Learn more about the guest - https://www.linkedin.com/in/raktim-singh-b7127513a/ The best sales advice from around the world - to share stories and strategies that helped them grow from zero to 100. Master of sales is a Sales Podcast that does not sound like Sales Podcast.
For our fourth episode, we had the absolute pleasure of hosting Raktim Singh, the author of “Driving Digital Transformation”. Raktim describes himself ‘As one of the few lucky software champions, who are Digital Software Product Native”.
With more than 25 years of experience in Infosys FINACLE, he had developed new products and played various roles, from Strategy, Product evangelization, Product development, and implementation of this product across the globe. He is part of the International Toastmaster Club and has won many awards here. He also mentors IIM & IIT graduates on ‘Digital Transformation’ & ‘Software Product Principles’. He is a certified SADFe 4.0 agilist. Currently, he is playing a pivotal role in digital banking transformation strategy and development of the various products, which helps banks in becoming really digital. He is also a member of the ‘India FIN-TECH’ group & the ‘Bangalore FIN-TECH’ group.
WHAT IS DIGITAL TRANSFORMATION?
The integration of digital technology into all elements of a business, radically changing how you operate and give value to clients, is known as digital transformation. It’s also a cultural shift that necessitates firms constantly challenging the status quo, experimenting, and learning to accept failure.
From tiny enterprises to large corporations, digital transformation is a must. That message comes through loud and clear in almost every lecture, panel discussion, article, or study about how firms can stay competitive and relevant in an increasingly digital world.
Digital transformation consists of four aspects:
1. Understanding the true meaning of digital experience
2. Understanding the cultural mindset & ground realities of your organization.
3. Understanding new technologies & using them properly to transform the business process around us.
4. Understanding Digital Anthropology, so as to change your mindset & subconscious mind. This will help you in making sure that you are able to sustain this transformation journey in the future.
What does a digital transformation framework look like?
Although each organization’s difficulties and expectations may differ, there are a few constants and common elements among current case studies and published frameworks that all business and technology executives should examine as they start on digital transformation.
Digital Transformation Challenges
Lack of Devoted IT Skills: A dedicated, highly-skilled IT workforce is at the heart of every successful digital transformation. However, putting together this team is becoming more difficult. As more businesses invest in new technologies, a manpower shortage is emerging. According to one recent poll, skill shortages are preventing 54% of firms from achieving their transformation goals.
Changing Customer Requirements: People have recognized how much they can accomplish with their laptops and smartphones in the last year. As a result, customers are more discerning and demanding than ever before.
Concern & Constraints Regarding the Budget : Another issue that comes when you don't have a defined approach in the inability to set or to stay a budget. As you respond to modification requests & changing customer needs, it's easy to become caught up in scope creep. Without a plan in place, you're likely to make selections that provide little to no advantages while also increasing your budget & timeframe.
