All you need to know about digital transformation
What is digital transformation? Digital transformation is the use of digital technology to transform your organization’s core activities, processes, and systems.
Today’s IT teams are under tremendous pressure to meet the needs of the business, but there is a significant gap between where IT is and where the business is going. Business leaders often ask IT to deliver new capabilities at an exceptional pace and with razor-thin margins for error.
Basic Principles:
- Engaging with customers online
- Improving productivity through automation
- Embracing Big Data and analytics
- Enabling employees to work where they want, on any device.
Disruptive Challenges:
- Competition from new players and business models
- Service level expectations are driven by technology
- Consumer data protection and privacy concerns
- Lack of digital skills in the workforce.
Disruptive Solutions:
- Faster decision-making
- Creating new revenue streams
- Positive customer experiences
- New business models.
In this article we have listed the top 10 benefits of digital transformation:
1. Working from anywhere
Paradigm shifts in work culture and productivity are set to transform how firms look shortly, according to a 2016 report by McKinsey & Company. The paper emphasizes an increasing number of companies are adopting agile working practices, automation, and cloud-based software solutions for increased efficiency and productivity.
2. More efficient operations
The possibility to collaborate across the full range of an organization’s activities, from marketing to R&D, has become a reality. While only a handful of companies have successfully integrated the entire company in the digital transformation, they can be seen as innovative pioneers in their industries.
3. Accelerated decision-making
Perhaps the most frequent benefit of digital transformation is the possibility for faster and more effective decision-making. Optimized and overlapping systems – guided by a holistic strategy – allow companies to act more quickly and accurately, which in turn translates into a higher and wider range of products, services, and customers.
4. Increased revitalization of existing industrial sectors
New technologies are changing the way firms operate, leading to increased productivity, reduced costs, improved customer satisfaction levels, and an increased market share. The transport sector has been greatly affected by digital solutions, which have removed bottlenecks and transformed the way goods are transported.
5. High-value creation
Digital solutions allow companies to reach their customers anywhere and at any time, without limits to communication and collaboration. This leads to higher quality products with better results for their users – a feat unthinkable only a few years ago.
It is not difficult to imagine that the world of business is about to change significantly in the next few years.
6. Less time-consuming tasks
Time is of the essence, especially in a world where everything can be done from one’s phone, tablet, or desktop computer. That is why digitization allows teams to complete work effortlessly – both at work and home – without having to leave the office.
7. Greater flexibility
Firms are finding new ways to launch new products and services within fixed resources, which in turn creates more business opportunities than ever before. Digital transformation has made every industry more agile and streamlined, which also helps create new possibilities for creative work.
8. Expanding the market’s potential
Digital transformation opens up new possibilities to increase sales. Companies have begun to embrace digital solutions, which allow them to communicate with their clients in real-time and make them aware of what is happening inside their organization.
9. Increased productivity
Web-based solutions are facilitating work by providing new tools to collaborate and share knowledge. The possibility to work from home or any place has been one of the most striking transformations of digital transformation. More and more employees are working from home, making it easier for them to balance their family lives with their professional careers.
Digital transformation is also bringing the company closer to its clients since it is possible to communicate and respond quickly in real-time.
10. Greater market share
The digital transformation is allowing firms to capture new customers and expand the global audience. As mentioned above, constant communication with customers via email, social networks, and instant messaging has made it easier for them to interact with the company.
Firms are also finding that they can reach potential clients more cost-effectively thanks to online advertising.
Conclusion:
So, what is digital transformation? There is a ripple effect currently being felt in every industry as a direct result of digital transformation. From technological innovation to consumer behavior to change management models and business operations, everything is being affected. IT departments are now responsible for creating innovative new products and services that will ensure the long-term success of the company.
In just this past year alone, we’ve seen an explosion of disruptive technologies emerge in digital transformation, including artificial intelligence (AI), machine learning, the Internet of Things (IoT), and blockchain.
