May, 20228 IN MYV EWWHY LEVERAGING TECHNOLOGY PARTNERS IS ESSENTIAL IN BUILDING SUCCESSFUL DIGITAL ECOSYSTEMSBusinesses are under pressure. It may feel like the fast-forward button has been pushed, and they have limited time to complete their digital transformation efforts. And it's not just the pandemic that is forcing the issue; companies are also increasingly aware that the adoption of technology is more than just a way to reduce costs. It's now a vital aspect of their entire organization. There is, however, a solution ­ find the right technology partners. The Key Digital Transformation Barrier ­ A Lack of CapabilitiesResearch has identified a major cause behind unsuccessful digital transformations as a lack of capabilities. Companies find themselves unable to bridge the gap between relatively straightforward small-scale projects and introducing bigger changes across the organization.Take a sportswear brand, for example, that wanted to give customers the option of personalized athletic shoes with a quick turnaround time. When it ramped up its operations, the firm discovered that the new technologies required could not sync with existing processes, and the company had to eventually close the facility.A proven solution was offered ­ look outside to close the gapsThe Benefits of Using Partnerships to Drive InnovationSuccessful digital transformations are all about scale. Technology is always evolving, so staying ahead of the game is difficult even for companies which specialize in these technologies, it's even harder for those in entirely unrelated fields. Achieving scale requires speed, something many of the largest tech companies today have realized. Trying to achieve digital transformations alone without the benefit of specialist technology partners ­ the "lone wolf" mentality ­ is a slow and inefficient strategy.If firms can't keep up the pace on their own, it's time to call on outside help. By using the skills of technology partners, companies are offered three benefits:· Specific expertise· Improved time to market· Agility (since these partners can be classed as a variable, rather than a fixed cost)Technology partners can be an integral part of a company's "digital ecosystem" ­ an interconnected group of resources (both internal and external) that are all working toward shared objectives. They can also make all the difference between a successful digital transformation effort and one that fails. Choosing the right one is crucial. Here are four guidelines that companies can use for the selection process. Assessing Specific CapabilitiesAt the top of the list sits the specific capabilities of the prospective technology partner. Do they have a proven track record of successfully delivering digital transformation projects? While this will have to be assessed on a case-by-case basis, it is worth keeping in mind a dangerous myth: every tech vendor is automatically an expert in digital transformation. They're not.A vendor may have helped other clients create new digital experiences, but it does not automatically make them an expert in digital business transformation. Companies should hold back from selecting the first BY ERIC CHEUNG, GROUP TRANSFORMATION DIRECTOR, TRICOR GROUP1
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