Digital transformation is on the agendas of virtually all corporations today. It has risen to the top of almost all their strategic plans and has become the focus of businesses around the globe. Digital transformation is so great an industry evolution, IDC indicates spending on technologies and services that enable the digital transformation of businesses will hit $1.97 trillion in 2022.
But what exactly is digital transformation?
Because digital transformation will look different for every company, it can be hard to pinpoint a general fits-all definition. One might think it means Artificial Intelligence, going paperless, data analytics, or agile teams. However, in general terms, Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers.
Digital transformation should begin with a problem statement, a clear opportunity, or an aspirational goal, The “why” of your organization’s digital transformation might be around improving customer experience, reducing friction, increasing productivity, or elevating profitability, for example, Or, if it’s an aspirational statement, it might revolve around becoming the absolute best to do business with, utilizing enabling digital technologies that were unavailable years ago.
All industries from manufacturing, education, agriculture to healthcare and beyond must participate in digital transformation from both an external and internal perspective. Externally, the focus is on the customer experience. Now more than ever, customers expect a good experience with seamless and exceptional interactions at every touchpoint with a brand. Significant industry examples include banking, where many banks have made a substantial investment in both infrastructure and technology which have brought about changes through digital innovation. Mobile money and digital banking are examples that illustrate digital transformation. This industry is an excellent example of leveraging technology to create an enriched customer experience through innovation. Another example of a mass shift is in training – where the emphasis on classroom training has been disrupted using online learning methods and learning management systems. As customers expect enhanced interactions and experiences, so do employees. In a world in which talent acquisition and retention is a significant challenge, providing employees with enhanced experiences and interactions can make the difference between an increased recruiting budget or happy employees who stay with an organization.
Why you should be concerned about digital transformation
There are hundreds of reasons a business may take on digital transformation. But by far, the most likely reason is that they have to: It’s a survival issue. In the wake of the pandemic, an organization’s ability to adapt quickly to supply chain disruptions, time to market pressures, and rapidly changing customer expectations has become critical.
The top IT executives in today’s rapidly evolving organizations must match the pace of change, fall behind, or lead the pack.
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