Digital transformation has become a big factor in ensuring companies remain successful. It helps with retaining and improving customer relationships by enhancing their experience. Therefore, more and more companies are adopting the method.
According to a report by IDC, 85% of high-ranking business executives agree that they have less than two years to adopt and acclimatize their company to digital transformation and implement the necessary procedures. Unless they do that, organizations face a major risk of falling behind their competitors, leading to a significant revenue loss.
COBIT 5 helps companies achieve their digital transformation goals by giving organizations an extremely comprehensive framework to work with. This framework helps businesses achieve their organizational objectives when it comes to various aspects of digital transformation, such as the governance and management of enterprise IT in their company.
COBIT 5 helps with digital transformation by assisting companies with quick and easy reactions to threats, disruptions, or changes. Digital transformation is all about utilizing technologies and processes to the best of their ability and helping companies thrive. Over time, the evolution of COBIT has brought many useful changes in how the IT teams work in an organization.
Benefits of COBIT 5 for Organizations
Strategic Alignment
Proper alignment of all business and IT-related strategies is one of the biggest strategic benefits of employing COBIT 5 in an organization. COBIT 5 is used by professionals to align the IT and the company’s overall strategic business goals.
Companies need to learn how to manage their IT department and processes more efficiently because in today’s age of digital transformation, managing the IT of an organization is almost like managing the organization itself. This holds especially true for companies who work on a larger scale because many enterprise-wide processes are dependent on IT.
By using COBIT, it becomes easy for organizations to identify and close any gaps that may exist in achieving the company’s goals.
Governance
Another important benefit of COBIT 5 for companies is that it successfully implements all IT Governance Standards across the company. With COBIT 5, companies can effectively make sure that all risks that are IT-related get minimized significantly.
COBIT puts a lot of controls and measures in place in the IT department. This ensures that all processes, especially ones in relation to digital transformation, are put in place and monitored regularly. One of the main reasons COBIT is so effective is that each business cycle gets thoroughly evaluated and monitored to improve the control and create a more holistic IT governance in the company when COBIT 5 gets implemented.
Independent of Size of Company
All principles of COBIT are considered to be accepted across the world. They help improve the efficiency and effectiveness of an organization’s IT processes with the tools and techniques that come with COBIT 5. It can be applied to almost every industry and business sector, regardless of its size.
COBIT is fully scalable. Even if the company decides to expand or reduce in size, all the principles of governance that come with COBIT 5 will still be considered relevant.
Auditing
One of the aspects COBIT 5 takes care of when it comes to IT Governance is managing compliance. This is very important for companies to ensure they follow all the regulations in place to avoid getting penalized. The audit experts that work with IT teams acknowledge that COBIT helps companies improve their information security and ensures that the organization remains compliant with all the laws and regulations.
Industry Standards
All the processes and procedures of COBIT ensure that companies adhere to existing industry standards. This benefits the stakeholders involved with the organization. Employees get a better understanding of all the benchmarks in their industry. They can then use those to improve their delivery, leading to a more efficient working environment.
Clients and vendors are assured that their data is secure and of high quality, leading to improved stakeholder satisfaction. Overall, COBIT 5 helps improve organizational efficiency when it adopts all industry standards that come with COBIT.
Other Digital Transformation Benefits with COBIT 5
Digital transformation is an ongoing and continuously evolving process. More and more companies are adopting it to increase their profit, revenue, and their standing in respective industries. In a study done in 2017, 56% of CEOs claimed that by adopting digital transformation processes, they have managed to increase their profits. Using COBIT 5, business executives can increase the benefits of digital transformation they can achieve in an organization.
Some added digital transformation benefits of COBIT 5 include making all operations function at an optimal level by helping departments use their technology more efficiently. This helps companies to achieve all their strategic goals easily.
COBIT 5 also keeps track of all the information with accuracy and high quality. This information can then be used to make better-informed business decisions in the future. All IT services and technologies get automatically optimized as well. The risks related to IT and data get minimized as well when companies implement COBIT 5. COBIT 5 creates a strong framework for companies to help them successfully deliver all their business objectives.
Final Thoughts
COBIT 5 gives organizations many metrics and maturity models to work with and measure their achievements. This helps companies achieve their business goals and objectives and stay ahead of their peers and competitors. COBIT identifies all the business and IT processes’ responsibilities to improve and maintain information of high quality.
To use COBIT 5 to its full benefit, IT teams and departments need to be thoroughly trained. Post that, they will be able to successfully implement all the required changes to deliver the best results.
Some of the popular IT Security and Governance courses that professionals can take up are:
COBIT 5 Foundation Certification Training
COBIT 5 Implementation Certification Training
