Digital Transformation involves the transformation of a business’ existing processes with the use of digital technologies to make them more efficient. The core idea lies in using technologies not just to digitalize the existing services but to completely transform them into something notably better.
Digital transformation doesn’t merely rely on a single technology, but it uses the blend of IoT, big data, AI, ML, and the cloud computing to transform a business. And also, they aren’t just the new digital technologies, which are adopted, but bringing changes in business processes and corporate culture are equally important to achieve the goal of the digital transformation.
Digital Transformation is often adopted by large organizations to compete with their rivals, which have already digitized themselves. Digital Transformation projects are often large in scope.
Digital Transformation helps organizations and executives to change the typical economic order, and its effects are visible everywhere. Organizations without proper digitization are as prone to risks as small retailers because of Amazon’s influence and publishing because of Facebook’s impact. In fact, almost three-quarter of top business executives know that their organizations are going to be disrupted because of the lack of digitization; still, they are not taking it risks seriously.
A Dell EMC’s research found that only half of the enterprises were serious for the born-digital start-ups and, nearly 1 out of every 10 believed that these startups could pose them in a challenging situation just because of their digitization. Actually, seven percent of executives have said that they are not bothered with the digital disruption threat whatsoever.
Technologies like AI, IoT, big data, and cloud are already being used by entrepreneurs to build a new business model and affect typically running organizations by the disruptions. These technologies have now all-grown to provide tangible value to organizations, which are struggling with lowering productivity and increasing costs.
Regardless of what you term it; from digital transformation to digitization to digital disruption, it is certainly something which has become an escalator taking startups quickly where there non-digitized, traditionally running organizations have reached in decades.
It’s been observed in researches that organizations, regardless what sector they work in, are still stuck in the legacy mode. They are those enterprises, which are focused more on their policy and process than adopting trends, information, and insight.
Companies like Nokia and BlackBerry are two latest examples of failure. They continued with doing what they thought was right. Both companies didn’t adopt innovations at the time they were ruling the mobile market and, soon there leads were taken over by Apple and Google.
Gartner says that 67 percent of business leaders believe that their organizations must adopt digitalization to stay competitive and relevant in the market.
Few examples
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