revenues and shareholders? Can you share some examples?
Digital transformations are even more difficult than traditional change efforts to pull off. But the results from the most effective transformations point to five factors for success.
As digital technologies dramatically reshape industry after industry, many companies are pursuing large-scale change efforts to capture the benefits of these trends or simply to keep up with competitors. In a new McKinsey Global Survey on digital transformations, more than eight in ten respondents say their organizations have undertaken such efforts in the past five years.1 Yet success in these transformations is proving to be elusive. While our earlier research has found that fewer than one-third of organizational transformations succeed at improving a company’s performance and sustaining those gains, the latest results find that the success rate of digital transformations is even lower.
The results from respondents who do report success point to 21 best practices, all of which make a digital transformation more likely to succeed. These characteristics fall into five categories: leadership, capability building, empowering workers, upgrading tools, and communication. These categories suggest where and how companies can start to improve their chances of successfully making digital changes to their business.
Digital transformation can take different forms, but it generally falls into one or more of several categories: digitizing the customer experience, opening up new market opportunities, enabling innovation and increasing operational efficiency.
Digital transformation involves more than just updating technology and processes; it also involves revenue and shareholders. Many companies are hesitant to invest in digital transformation without knowing if the investment will pay off. However, when done strategically, digital transformation can improve stock prices and revenue in the long run. These seven major companies show that changes might not occur overnight but investing in digital transformation can make a large financial impact over time.
Examples of digital transformation success in business are plentiful. Here are four high-profile examples.
Nespresso. The maker of specialty coffee machines and operating unit of Switzerland-based Nestlé Group, Nespresso deployed a cloud-based customer relationship management (CRM) system that offered customers omnichannel access to shopping and customer service. Customers can reach the company whether they use the website, use a mobile device or visit a store. Having a single view of each of its customers — 360-degree view — has enabled Nespresso to move into more markets and improve sales.
Netflix. Founded as a mail-based digital video disk (DVD) rental company in 1997, Netflix reinvented itself as an online video streaming service that delivers customized offerings based on each customer’s preferences.
Domino’s Pizza. The 60-year-old pizza company successfully transformed itself for the digital age, launching innovative tech-driven services, such as its Pizza Tracker and mobile technologies that helped fuel significant growth in the past decade.
Capital One Financial Corp. Fueled by its digital innovations, Capital One became one of the top financial institutions in the United States as ranked by assets. CTO George Brady, in a November 2018 article on the company’s website, offered his insights into the company’s “four-year journey of disruptive change,” saying: “We don’t just use the latest technologies, we create them and infuse them into everything we do. We think of ourselves as a customer-centric tech company that provides innovative financial services, not the other way around.”
What are some of the good practices for designing and deploying an RPA? What are some of the key business benefits of an RPA?
Best practices for implementing RPA
- Plan wisely.
- Smartly select the processes to be automated.
- Focus on collaboration.
- Provide sufficient training for all those involved in the project.
- Establish a core team.
- Make sure that you create a test plan and a fallback plan.
What are the key benefits of RPA?
The Bigger Picture of RPA Benefits
- Boost Productivity Across the Board. …
- Improve Efficiency to Generate Savings. …
- Hit Accuracy Goals with Reliable Consistency. …
- Improve Business Data Security. …
- Seize Opportunities for Scale. …
- Produce Data for Important Analytics. …
- Create a Better Customer Service Experience.
What are the critical success factors to maximize returns from RPA?
Here are five key factors that, if baked into the planning and execution of your RPA project, will greatly increase your chances of a successful outcome.
- Understand the problem you’re trying to solve. …
- Target the low-hanging fruit first. …
- Conduct a feasibility analysis. …
- Follow the SITO rule. …
- There is no ‘one size fits all’