COVID crisis brought about a significant shock in the global economy. Many have been forced to close their doors, which has had a knock-on effect on supply chains and demands. This has forced businesses to rapidly adapt their operations to survive. It rapidly re-shape both the "what" and the "how" of companies'.At least 80% interaction with consumer has been digitized now. This has resulted in businesses rapidly investing in building digital infrastructures. Digital transformation becomes necessity for businesses in the post-Covid world.
What is digital transformation?
digital transformation is the integration of digital technology into all
areas of a business resulting in fundamental changes to how businesses
operate and how they deliver value to customers. Beyond that, it's a
cultural change that requires organizations to continually challenge the
status quo, experiment often, and get comfortable with failure.
What are the benefits of Digital Transformation?
It is responsible for optimizing the internal processes of a company, making them more efficient. Without transforming digitally, a company cannot become data-driven. Digital transformation empowers employees of a company and also its consumers at the same time. There are following benefits of Digital Transformation:
- It increases your customer satisfaction
- It makes your business process data-based driven Insights
- It enables software monetization
- It delivers high quality user experience
- It also encourages collaboration & improves communication between the business processes
- It increases business agility
- It decreases the chances of human error
What are the areas of digital transformation?
Businesses are continually changing and undergoing digital transformations which improves their productivity and marketplace competitiveness. But the adoption of new technologies does not mark the end of digital transformation. There are four areas of a business that can be transformed with the help of Digital Transformation.
- Business Process Transformation
- Business Model Transformation
- Domain Transformation
- Cultural Transformation
How did you build your digital transformation strategy will significantly impact the outcomes of your company’s digital transformation. Results of Digital Transformation will always vary based on the procedures you are following to apply the changes and technology you are picking to transform your business.
Happy Learning!!!