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Why Companies are Investing in Digital Transformation

Xergy GroupAugust 8, 2022
Digital Transformation project management Work Management
investing in digital transformation

Digital transformation is no longer a buzzword, it’s a reality for many companies: over the last few years most businesses have realized that they need to invest in digital transformation and achieve digital acceleration in order to stay competitive.

”70% of businesses will increase or maintain their investment in digital transformation”

IFS, 2020

It is now common to find the job title “Head of Digitisation” or “Digital Transformation Manager” in many companies. Despite this now ubiquitous use of the phrase, many business leaders are not agreed on what digital transformation means. The fact is digital transformation looks different in every single company and it is this flexibility that causes a lack of clarity for those tasked with managing this change. Does it just mean moving systems to the cloud? Is it a business strategy or just a tactical implementation of new systems? Does it mean totally rethinking old operating models? One thing all ambitious business leaders agree on is that it is essential to business resilience and staying competitive.

By investing in digital technologies such as integrated project management software, businesses can improve their operations, communication, and business growth. While these benefits are clear, making the switch can be daunting. Many companies struggle with how to make the shift, but there are a few key strategies that can help make the transition easier. By understanding and defining the benefits of digital transformation for their specific business and investing in the right tools and technologies, change makers can position their company for successful growth and resilience in the coming years.

What is digital transformation and what are the benefits for project management teams?

For companies working on projects, investing in digital transformation is about empowering your workforce by providing access to real-time data in a secure environment. In this context, project data is at the centre of achieving business resilience. Project management has come a long way in the last few decades: with the advent of digital transformation, project managers now have access to a wealth of tools and resources that simply didn’t exist before. Cloud-based project performance and controls software, for example, allows project managers to oversee every aspect of a project from a single interface which can save considerable time and effort, as well as reducing the risk of errors. In addition, integration with other business systems can provide real-time data which can be used to make informed decisions about the project. In this way, implementing the right project management software can help teams overcome both legacy thinking and legacy tech, and get ahead of the competition. As a result, companies who undergo digital transformation can enjoy significant benefits in terms of efficiency and effectiveness, but it is in the core, data-based fundamentals where the real difference is seen.

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How a company can initiate a digital transformation process

Any company’s digital transformation process begins with its leadership team establishing a vision of success at a company level and at a project level. This vision should include objectives and measurable outcomes that will serve as indicators of progress. Once the vision is in place, the company should conduct an audit of its current situation. This will help to identify areas of opportunity and need, as well as assess the company’s capacity for change. With this information in hand, the company can then begin to map out a plan for transformation.

Critically, any plan to invest in digital transformation in a project management context should include a focus on integrating tools for project management and key workflow with cloud-based solutions that will help to streamline operations and bring everything into one central location. APIs and custom integrations are a necessity for successful digital transformation. They enable companies to speed up the development cycle and increase the automation of software delivery. APIs also lay the foundation for successful digital transformation by providing a way to quickly and easily connect different software systems. Custom integrations can further extend the capabilities of APIs by providing a way to connect to legacy systems and data. By leveraging APIs and custom integrations, companies can gain a competitive edge and lay the foundation for successful digital transformation it is therefore important to ensure you partner with a tech capable of providing this support.

Finally, it is important to incentivise all stakeholders to deliver on the plan. By taking these steps, a company can initiate a successful digital transformation journey.

Challenges are found when investing in a digital transformation strategy

One of the biggest challenges companies face when investing in digital transformation is legacy systems. Legacy systems are often based on big, siloed spreadsheets, clunky site-based softwares, some created in-house using older software that is no longer supported. These systems can be difficult to maintain and integrate with new, cloud-based applications and can hamper innovation and limit business efficiency. As a result, companies need to invest in new software and systems to either replace, or pull together their legacy systems.

Another challenge companies may face is the need to consolidate data from multiple sources. This data may be spread across different departments or even different countries. In order to make use of this data, companies will need to invest in data integration tools and processes.

Legacy thinking can also be a barrier to success, so it is important for businesses to support their teams in embracing change, and fully retraining their employees on how to use new technology and applications. While investing in digital transformation can bring many benefits, it is important for companies to be aware of the challenges they may face. By being prepared for these challenges, companies can ensure a successful transition to the digital age.

Case studies of companies investing in digital transformation

These two examples of are of large, global capital investment companies who have successfully implemented digital transformation to make a signifcant difference to their business performance.

Rio Tinto is one of the largest mining and metals companies. Rio Tinto rely on people and computers working together, one augmenting the other, rather than viewing human and machine as mutually exclusive sources of knowledge. As reported by the World Economic Forum, Rio Tinto has used digital transformation to successfully empower project employees to operate more effectively using software to interpret complex datasets and create user-friendly dashboards. More than 400 operators analyse data and synchronize an integrated system in real time, managing 15 mines, 31 pits, four port terminals and a 1,600km connecting rail network leading to increased efficiency, reliability and lower variability.

GE’s Digital Wind Farm is an adaptable wind energy ecosystem that pairs turbines with the digital infrastructure for the wind energy industry. As reported by the World Economic Forum, GE has successfully implemented digital transformation through the use of sensors, data networks and analytics create turbines that are customised for peak efficiency, achieving up to 20% more in annual energy production. Real-time analytics enables power generation at peak efficiency and predictive maintenance ensures optimum asset performance and a number of digital processes improve energy procurement and storage.

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About us

Xergy Group’s Proteus work management solution is designed to work with your existing systems, and to scale and evolve as your business evolves. It was created by energy sector professionals, for the diversified energy sector, and delivers an end-to-end project management software platform compliant with ISO audit requirements and common project management frameworks.

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Proteus’ work management software is a cloud-based system designed for businesses of all sizes to handle projects of unlimited complexity. Each Proteus feature is aimed at making bottom line improvements by improving utilisation, streamlining workflows, providing quick and efficient access to resources and reducing overheads. One of the unique advantages of Proteus is that we offer a free onboarding consultation service to ensure your company account is set up according to your company’s needs.

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