Beyond COVID-19: The Importance of Digital Transformation
COVID-19 led to the mass adoption of new technologies for companies that were ready to transform, but many have still not adjusted.
Regardless of industry, sector, or focus, technology is a mainstay of virtually every business. Whether a company uses information technology, medical technology, biotechnology, etc., they rely on the power of technology to communicate internally and with their clients.
In the new normal, the need for smooth IT processes and quick solutions for challenges facing a business are paramount. Technology is an integral a part of any business, from the acquisition of the right systems to the implementation of network and cybersecurity tools. These systems and tools help businesses to stay ahead of the competition, develop new business, and support staff members with their tasks. Technology has proven to be one of the key factors to increase the ROI of a corporation, due to:
- Speed – removing time delays as a barrier of efficient communication
- Clarity – eliminating false reads, knowledge roadblocks, and misunderstandings by leveraging 5G and IoT
- Proximity – due to the growing use of Zoom and Teams conferences, geographical barriers have been eliminated for virtually any industry that does not require hands-on work
New technologies that are being rapidly adopted in virtually every industry include AI and cloud. These are just two technologies that provide vast opportunities for transforming businesses internally and resulting in lowering prediction and computation costs. However, even when companies create these new technological hubs, they sometimes fail to create the data connections from the hubs to elsewhere. As a result, the company has no way to share these innovations effectively, which leads to a suboptimal value multiplier.
Most companies are making poor decisions about how to invest into their technology systems and platforms. Over time, these bad investments compound, and lead to problems in the form of a lack of innovation and efficiency. These issues directly lead to crucial gaps between what the companies could have accomplished, and what was realized.
To swiftly recover from these decisions, company executives are deciding to place business unit, product, or geography leaders in charge of the company’s technology investment decisions. This strategy can work as an efficient solution, but only for a limited amount of time. Once this process is executed several times, it results in highly customized systems not operating in unison. These platforms cannot work with each other properly, and this leads to disruptions for the technological innovation of that company. The company then becomes increasingly dependent on these platforms and is unable to fully capitalize on the data to fuel their AI systems. Furthermore, data that might lead to enterprise innovation is not properly shared. These isolated systems cannot be scaled across businesses, and over time, it only becomes harder to update and modify these systems to perform as they should, due to the high customization. If companies do not address these issues quickly, the executives are risking failure of their systems, and possibly their own positions in the company.
How NMS Can Help
Management consultants who are experts in digital transformation can guide you in establishing efficient systems. With a focus on innovation and a goal of creating a value multiplier, our digital transformation experts can provide a thorough analysis of what your company needs to overhaul and implement.
NMS works with clients on such initiatives from initial concept across development and implementation. We take an in-depth approach to overall strategy, organization, and technology, to arrive at a solution that is custom fit for the transformation of one or all of your organization’s divisions. NMS works closely with you to identify the most suitable business information technology solutions and data management strategies to help improve your organizations productivity, performance, and profitability. With exposure and experience in nearly every industry, NMS utilizes trends, best practices, and creativity to keep your organization competitive. As industries evolve, your organization may need to make structural changes to increase margins and overall performance. A focus on the performance of your operations is essential in keeping your position in the industry and competing for new business. With COVID-19 still spreading globally, the digital revolution continues to expand at an extraordinary pace and goes far beyond simple e-commerce in the form of entirely new business models and industrial norms.
Mr. Mansourian has a 12-year track record as both a management consultant and investment banker, advising clients on valuation, capital markets, structured financing, mergers, acquisitions and divestitures and general corporate strategy. Mr. Mansourian served as Vice President while at NMS Capital Advisors, when the company achieved cumulative sales growth of over 5,100% with annual compounded sales growth in excess of 120% from 2012 to 2017.