The rapid and overwhelming shock of the Covid-19 pandemic, as well as the economic shutdown in industrialized nations and other parts of the world, have sent the global economy into a severe contraction. In such circumstances, businesses need to find a new method to survive and keep their operations running smoothly. This opens the way for digital transformation technology to alter the way businesses operate.
This article will provide you with a better knowledge of “what is digital transformation” and its application, as well as numerous examples of digital transformation in recent years. We will also provide you with an overview of the trend and create a list of the top essential digital transformation technologies of all time.
Let’s get started!
1. What is Digital Transformation?
Digital transformation can relate to anything from IT modernization (for example, cloud computing) to digital optimization, to the development of new digital business models. In general, it refers to the use of digital technology to substantially improve or develop new business processes.
So, what is digital transformation for enterprises? It is the process of analyzing customer demands and using technology to improve the end-user experience. End users can be either customers or employees, and many companies need to take both into account.
For example, in the marketing section, Digital transformation can produce more high-quality leads and help businesses get closer to their consumers while spending less money than old analog marketing methods.
In addition to experimenting with new technologies, Digital transformation involves reconsidering your existing approach to common problems. Because it’s an evolution, a transformation doesn’t necessarily have a clear endpoint. The MIT Sloan Management Review, a publication that focuses on management transforms, when comes to the question “what is digital transformation” explained, “Digital transformation is best conceived of as ongoing adaptation to a continually changing environment.” For companies, this means constantly looking for ways to improve the end-user experience. This could be achieved through improving on-demand training, moving data to cloud services, leveraging artificial intelligence, and more.
From this digital transformation meaning, we can see that digital solutions may enable – in addition to efficiency via automation – new types of innovation and also creativity, rather than simply enhancing and supporting traditional methods.
2. The Different Types of Digital Transformation
Digital transformation is not a unified entity. Typically, companies are just focused on general transformations, ignoring the fact that there are four types of digital transformations, which are as follows:
Process Transformation: This is the collaboration of your company’s people, procedures, and apps. In the world of digital transformation, it refers to transforming your company’s business processes, services, and models by adding technology that can utilize your team’s talents, accomplishments, and possibilities. Process transformation provides new methods to approach infinite operations such as data and analytics and APIs. The process transformation on the shop floor of Airbus is an example of effective process transformation. Airbus has engaged heads-up display glasses to improve the quality of human inspection of airplanes.
Business Model Transformation: Process transformation focuses on certain aspects of the company. Business model changes are aimed at the fundamental building blocks of how value is provided in a particular industry. In essence, businesses are utilizing digital transformation to change traditional business models. Examples of business model transformation include Netflix’s redesign of video distribution and Apple’s reinvention of music delivery: iTunes.
Read more: https://magenest.com/en/what-is-digital-transformation/
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