Digital transformation has completely changed the media industry with key areas of transformation such as hyperconnectivity, artificial intelligence, cloud, and cybersecurity. Contactless payments, digital entertainment, automation combined with the near death of paper, digital interactions through augmented reality/virtual reality (AR/VR), and sophisticated collaboration tools are critical areas of growth.
COVID-19 caused massive disruption across industries and changed the traditional ways of operations. One of the key norms to handle the pandemic included social distancing, thus creating an opportunity for industries to go digital, especially those that were reluctant prior to the pandemic. Digital innovations and continued disruptions have become commonplace, and are likely to outlast the pandemic.
Digital transformation has progressed rapidly in the last year due to COVID-19. These unprecedented opportunities for IT services through digital transformation have made companies invest in complex technologies at a large scale to improve performance. According to reports by Morgan Stanley, the global investment in digital transformation is estimated to grow at 21% CAGR from 2020 to 2025. The key technologies that play a critical role in this digital transformation adoption include hyperconnectivity, cloud, artificial intelligence, and cybersecurity.
Five key technology themes in digital transformation
Based on these technology adoptions, the five technology themes that have seen rapid acceleration of digital adoption are – contactless payments, digital entertainment, automation combined with the near death of paper, digital interactions through augmented reality/virtual reality (AR/VR), and sophisticated collaboration tools.
Challenges in digital transformation
While digital transformation holds promise to organizations in elevating their operational efficiency and enhancing productivity, there are some challenges as well.
For companies to shift and handle remote delivery of services it is important to check and standardize the existing processes in place to formulate the components of its digital solutions and platforms.
Though there are relevant solutions that can be implemented for digital transformation, it is very important to understand how a company can address the most relevant and pressing needs of its customers by this shift -
The digital shift in the customer journey
The solution that helps companies transform digitally should provide a holistic and connected approach that is customer-centric and optimized. Considering the approaches and dimensions described in Figure 1, the implementation should typically consider the following:
a.Identifying needs and collecting information accordingly
b.Prioritizing and calculating the effects of planned formulation
c.Determination of features and collaboration to work on them
d.Experimenting and innovation for better output
e.Optimization of processes
f.Transformation and feedback
A successful digital disruption should include implementing innovative mechanisms that improve solutions for serving customer needs in a profitable way. The tectonic shift across the world in consumer behavior with a clear bias in favor of digital channels - whether payments, or shopping or consumption of entertainment content - impacted demand for traditional / core products and services. Firms which had a head start in adopting digital into their culture, products and services fared much better.
Wipro’s offerings for digital transformation
About Wipro Knowledge Services
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Pankaj M Kwatra
Knowledge Services Sales Lead, APMEA
Pankaj leads Wipro’s KPO (Knowledge Services) Sales Practice for the APMEA region. Knowledge Services is a group of problem solvers with a passion for the digital world – offering expertise across digital content, reputation management, enterprise legal offerings, data & insights and marketing and e-commerce operations. Pankaj has spent more than two decades in the global outsourcing industry working with various financial institutions and content and media firms. He has helped firms create value through revenue generation, capability build and risk free governance and has been one of the pioneers of the Indian KPO sector.