Analysis: From real-time data to cost reduction, digital transformation is now a reality amongst those in the industry.
Digital transformation has become a question of life or death for companies across nearly all industries, with countries and companies at different stages to becoming digital.
At Software AG’s Innovation World 2015 in Las Vegas, Karl-Heinz Streibich, CEO, confirmed that today, digital transformation is really at the top of everyone’s agenda.
"Digitalisation really unlocks new streams of opportunity. For every company, every industry and even every nation: going digital is not just an IT project, it is a new way of doing business."
He also said that going digital is all about efficiency, and that "efficiency makes digital so disruptive".
According to Streibich, there are six business assets that deliver digital: process lead time reduction from days to hours, increased order value, significant reduction in process errors, faster on-boarding, massive savings through real-time fraud detection, and shortened approval times.
As digital transformation becomes crucial to businesses, Streibich spoke of seven different core efficiency drivers.
First he said digital is a shared economy, followed by the power of standardisation in the digital world.
Streibich said: "Digital companies typically do not own classic assets, that means companies are software companies. In the digital world, every company becomes somehow a software company."
Another efficiency driver highlighted was how digitisation brings real time transparency, where "with the explosion of data, real time transparency plays the key role to stand out in the digital world".
He also said that digital transformation goes in fast sprints, meaning that companies no longer have months or years to plan their digital verticals.
The last two drivers includes the fact that digitisation reduces costs significantly, and complete digitalisation is the beginning of unlimited creativity.
Streibich said: "Digitalisation could even be the end of burocratisation. It offers an unlimited world to innovate. This is not futuristic stuff, it is not science fiction, it is happening now."