What is Digital Transformation?
Digital transformation is a comprehensive process of integrating digital technology and modern business methods into every facet of an organization. Moreover, it also translates into a philosophical adjustment where businesses are expected to perpetually question the established practices in search for improved solutions.
Digital transformation typically includes:
- A shift in business culture and leadership
- Empowerment of a company’s workforce (Collaboration, Business Intelligence, Etc.)
- Multi-pronged integration of modern digital technology’s
- Enhancing the flexibility and versatility of a company’s operations
- Radically improving the customer experience through insights based on the collection of relevant data and information
Staying Ahead of the Curve
If a business is not considering going through a digital transformation, there is a very high chance that it will soon be overthrown by a competitor who is. According to a survey, executives estimate that 47% of their revenue will be harnessed by digital. This indicates that a larger number of businesses are opting for digital transformation as their focal growth strategy for the upcoming years.
Exploring New Revenue Streams
Digitization will no doubt increase profits and efficiency as many of the overhead costs in large businesses are associated with maintaining slow legacy systems. To avoid being surpassed companies are frequently creating entirely new applications or modernizing their legacy applications. These new systems often enable improved collaboration and increased employee productivity.
Improved Customer Experience
Today’s customers have been empowered by various means. Their lives have already been digitized and businesses need to catch up quicky in order to meet their rising expectations. Digital transformation helps businesses bridge this gap by knowing and meeting customer demands.
Digital initiatives have started playing a huge role in customer service, where a customer had to physically visit a store or branch they can now sit at home and get their queries answered, increasingly by a bot powered by artificial intelligence and machine learning. Digital platforms also now play a huge role in marketing and business intelligence to better understand consumer trends.
Digitizing Processes and Business Models
Businesses that switch to automation are more likely to reduce labor costs and harness employee skills in more useful ways. Such businesses have shown a significant decrease in the complexity of the product development lifecycle, which in turn increases product quality and performance.
Digitization has also served to make work more convenient for the employees by isolating productivity from location constraints. Employees can now work from almost anywhere and new networking tools enable them to remain in contact with others from any location. This introduction of new, agile business models is rapidly replacing the rigid rules of years’ past
Thank you for taking the time to review this whitepaper and we truly wish you the best of luck on your Digital Transformation journey. If you have any question about how modern technologies can help your business, please feel free to call us (248) 344-2100 or email firstname.lastname@example.org