Prioritizing Technology Transformations and its Impact on Businesses in 2023

Business model
There are multiple aspects to a companys business model. For example, the retail market could have a supply chain and distribution network. Banking could have relationships between merchants and investors. A crucial transformation that must take place is the change in the business model based on how a company is set up in the market. For example, if a company is product-driven, the focus could be on sustainable labor. The GCCs still face the issue of a lack of an end-to-end product in the market and the capability to define the product. Whether it be retail, banking, healthcare, or agriculture, an end-to-end product is needed. It is necessary to set out an end-to-end product organization and measure the processes that go along with it. With tech taking over the world, it is crucial to understand the product need, deliver according to the tech and balance the transformation according to your organization.

Technology or domain-data protection
Do companies have a plan for data protection Nowadays, everyone prefers to shop from the comfort of their couch, kitchen, or car. The hybrid work-from-home model brings several vulnerabilities when discussing data. When shopping, data can lead to 3rd-parties, and the apps can depend on many end tech levels, increasing vulnerability. Hence, data protection stands for priority. Investment in cyber has become substantial.

People and Culture
The organization and every person in it should rally behind the transformation, especially when there is a new CXO coming in, bringing in new ideas of transformation. Communities should understand what needs to change, sandbox why that change is necessary, and work through it together. A recent superlative story about transformation was when Steve Jobs brought in the new iPhone, "a thousand songs in your pocket," which had the whole organization rallying behind talking about what you need to do and how you need to do it. This showed how an entire organization can come together and rally for a cause of transformation.

Business Process
Business processes should balance and deliver end-to-end products with a team overlooking the performance of those areas in the tech transformation. It is important to have dashboarding and deliver the legacy platform, explaining each step and moving from legacy to modern and agile practices. It is of prime importance to bring benchmarking modern aspects to deliver end-to-end products into the market.

Architecture
Architecture does not only mean modernizing some areas. It is about every engineer in the organization having equal participation and motivation regarding a transformation that is taking place within the organization. In the last couple of years, data, predictable analytics, and architecture have been the pillars of the organization. Since 2020, however, cyber has increased the vulnerability by 600%, risking more and more data forgery, especially in the retail market. In the last years, around 150 million dollars have gone into cyber-vulnerable areas. With cost taking over the ladder, Cloud is no longer a reliable aspect either, hence with transformation comes the importance of prioritizing personal and public clouds.

Organizations need to understand that these five aspects of technology transformation need to be prioritized to make a worthy business model.

Authored by Sirisha Voruganti, Managing Director and Global Head of Data Engineering at JCPenney India. She was the keynote speaker at NASTech 2022-a NASSCOM event and shared her insights about Prioritization of Technology Transformations and their Impacts on Businesses at the event.