It seems like every business is talking about digital transformation nowadays. However, what is it and what do we need to do in order to be successful?
Technology is very important for businesses. It is a major factor in a company’s ability to grow and progress as well as provide their customers with what they want. As such, it is important for companies to perform digital transformations in order to progress. A digital transformation is when there are cultural as well as operational changes in the business by integrating digital technology throughout the company.
Many different areas in business are affected by digital transformation. A few examples include business functions, processes, models, assets, organizational culture, partnership, and ecosystem models, as well as partner, worker, customer approaches.
There are many different reasons that a company would want to go through a digital transformation. However, the first among them is usually that they need to adapt to the new digital word. If they don’t, they will die. If that is not enough of a reason, there are also several other ones as well.
First, most of your competitors are already doing it. In fact, by 2020, 47% of companies’ revenue will have a digital influence. Second, digital transformation brings more profit. In fact, 56% of businesses that have gone through a digital transformation have had increased revenue. Third, digital processes make companies more effective by optimizing their process. Fourth, you make your customers happy.
Before you change, you must have some information. Today, businesses are doing this through AI, smart algorithms, in order to make intelligent digital transformations.
Today, 68% of companies who go through digital transformation focus on internal operations, less than 50% focus on digitizing their outside relationships, and 8 out of 10 business focus on some to all of their business going through a digital transformation. However, one of the common factors in companies with successful digital transformations is that they tend to use more technologies such as the Internet of Things, machine learning, and AI.
To learn more about digital transformation and how you can incorporate it in your business, visit the original article.