Unless you have been living on a remote island, you couldn’t have missed the wave of businesses “going digital”. In fact, odds are that the adoption of digital technology is already a key part of your strategy. The good news, then, is that you are already on the Digital Transformation journey.
Digital transformation is all about leveraging new technologies to improve business outcomes. The scope of digital transformation today encompasses all aspects of a modern enterprise – Customers, Employees, Products & Operations.
All of us read about the technologies that are powering innovations. Every day there are new ways to engage audiences through digital marketing platforms or new use cases powering artificial intelligence (AI), Robotics Process Automation (RPA), or the Internet of Things (IoT).
The challenges faced in Digital Transformation
But, do you know that digital transformation projects may quickly spiral out of control if they aren’t implemented properly. According to Genpact research, $400 billion is wasted a year on misguided digital transformation efforts by companies across the world. This is a large sum by any stretch of the imagination!
A successful digital transformation implementation is built around an in-depth understanding of the play of different technologies. A razor-sharp focus on what is the central solution area and what is peripheral is needed. It also requires expertise in the latest technologies and solutions. In enterprises, this can be tough for the internal IT departments, whose limited resources are consumed by routine work. They may also lack the expertise required for complex workloads in the newest technologies. Also, an internal IT team also will never be able to provide the right career path for professionals in emerging technologies like Big Data, Machine Learning & Blockchain Development. There is simply not enough work year-round to challenge them & help them learn and grow.
What should you do?
The solution is Smarter Outsourcing. Just as digital transformation is critical to growth, smarter outsourcing is critical to digital transformation.
Close to 90 percent of companies outsource to a 3rd party solution provider to help with at least one component of their digital transformation, according to Accenture research. Traditionally, larger enterprises have outsourced more of the mundane elements to a 3rd party service provider. In contrast, medium-sized companies have relied on the expertise of their outsourcing provider for the more critical and technology-intensive projects. These trends are expected to have catapulted the overall IT outsourcing market to cross $481 billion by 2022. We believe that the pace is expected to quicken even more as digital technologies become more mainstream.
What are the benefits?
So, If Smarter Outsourcing is the way forward for many companies, you should also evaluate it more closely. The benefits are many
- Flexibility: With internal IT teams stretched with business-as-usual activities, outsourcing is the best bet to put together a special purpose projects team for a shorter period. It also saves a lot of the time & money that otherwise would need to go into hiring, training, and managing technical staff.
- Expertise: There is a lot of learning that develops within service provider teams who are working on digital transformation projects. This can be invaluable for your business, so that your internal team does not have to ‘re-invent the wheel’ for a new AI, ML, or IoT application.
- Risk Mitigation: A skilled IT outsourcing provider understands the challenges in a typical project and has the know-how to overcome them. They basically know the dance required to achieve success, including many industry-specific issues that can arise.
- Optimal solutions: The solution landscape is changing every day, especially with the rise of SaaS. A service provider working in the same space is more likely to know the optimal solutions that should integrate with your system instead of developing from scratch. This also ensures that you don’t choose a sub-optimal tech stack or integrate a solution purely for legacy reasons.
- The latest hardware & Infrastructure: Also, the service provider is not limited by the hardware or hosting infrastructure you have. During the development phase, they can utilize the latest in-house or cloud models to create the right solution for you.
It is clear that Smarter Outsourcing is inextricably linked to your digital transformation. The Right partner or service provider is critical to the success of your project. B2B Marketplaces like Benchkart specializes in matching you to the right service provider for your project. They are the best head-start you can provide your business when you want to undertake a project.
If you want to discuss your Digital Transformation priorities and explore service providers who could help you achieve them, do get in touch with our experts. This may turn out to be the best decision for your transformation journey!