What are the 4 Main Areas of Digital Transformation?
The wave of technological evolution that threatens to shake the status quo is expected to do two new things:
1) The radical transformation of the digital landscape of business will either threaten your business by becoming obsolete or
2) Open up a whole new world to new, exciting opportunities.
Coping up with the rapidly changing business environment will be challenging, but the urgent need to adapt to it determines a lot about your future standings.
What is Digital Transformation?
Digital transformation is adopting techniques and strategies that will change the traditional aspects of your business to cope with the fast-paced world. We are not strangers to the digital transformation in the world, even more so after the pandemic. Replacing older technology with newer technology or adopting technologies to modify or create new business processes falls under digital transformation services.
Digital transformation encompasses many of the business processes, including:
· Customer experience
· Operational agility
· Culture and leadership
· Workforce enablement
· Digital technology integration
· Digital Marketing
· Customer Engagement
How Many Companies Are Doing Digital Transformation?
In short, all of them. At least all of the ones we know about and continue to care about.
Besides keeping your brand fresh and relevant, how else can digital transformation benefit you? What are the top 3 benefits of digital initiatives?
Here are a few examples of digital transformation that serve as excellent examples of how it is more of a convenience than a challenge.
Nike’s two-year transformation can be greatly accredited to the digital world. Being the top athletic sports company, it relied on digital transformation to remain the best. Touching every aspect from the company mindset to supply chain and interaction with the customer base, the company was digitally transformed. With powerful data analytics, strong updated e-commerce, and better digital marketing campaigns, they could attain a swifter product development cycle and create new trends.
Porsche, another leading company, used digital transformation to document every detail about their clients to provide more client-centric and personalized customer service. The use of digital transformation allows them to target their relevant audience and maximize conversion rate specifically.
What Are The 4 Main Areas of DigitalTransformation?
When talking so extensively about digital transformation, we need to understand its intricacies. Before going into much detail, be aware of these four critical digital transformation areas.
Business is an amalgamation of various skills and phases that connect you as a retailer to your customer.These processes will eventually affect your relationship with your customers.Digitally transforming your business means data analytics, machine learning, and APIs, to name a few of the technologies to reinvent and update processes to lower costs, increase quality, and reduce cycle time.
Such digital transformation examples include Airbus who used special glasses with heads-up displays improving the inspection efficiency and quality of their airplanes. The Domino’s Pizza franchise re-vamped its food ordering process allowing customers to order from any device pushing them to the top of the pizza delivery industry.
Unlike process transformation, transformation in business model aims at the fundamental blocks that add value to your business services. Transforming your business model allows you to present and provide a quality digital version of traditional services and products -- Keeping your brand at the forefront of innovation in your space. You can create a new and/or novel way of offering or delivering of your products or services. Or, better yet, both!
Examples of digital transformation in this aspect can be Netflix they embraced digital transformation and transformed video distribution; Uber, which has made the taxi industry enter the digital world; or Apple’s iTunes, which revolutionized the distribution of music, has made listening to music so much easier.
Domain transformation is something we all should be talking about. Although a far-fetched goal for a small business, it is something you should consider as a possible digital transformation strategy.New technologies allow businesses to blur the boundaries of their domain and venture into multiple niches contending with other non-traditional competitors.Unlocking potential outside your usual field opens up new windows to unprecedented opportunities.
What are digital transformation examples of these? The greatest online store, Amazon, has extended its reach into the streaming industry with Amazon Prime and Amazon Web Services (AWS). What enabled Amazon to do this was the power of digital transformation, allowing them to handle computing databases and strong computing services.
Cultural transformation requires you to organize your business so that everyone is on the same page. It is important that despite the urgency to adopt digitalization, the transition should be swift and adjustable. This digital transformation area transforms the company’s mindset and focuses on adapting to a more digitally active world. Being consistent and flexible in a business environment is part of this digital transformation journey.
Now that we are aware of the main digital transformation areas let’s move on to “What are the three main components of digital transformation?”
· Customer experience
· Operational processes
· Business prospects
How do you develop a digital transformation strategy?
The secret to a successful digital transformation is in embracing the changing technologies and, if needed, working with a digital transformation firm. Understanding and a basic knowledge of digital technologies is equally important, so which technologies enable digital transformation? Take a look at these broad categories and do a quick Google search to see if any of these are already making their way into your industry.
· Internet of Things (IoT)
· Big data and analytics
· Network security
· Artificial intelligence
· Cloud computing
With the right assistance and technologies, you can easily draft a digital transformation strategy that is easy to implement, and more importantly, works. If you’re still in your early stages, you can find a digital transformation strategy examples and resources online. The faster you adapt to digital transformation, the better prospects you’ll have for your business.
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