How is digital transformation reshaping businesses?
There is a fixed pattern or way in which businesses operate. When that changes its course from its traditional fons et origo due to modernization and technology, it is referred to as digital transformation.
“Change is inevitable. Change is constant.” — Benjamin Disraeli
Hence, digital transformation has made its mark in a wide range of areas like hospitality, automation, information technology, finance, and even medicine. It has carved a niche for itself in all kinds of businesses — be it small, medium or large. However, it's being ubiquitous comes at a price. It needs to prove itself worthy to the customers and the employees and this can be achieved only by employing voguish business applications. Organizations should be able to churn these out at lightning bolt speed because it is the only way they can survive in the extant cut-throat competition.
The pith of digital transformation is a reduction in operational costs and enhanced customer experience. It does not just circumscribe around new innovative technologies but also revolves around a change in mindset and work culture. Thus, enterprises ought to cater to fluctuations in the business environment and business demands by inventing appropriate strategies.
“…the key to digital transformation in re-envisioning and driving change in how the company operates. That’s a management and people challenge, not just a technology one.” — Capgemini Consulting
It is hence, pivotal for the management to join hands with IT teams and cater to business needs, motor innovation and head towards continuous development. These form the core of digital transformation — progress in business activities, reduction in costs, improvement in marketing time and so on. Influenced by major factors like technological innovations, customer expectations and demands, market scenario and environmental changes, digital transformation is a force to be reckoned with.
Advancements in technology lead to disruptions. Those operating on obsolete and outdated computer systems are shunned for latest and more modern versions of the same technology. Cloud computing, big data, internet of things, machine learning and others have taken the limelight and if harnessed, are done throughout the organization for better results, higher efficiency, and lower costs.
In the case of customer behavior, it refers to the desires and expectations that they have from the business and from the technology being employed. Consumers want sophisticated and latest technologies but also want them to be handy and easy-to-use. They must be satisfied with the service and should be willing to speak highly of your organization to others. Hence, it is extremely important that these expectations of the customer and technology changes catering to business demand must be in sync with one another. Digital transformation, therefore, helps in the evolution of organizations towards being more customer-centric.
Now, let’s move to different aspects of a business model that digital transformation influences or is capable of influencing. It can affect the normal functioning of the business across different departments ranging from human resources to administration. It can also streamline business models, increase the efficiency of underlying processes and balance business ecosystems. Dealing with customers and information, the two main intangible assets of any business, also become much easier.
Back to the essence
Profitability, customer care and faster market time are key components of digital transformation. Large amounts of data can also be analyzed easily using the latest tech to make decision-making more efficient and improve overall performance. Due to its camaraderie with the business world, digital transformation is often also referred to as business transformation.
“Digital transformation is a journey for the entire company. It’s no longer just about marketing transformation. We’re entering a new phase where all internal stakeholders are involved.” — digitaltransformationbook.com
It is indeed reshaping the business world to transform not just operations management but also organization at all hierarchies. Taking the world by the storm, it is no surprise that a significant number of Global 2000 companies deem it a priority in their corporate strategy. So, watch out for this one!
Also, feel free to reach out to us in case of any query regarding the digital transformation of if you just feel like having a construction discussion regarding the same. We will be more than happy to help out. Thanks for reading!