Fatihah Ramzi, DigitalCFO Asia | 29 November 2022
Trust must be woven into the very fabric of organizations’ digital operations.
Embrace it or miss the next opportunity for digital growth – the trust dynamic that the digital era unleashes is enormous. In the digital era, companies have more potential than ever to be quick, flexible, and innovative. The only way to maintain competition is to seize the possibilities that are presented. Organizations are becoming more and more dependent on IT systems, therefore these systems cannot break down. The role of technology in a business’ success is crucial. However, businesses must have confidence in it, and their clients, shareholders, and regulators must also share the same confidence.
Customers that trust businesses will purchase their products and services. It suggests that they have faith in the company’s ability to protect and safeguard their data. When a business has a supplier’s trust, the supplier knows that the business’ processes will not let them down. It also implies that the business has the confidence to advance their company by embracing technology and the chances it presents.
Trust must be woven into the very fabric of organizations’ digital operations. Business owners will be able to embrace a digital future with confidence and take advantage of the exponential impact it has on the business’ growth if they have faith in their data and security, have resilience built into their systems, and know that their digital transformations will be successful.
Only the fit will survive and thrive in the decade of digital transformation. Businesses must also be digitally trusted by their clients, suppliers, and other stakeholders if they want to be digitally fit. The ability of an organization to adapt to the new trust dynamic is more important than ever for its development. There is seldom a week that goes by without a new illustration of how the power of digital technology is continuing to upend conventional business practices and provide creative opportunities to develop new methods of value creation.
Digital opportunities cannot be ignored any longer. However, taking risks by moving too quickly and without clear direction could hurt the business. To feel confident in their decisions, business executives need to manage risk and foster trust. There are seven significant technological advancements that are already transforming the way business is conducted and are essential to the success of any digital organization;
Social media – Businesses can utilize social media to gain knowledge and communicate with customers in novel ways. Businesses who have a well-defined social media strategy and apply governance will benefit. The connection on social media will become a bigger component of the trust between a company and its stakeholders. Companies need to interact with them, listen to what they have to say, and set the agenda for managing their reputation.
Smartphones and mobile devices – Present new business options. From the palm of their hands, clients and users can consume information, make purchases, and communicate. The use of mobile devices has evolved into a daily necessity. The digital economy today is supported by mobile payments hence why, for consumers to feel secure utilizing it, they must have trust in the business.
Analytics – data is pervasive, and its importance to the company is rising. Get savvy with data and learn how to exchange, manage, and secure it to avoid falling behind. Business owners must be aware of what they can use it for and what they cannot. The team must also be knowledgeable about their duties related to handling data. Management must have faith in the facts and analysis used to make business choices.
Cloud – By using cloud operators to store data and source services and apps, companies are giving up the feeling of security that comes with having a specific physical location. Cloud services will be adopted far more quickly than most businesses anticipate due to cost and simplicity. Users will migrate effortlessly and unknowingly between in-house and cloud-based applications thanks to the development of a cloud-based “internet of applications.” New methods of controlling and sourcing services are necessary when businesses trust suppliers to manage their data and services.
Hyper-connectivity – Live and work in a networked society. By sharing data, business partners can access systems, and transactions that go in and out almost completely unattended. This kind of collaboration requires a certain degree of trust and businesses cannot afford to make a mistake.
Digital identity – Knowing who the business is dealing with is essential in the upcoming digital wave. As customers share their consumption data and do business online, they will also desire more access and control over their personal data, or their digital identity. This will move to the top of the agenda due to new data protection laws, rapidly expanding cyber security risks, and concerns about digital trust across international borders.
Speed of change – Businesses rely more and more on technology-driven transformation initiatives. They can only remain ahead of the competition and keep a competitive edge by looking for novel ways to provide goods and services. Organizations require a transformation process that will produce business results. Businesses who have confidence in their capacity to implement technology-enabled transformation will stand out in this environment.
Businesses will be able to unleash their potential in these sectors thanks to digital trust and a fresh perspective on risk. By working with service providers to create a digital trust strategy for the company, decision-makers will get the confidence to act in the best interests of their organization and promote profitable expansion. The digital agenda is supported by risk management and trust-building as digital platforms take on a more vital role in the execution of company goals. Businesses must have faith in each of these five areas if they want to develop trust:
- Confidence that identification and privacy issues have been addressed and that systems are secure to protect data.
- Confidence in the accuracy of the data and in one’s capacity to take use of the information it can provide about a company.
- Confidence that corporate systems, whether they are internal systems or cloud-based services, are monitored and controlled appropriately to make sure they perform as intended
- Confidence that digital platforms will be accessible when needed (24/7) and that technology risks are recognized and effectively addressed.
- Confidence to start and complete the following complicated digital transformation initiative in a way that produces the anticipated benefits, on schedule, and within budget.