Becoming a digital enterprise is essential for business

No business can afford to ignore the benefits of going full blown digital. The rise of Google, ChatGPT and Netflix has revolutionised the business landscape and created a new breed of company: the digital enterprise.  

The digital enterprise has fully embraced digital technologies, incorporating them into all aspects of their operations. This comprehensive digitalisation strategy not only transforms a company's original business model but also opens up new business opportunities. Let’s explore why becoming a digital enterprise is essential for any business wanting to compete in this century.

Merging intangible processes

Digitalisation is a transformative process that enables companies to leverage globally distributed digitised assets and organisational resources. By merging intangible processes such as product development and production planning with physical production and operational support, digital enterprises can create new business models and opportunities that were not possible before. For example, digital enterprises can use cloud computing and the Internet of Things to enable real-time monitoring, analysis and optimization of production processes, resulting in higher productivity and efficiency.

Another example closer to home is MER Solutions. In July 2022, MER Solutions realised that the data they were gathering, and the quality of its service would allow them to fast-track into another offering, vetting vessels – and thus, the concept of MER Vet was formed.

The addition of this application will help to simplify and streamline the recording and verification of data that has a direct impact on safety onboard vessels.

Using scalable technologies

Digital enterprises focus on converting data assets into digital formats and automating their business processes. This allows for scalable technologies, such as cyber-physical systems, to use and contribute to these digital assets. Artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) can also be used to create customised solutions tailored to the specific needs of the business. By embracing new tech and modernising, digital enterprises can improve their decision-making processes and increase the speed of execution.

Total experience = customer experience

Incorporating digital technologies into all aspects of a company's operations also improves customer experience. With the rise of e-commerce and mobile devices, customers expect businesses to be available 24/7 and provide seamless interactions across multiple touchpoints. Digital enterprises can leverage digital technologies to provide personalised experiences, targeted marketing and real-time customer support. This not only increases customer satisfaction but also improves customer retention and acquisition.

Just as important as this is Total Experience (TX). According to Gartner, total experience (TX) is a strategy that creates superior shared experiences by weaving together the 4 disciplines i.e. the multi experience (MX), customer experience (CX), employee experience (EX) and user experience (UX). Total experience is based on the idea that no experience operates in isolation. Employee experience impacts customer experience, user experience impacts employee experience, and so on.

Adapt or join the dodo bird

In short, Darwin summed it up best, those that adapt best to their changing environment have the best chance of surviving, while those who do not adapt do not make it. Therefore, another benefit of becoming a digital enterprise is the ability to adapt to changing market conditions. In today's fast-paced business environment, companies need to be able to pivot quickly and respond to changing customer demands or market trends. Digital enterprises are agile and can respond to changes in the market by analysing data in real-time and making informed decisions quickly. This leads to a competitive advantage and the ability to stay ahead of the curve.

The term ‘digital enterprise’ is not a fad; it is a necessity. Companies that fail to embrace digital technologies risk becoming irrelevant. By becoming a digital enterprise, businesses can improve their decision-making processes, increase efficiency and productivity, and create new business opportunities. Incorporating digital technologies into every aspect of the business also improves customer experience, increases agility, and enables businesses to adapt to changing market conditions.  

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