Organizations today have come to terms with the fact that we live in a digital-first world, and traditional business models with no or minimum digital environment will see very weak sustainability. Thus, organizations, irrespective of their size, and business are embracing rapid digital transformation.
87% of senior business leaders say digital transformation is a company priority, and 79% of corporate strategists say it is reinventing their business. This certainly is a step in the right direction owing to the following benefits of digitalization.
Better customer experience: Every business today adopts customer-centricity and will ensure their customers have a good experience transacting with the business, and digital transformation is the key. For instance, a business that solves customer queries within minutes, anytime, anywhere, will certainly be known for great customer experience as compared to a business that opts for traditional methods of solving queries within 7-10 business days.
Encourages innovation: Mercedes Me is a classic example of digital innovation. Car owners usually receive a kit that has a bulky manual and most often, customers never read it cover to cover. Mercedes came up with an innovative idea and launched an application that presents the features of the car and enables the customer to get all the information about his car anytime, anywhere. This indeed is the highlight of embracing digital transformation. A new idea coupled with digital initiatives infuses incredible innovation in the business; makes it stand apart too.
Better communication: What would your customers rather choose? Coming down to your office each time they want to transact with your business or just video-call, DM, send voice messages, etc. from anywhere? Digital transformation opens news ways to faster and better communication and connects your partners, delegates, and customers within seconds.
Flourishes your brand: It would be fair to say that a business that is not digitally transformed, doesn’t really mark its presence. For instance, if you tell a potential customer about your upcoming product, his/her instant reaction would be to look up your brand on social media channels and popular forums. They will see if your website has integrated popular payment gateways and offers 24*7 customer service. Digitalization plays a crucial role in building your business and your brand. It is imperative for the world to identify your brand that takes efforts in adopting digitalization and digital innovation.
However, just as the business would enjoy the above-mentioned benefits of digital transformation, there is no running away from a major problem that spares no organization adopting digital transformation.
Cyber-attacks: A major setback of digital transformation
As you embrace digital transformation, the cyber attackers are more than ready, with their sophisticated attacks to just break into your essential systems and steal, modify or delete all the critical business information that is present online. Cyberattacks can disrupt the business’s finance, reputation, and operations.
According to Tyler Shields, principal analyst, Mobile, Application and Internet of Things Security at Forrester Research, “The more businesses move to modern technology models such as cloud services and mobile devices, “the more attackers will look to compromise these technologies,”.
So, does this mean businesses should continue with traditional processes (which clearly have no place or profit in the future) just so that they don’t fall victim to a cyberattack? Certainly not. There is a solution to counter cyberattacks.
Identity and Access Management
Identity and Access Management- a solution that is designed to protect businesses exploring digital possibilities from malicious intruders who avail unauthorized accesses and disturb the security of the organization. With Identity and Access Management, organizations are ensured:
Optimal Security: Digitalization of business transforms each and every business process. Employees will be given access to critical business applications, software, tools, etc. So, it is imperative to protect such accesses and maintain the integrity of data present within. IAM solution offers Multi-Factor Authentication (MFA), Privileged Access Management (PAM), Risk-Based Authentication (RBA), etc. Such authentication mechanisms add extra later of security to crucial accounts and ensure that an unauthorized third-party does not get access to crucial accounts.
Streamlined process: Traditional methods need a lot of manual effort in day to day business process. For example, there is so much paper-work and verification needed when an employee on-boards the organization- a process that is generally prone to errors. IAM helps in automating mundane business processes. The entire user life-cycle- onboarding users, creating accounts, granting accesses, monitoring accesses, and deleting them as needed is streamlined. This improves operational efficiency and gives a clear idea as to “who has access to what”.
Measurable ROI: Essentially, IAM is a one-time investment (if you wisely choose your IAM solution), and organizations are certain to achieve high ROI. Once an IAM solution is deployed, the organization’s efforts in maintaining the cybersecurity posture reduce drastically. There is now a solution that authenticates and authorizes legit accesses only, manages passwords and mitigates the risks of hacking, governs accesses, and ensures that only the right person has the right access. Also, with analytics and reporting, businesses get a consolidated view of their IT security environment.
Better Cloud security: As a part of rapid digital transformation, should businesses plan to move to Cloud, they are certain to have apprehensions about the security of data that is hosted and managed by a third-party provider. IDaaS is a significant part of the IAM solution, designed to protect identities, connected information, and crucial business data present on the cloud.
IAM should certainly be the cornerstone of every business that wishes to go digital. However, it is equally important to choose an IAM solution that compliments the business’ digital transformation.
Achieve successful business digital transformation with Compact Identity
Compact Identity is a state-of-the-art, IAM solution architected to deliver not only Access Management but also Identity Governance and Administration, Customer Identity and Access Management, Privileged Access Management. The solution also includes business to consumer functions, unified endpoint management, personalized dashboards, high powered analytics, and business intelligence.
Drop-in a line at email@example.com and understand how you can achieve holistic digital transformation with our robust IAM solution.