It could involve moving to the cloud, going paperless, automating repetitive tasks, leveraging data analytics or artificial intelligence, or even working with Agile teams. If any of these are accurate, do organizations need to design new jobs to help create a framework or hire a consulting service? Do business strategies have to change?
What is digital transformation?
Digital transformation is the process of using digital technologies to create new or modify existing business processes and objectives, company culture, and customer experiences to meet changing business and market needs. You shift your business from the antiquated legacy model to ways of thinking using today’s digital, social, and emerging technologies. You focus on new changes in leadership, digitation of assets, and increased use of technology. Doing so improves the experience for your employees, consumers, suppliers, partners, and stakeholders. Herein lies the concept of the golden triangle.
The Golden Triangle: How People, Processes, and Technology are changing corporate landscapes
Many companies are undergoing some form of a digital transformation to remain competitive and relevant into the future. However, any large transformational changes are difficult and require more than investments in technologies alone. What is needed is a clear and solid strategy for how technology can be used to transform their business and provide better client experiences, as well as develop a culture that embraces change and collaborates heavily to execute the overall strategy efficiently.
The golden triangle represents corporate, executive, and IT buy-ins broken down into:
- People – Without people, nothing can happen. The culture consists of internal and external entities of executives, analysts, information users, clients, suppliers, vendors, and others. You need to establish those individuals you can’t live without.
- Processes – These series of actions or steps must happen to achieve a specific goal. The people in your triangle are ineffective without specific processes in place to support their decisions.
- Technology – Without the people and processes working effectively and in tandem, an investment in technology won’t be working with you, but against you. You need to ask if your technology is doing everything for you.
Think of it this way: People do the work. Technology can help them innovate and automate processes.
Accuvise aligns and develops these three elements of the golden triangle of People, Process, and Technology to work in tandem to successfully complete your transformation, all the while helping your organization achieve your missions measurably, more effectively, and at a lower cost over time.
How Accvise’s methodology addresses digital transformation
Accuvise’s methodology addresses private equity companies with a technology roadmap to match their overall investment principles of their acquisition or carve-off. We consider not just the classic state or desired paradigm most consulting companies offer. Accuvise supports an organization’s strategic goals the investment is designed to achieve when we provide recommendations and deliver projects.
Private equity may have a growth-through-acquisition strategy whereby a technology portfolio makes better sense than a turnaround or resell approach. We bring that experience and insight to the commercial sector, combining it with a single point of delivery oversight for a combination of solutions, staff augmentation resources, and boutique-trusted partners to deliver the highest value outcome at a cost that is significantly less than major integrators.