Key Drivers Of Digital Transformation To Re-invent Businesses
📖 Learning
The opportunity for digital transformation for organizations remains a constant presence that is becoming a prerequisite to success. According to the latest IDG State of Digital Business Transformation report, which monitors the state of digitalization in businesses, over 44% of organizations have already put going digital at the forefront of their decision-making processes, operations, and end-user engagement.
To be competitive, viable, and profitable in an increasingly digitalized environment, today's businesses are focusing on digital transformation.
While technology is often connected with digitalisation, it is merely one of the levers that propel the company ahead. The holy trinity of people, process, and technology remains the foundation for successful transformation, but these skills have been reinterpreted for the digital ecosystem.
Success will be determined by getting people, process, technology, and data right, regardless of the urge to transform, pull or push. These four forces facilitate transformation, but they also have the potential to sabotage it. This is how you can make digital transformation work for you.
Key Drivers of Digital Transformation
- Survival
- Customer Expectations
- Need For Speed
- Role of AI
- The Emergence of Infrastructure Automation Software
Key Drivers of Digital Transformation
Below are some key drivers that push businesses to undergo digital transformation.
Survival
Advances in digital technology have taken the economy and the business field by storm. The latest technology, New software, enhanced equipment, and better processes emerge overnight, which could make or break a company if it does not get on board and ride the waves of change.
The effects of these advancements mean more significant innovation, more opportunities, and heightened efficiency for the business. However, without digital transformation, these benefits remain an unreachable goal. Companies are faced with a choice: to sink or swim.
Customer Expectations
Almost anything and everything can now be accessed with a click of a button. Boundaries such as location are no longer an obstacle for someone from Asia who wants to order merchandise from North America. Furthermore, what used to be months for the item to be shipped has been shortened to one or two weeks. This increase in convenience gave companies like Amazon the upper hand in the industry. Today, when someone purchases anything online, he or she expects a shortened shipping period because of the standards established by the big players.
On the business side, companies are forced to continuously improve their processes by leveraging digital tools to give their customers the best experience possible. It also through digital means that a company could reach out to its end-users to obtain valuable information and feedback.
Need For Speed
CIO of the InterContinental Hotel Group, Eric Pearson, noted that there had been changes in the industry wherein it is no longer about the “big beating the small” but the “fast beating the slow.” Technological advancements will continue to emerge – it’s up to the company whether to adapt and transform or to wait and potentially lose to those who were quick to act.
Role of AI
Artificial Intelligence is another key driver that pushes businesses toward digital transformation. Beyond self-thinking robots, AI in the business context refers to practical systems that automate tasks once governed by humans. AI is comprised of the following core ideas:
Comprehension – The ability of a system to discern and analyze data and transform it into valuable information.
Sensing – Components that collect text, voice, image, or other forms of input from systems.
Analysis – Components that implement algorithms or a set of rules on problem-solving capabilities.
Guidance – The ability of a component to request human assistance, verification, or approval.
Action – A component that could “act on its own” without the efforts of a human, such as paying a bill online or submitting reports to a company portal.
Anik Banerjee
The Emergence of Infrastructure Automation Software
With the spotlight focused on digital transformation, a niche was created, and companies that could provide a smoother transition to digitalization emerged. These companies develop software catered to the requirements of an organization that streamline the entire process. Because time is of the essence for businesses and the ability to adopt digitalization in the shortest period provides a competitive advantage, enterprises utilize infrastructure automation software.
The road to digitalization is a fast-paced and volatile journey. Fortunately for businesses, there are many tools available that could make the adventure more feasible and worthwhile.
Conclusion
For today's business, digital transformation is the most crucial potential. It's not so much about having a choice as it is about knowing how to handle it. While all three traditional change levers - people, process, and technology – must all play a part, it is without a doubt data that distinguishes today's urgency and opportunity.
Businesses that were fast to provide a digital face to their end customers are still failing to reflect that strategy in the middle and back end of their operations. Nonetheless, it is from there that true change emerges. The client-centricity that determines success will be driven by collecting data about everything and feeding it back into increasingly automated solutions. The possibilities are limitless.
FAQs
What are digital business drivers?
Survival, Customer Expectations, Role of AI, etc.
What is digital transformation? or What is meant by digital transformation?
Digital transformation is the process of using digital technologies to create new or modify existing business processes, culture, and customer experiences to meet changing business and market requirements.
What is digital transformation examples?
AI-powered chatbots that answer simple customer inquiries serve as a welcoming presence on your website, reducing the time customers have to wait to reach an agent.
What is the purpose of digital transformation?
Digital transformation involves optimizing processes and making workflows faster, easier, and more efficient because instead of spending hours processing paperwork, you can create digital workflows which increase efficiency and allow employees to focus on other activities.
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