At a recent interview with one of the leading global technology solution provider, advice was given to chief executive officers (CEOs) of large enterprise companies as well as small and medium enterprises (SMEs) to align their operational processes with digital transformation, while ensuring that technology drives their entire business activities.
During the interview in Lagos, the company CEO warned that unless organizations align their businesses with current digital transformation, they would find it extremely difficult to remain in business in today’s digital era where competition drives businesses.
“My candid advice to all CEOs, business owners, small or large, is that digital transformation is the next frontier. Technology is no longer focused only on Information Technology (IT) department as a cost center because technology itself is now the cost center and data is no longer something that organizations need to worry about because data is the new currency.
“Today, technology is driving businesses to new heights to open up new channels and can engage people in diverse ways, and that is why technology is the new business. Organizations that have embraced digital transformation, have used technology to transform their businesses and they are using technology solutions to deliver products to people’s home, thus changing the business modules of old,” Nicholas said.
He added: also, with basic technology solutions, organizations are able to provide basic services that the customer needs.
Uber, for example, has used basic technology apps to transform the transport business, and this is the type of digital transformation that is required among large enterprise and SME businesses to enhance competition, business growth, and profitability, Nicholas added.
Therefore, he urged CEOs to understand that technology is now the business model, saying they need to look into their own business pattern to see how they can use technology to cause positive disruption.
CEOs need to disrupt themselves. Every company needs to disrupt itself with technology before they are disrupted by others and Dell has a long history of disrupting self in many years, he further said.
Speaking on the roles of Financial Technology (FinTech) players in the entire digital transformation process, Nicholas said: “FinTech players are key to digital transformation because they develop solutions that drive automation processes that speed up business activities.
FinTech has done a lot in the financial industry and they have caused a lot of distortions in that sector. Today we talk of successful online transactions because the FinTechs were able to develop solutions that drive it.
Today many banks have become online banks and we operate mobile banking using mobile phones.