Businesses everywhere are under tremendous pressure. And whether it is driven by anxious boards or new competition from digital disruptors, companies are seeking new ways to shift from incremental to exponential growth.
One solution is digital transformation. It offers a host of benefits, including cost-efficiency and accelerated time to market by rethinking operations and processes. Digital transformation also promises to increase customer loyalty and grow businesses through improved customer experiences and by uncovering new revenue streams.
However, transformation isn’t always easy, especially for mature businesses that haven’t “grown up” digital. To succeed, business and technology leaders have to completely re-think traditional approaches.
And they need to do it quickly. Because, given the rapid pace of change in today’s business landscape, anything that hinders transformation can help the competition and put the entire business at risk.
How to get there
There is now an almost universal understanding within businesses that all functions need to look at how they transform their own practices through digitization. But what many organizations are asking is how do we get there?
It’s an excellent question. While data plays a central role, there are a variety of different aspects that companies need to consider. There are certainly a number of practical steps that companies can take to enable Digital Transformation.
This starts at the data management level; ensuring that companies can abstract, access, automate and accelerate their information as needed. Companies also need to consider how their data is protected and governed, making sure everything that needs to be is compliant and encrypted. Mobility is also central to Digital Transformation, removing the shackles of legacy systems and freeing up enterprise data for new business functions and increased employee productivity. Finally, companies need to be able to analyze their data, and bring it all together in a single view to visualize results and help businesses innovate faster.
Digital Transformation at HDFC Bank
The India-headquartered HDFC Bank found out the value of these steps first hand. As the second largest private bank in India, HDFC has grown rapidly in recent years thanks to its broad network coverage, spanning over 500 cities and towns in India, and other strategic financial markets like Hong Kong, the Persian Gulf region, and Kenya.
As a result of this rapid business growth, the bank found its storage infrastructure was unable to support high volumes of fast-paced transactional loads and could not easily access certain core banking business data that was trapped in siloed data repository storage systems. It needed a robust storage infrastructure that could offer the reliability, accessibility and scalability required to support large volumes of data and meet increased data security requirements.
Embarking on a whole business storage transformation journey with Hitachi Data Systems, HDFC deployed Hitachi Content Platform in conjunction with the Waves Image Repository from Extrieve Technologies. The seamless deployment that HDS was able to provide has given HDFC the ability to scale and offer greater efficiency in the storage and retrieval of data. The bank can now confidently handle -intensive tasks, such as loan processing, knowing it has a big enough core IT function to cope with any new capability demanded by the business.
For those who have been slow to embrace change, that can lead to IT professionals being relegated to mere spectators as shadow IT emerges within lines of business, or parallel IT organizations spring up to run agile, digital-centric operations.
The choice is clear. Digital transformation is fast becoming an organizational issue. Which means that the biggest winners in digital business tomorrow, will be the ones that successfully transform today.
HDFC Bank case study: https://www.hds.com/en-us/pdf/case-study/hitachi-success-story-hdfc-bank.pdf
HDS Digital Transformation Microsite: www.hds.com/go/dt