The arrival of digital age where every device, from mobile devices to online channels, is interconnected and smart devices rule, it is mandatory to have a strong digital presence. Customers are spending time in digital world like never before, keeping that in mind, it has become crucial for businesses to opt for digital transformation. Businesses have been left with two choices - either to opt digital transformation or to go back, obviously there is no choice!
Here are few facts about digital transformation :
- Digital transformation is not as simple as about opting the right technology, but it demands the right team, right investment and right engagement as well.
- Although digital transformation is rapidly making its way but the strong leadership is what it is lacking to reach its full potential.
- The digital transformation means the future with systems of systems which is why the need of a secure ecosystem is must.
While going digitally transformed is not an option, there are many challenges awaiting for them, the biggest of which is to make certain customers are secure online. Security has always been the major concern for businesses but with the increasing cyber data breaches has forced businesses to set it right. Did you know the cost of data breach for businesses has grown to around $4 million ie 29% increase since 2013? Also one can’t ignore the loss of customers occurred due to insecurity. Well, the number keeps rising! Need I say anything more? Customers are concerned over the security of their data and that’s why opting out, businesses are concerned over the loss of customers, security is one aspect definitely cannot be ignored.
Whenever any business suffers from data breaches, the customers start backing out and overall the business is damaged and we all know how difficult it is to regain trust and loyalty (Both personally and professionally!)
You get the grift, right?
Security has to be made the first priority for any digital transformation plan. The right security governance measurements must be taken while launching any IoT product in order to boost customer experience and drive revenue. At its core lies the identity-centric security approach that asks for an efficient identity and access management solution that can fully support end-to-end security best practices.
But the harsh reality is most of the businesses are still using legacy IAM solutions that are way outdated and were designed for a limited number of users and thus are failing in handling and ensuring security to this vast customer data. To get rid of this problem, businesses must start opting an identity management solution that is not only scalable, but also equipped with high end encryption techniques to boost user experience without compromising security. The modern identity and access management solution will help businesses govern their precious customer data and provide seamless integration across the platforms to complete their digital transformation.