What is Digital Transformation & Why it’s Ruling the World?
Updated on Jan 10th, 2023
Over the last decades, the process of digitization and interconnectedness revamped the economy from a physical to a software controlled economy and transfigured fundamental behavior of society.
Today we live in an age where consistent new innovations, technology-driven change and augmented adoption of digital disruption are taking place every day. Most of the enterprises either started their digitalized journey years ago or digitalization dominated them via proliferated mobile devices and cloud-native services. Digital transformation services has been proved as the main drivers of change, reshaping consumer expectations and exploring the market for a new segment of data-rich new entrants and startups. It has become evident that every organization or individual will not be exempted from this transformation, so they have extrapolated the significance of digital mechanism and its transformation. According to the survey, 27% of executive rates digital transformation as a matter of survival while 71% of digitally mature companies attract new talents using the digital platform.
What is Digital Transformation?
Digital transformation encapsulated the transformation impact of new digital technologies like mobile, Social networking, Cloud, analytics and IoT. In a broader sense, it is the integration of digital technologies and process of business which dominates organizational dimension externally, internally and holistically. It is the profound and accelerating transformation of business activities, processes, and models to leverage the opportunities of digital technologies across society in a strategic and prioritized way.
Undoubtedly, It carries enormous implications and opportunities, so it can also be defined as the realignment either through innovation or investment in new technology and business processes to accentuate value for society in an ever-changing digital economy.
Digital Transformation Perspectives
According to the perspective of the Digital era, Digital transformation impelled fundamental change due to the proliferation of digital technology. Arguably, we have introduced to the fourth industrial revolution which differs from the preceding three and uses new digital technologies. Additionally, the global world economy is developing with dynamism, customization and cutthroat competition due to embedding technology, knowledge, and innovative products and services. Digital transformation shifted the take make dispose model of resources to a new model for promoting a regenerative and productive economy. The industry perspective highlights in recent years, that specifically manufacturing industry has introduced the concepts of “smart factories” and ” advanced manufacturing” which enables them to navigate its way in traditional industries through the use of cyber-physical systems. Additionally, technology dramatically affected the individual’s life and conceptualized like dematerialization of possession of photos and videos, sharing documents using digital devices, re-embodiment of physical bodies into pictures and videos, a distributed memory using hard drives and rejuvenated the sense of self-using digital enablers like social media. Digital transformation exponentially dominated the individual’s life which bypassed the uncertain manually constructed barriers.
Steps of Digital Transformation Approach
The digital transformation approach requires the following steps:
- Organization and Cultural Transformation
In the current scenario, how customer needs get satisfied is a prime and profound reason for concern for the organization rather than technology. It implies that today a large percentage of digital players and startup are digging up opportunities for digital transformation and quick accumulation of market share. So changing organizational beliefs, digital innovations and behavioral change helps in bypassing organizational obstacles
- IT agility and customer experience
The selection of the digital platform and tools that provides a flexible development environment and anticipate customer demand, Deliver creativity with no or low code using drag and drop functionality. For happier customer interactions and experience on social, mobile, web and anywhere, an environment needed which empowers the developer to build sophisticated enterprise applications in less time.
- Digital business model
Organization requires to create a digital business model where business and convergence of people can take place. Additionally, it’s incredibly benefactor to have a cross-functional team with digital marketing services, distribution IT team to observe markets with new technology, digital products and capturing new opportunities. It charts the organization future with digital at the center and executes sustainable and inclusive growth of the organization.
5 Key Factors for popular Digital Transformation in 2019
Most of the successful organizations incontestably know who they are and how they can add value. It allows them to be unique while focusing, reimagining and reinventing functions in the digital world by following the digital transformation strategies to achieve the digital vision.
- CRM (Customer Relationship Management)
Today companies are witnessing numerous strategic decision to create digitally enhanced customer experience by exploring all the customer touch points and integrating the companies interaction across different digital platforms. The introduction of digitally enhanced products and services and planned investment in research and development provided a digitized solution to anticipate the requirement of customers. Evidently, enhanced customer experience through the integration of CRM, transactional, and third-party data and combined online and offline customer information extracted real benefits to enterprises.
- Advanced Data Analytics, Artificial Intelligence, and Machine Learning
Due to immersive transformation age, Every progressive enterprise gauges customer insights and didactic behavior for effective and engaging marketing campaigns. So data-driven decisions and holistic customer profile play a crucial part in data mining. Furthermore, pooling data resources in a cloud model grants greater flexibility and innovation for dynamic demand. On the other hand, Artificial Intelligence extends transparent and demystify technologies interaction with a human by making devices smarter. It offers companies to get benefitted in marketing and sales strategies, recruiting efficient candidates, innovation, etc. Additionally, cloud computing has revamped the database restrictions and delivers virtualization, resource allocation and increase your ROI such as economies of scale for managing a large amount of data.
- Emerging Technologies
The consistent proliferation ranging from mobile apps, virtual and augmented reality, identity resolution, machine learning and artificial intelligence, digital portals, addressable devices to the IoT, blockchain and digital video has rhetorically addressed the role of digital transformation.
These digital technologies paved new ways to sense customer insights and knowledge, which helps in integration and considerable dissemination across different channels. Now website development company finds it convenient to build a digital platform to get connected and collaborated with rational customers and produce quality products and services with low operational cost and short sale cycle. Augmented reality and Virtual reality are being used in training of employees, machinery maintenance and repairing and conversational platforms.
- Social Media Communities and Customer Engagement
Today consumer sovereignty empowers consumers to expect exceptional product and services with 24*7 customer support. The potential customer engagement and productive interaction that results in customer retention and acquisition become possible through digital marketing services via social media community engagement. In a competitive scenario, the need for customer engagement impelled companies to work on cross-channel customer journey mapping which augments customer expenditure, brand awareness, and loyalty.
- Culture of Organisation
The most important factor that rolled up digital transformation is professional change management through a strong resolve to adopt new ways of working. A completely innovative project culture needs to be developed within the company’s accumulated consumer insights to support the potential implementation of the digital change project. The introduction of new technologies, new consumers requirements, and the adoption of revamped strategies implies a fundamental requirement to change the corporate structure. The company’s required to be structured by raising the automation level across the company using software solutions and replacing most of the manual activities to promote an agile working culture for fast results. It enables them to respond quickly to the developments in the market while leaving surplus time to deal with further tasks required for Digital transformation that requires cultural and behavioral changes such as increased collaboration, customer centricity, and calculated risk-taking.
Why should you choose Matellio for digital transformation?
Digital transformation is no more limited to the industries, in fact it has gained a depth intrusion into the life of a human. What used to be the tough tasks has now transformed into the simpler version with the help of smartphone-like tools. Digital transformation reached its newer heights with the use of Voice assistant apps like Google now and SIRI, which accomplishes the simpler tasks with connecting to other devices. The IT industry is constantly making remarkable attempts to make life easier, which is given the term “Digital Transformation”.Matellio has been a credible partner for the companies.
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