In this 2 part series, we deconstruct the myths behind digital transformation and examine how companies can accelerate innovation with Virtual Twins.

While the concept of “digital transformation” has transformed many businesses today, there are also a number of myths surrounding it.

Example of such myths include:

• “Is it only applicable to multi-national companies?”
• “How accessible are technologies like virtual twins to small and medium-sized companies?”
• “How can companies embark on digital transformation without disrupting current operations?”

In this article, we share some excerpts from our discussion as we debunk the myths surrounding digital transformation and look at the role of virtual twins in accelerating innovation.

Myth #1: It is difficult to obtain ROI on digital transformation

Many businesses might be hesitant to invest in large-scale digital transformation because they think it is difficult to obtain return on investment (ROI). However, IDC research has shown that investing in digital transformation can make a large financial impact, even more so during times of crisis.

During the roundtable, IDC presented research which showed that organizations that have gone through digital transformation, or are already undertaking significant digital transformation initiatives, versus those that haven’t, are actually becoming more profitable. These organizations are bringing in more revenue, and having less negative impact as a result of incidents such as the COVID-19 pandemic. This is actually causing a digital divide in the field. 

Myth #2: Digital transformation is all about technology

Another common myth is that if a company simply upgrades its technology, it has accomplished digital transformation. As critical as technology is to digital transformation, organizational culture is actually the biggest barrier to overcome.

Digital transformation is much more than merely adopting software or hardware. It requires moving to a new platform that allows a company to work in an entirely new way, making its processes much more effective, more efficient, and to have greater collaboration in a more transparent manner, to serve their own customers better as well. Organizations will need to ready themselves for a real transformation change in the organizational culture, rather than looking at adopting just ‘point solutions’.

Coming up next – Misconceptions Regarding Data Records Requirements and Process Owners

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