What is Digital Transformation and why is it the talk of the town?
Digital Transformation is adapting to the changing world by adopting the latest technologies that help you evolve digitally.
Companies are embracing digital transformation at an ever-increasing rate because it drives efficiencies and opens up new lines of business. Within each company, this evolution is driven by leadership but, requires buy-in from every level of the organization to be successful.
Speaking of evolution, with the advent of digital, homes are getting ‘smarter’ and enterprises are getting noticeably ‘sharper.’ How? With the help of advanced tools and technologies.
As John Chambers, Executive Chairman at Cisco System states, “at least 40% of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technologies.”
Reasons why enterprises should go digital:
1) Improves operational efficiency
2) Creates greater connectivity
3) Boosts revenues
4) Improves decision making
5) Improves reach and customer satisfaction
6) Simplifies businesses processes
Why Digital Transformation is Unavoidable for Enterprises?
Amazon is a great example of why enterprises should merge digital with traditional means of managing business operations. From a mail-order bookstore to an e-commerce giant, its journey has been extraordinary. But, how did Amazon achieve such massive success?
Its success can be partly attributed to the timely adoption of digital techniques and tactics.
Below are some of the digital transformation trends that, if utilized correctly, can change your organization’s success story.
1. Internet Of Things
In 2013, Gartner had predicted that “the Internet of Things installed base will grow to 26 billion units by 2020.” Furthermore, the report states that,
“Enterprises will make extensive use of IoT technology, and there will be a wide range of products sold into various markets, such as advanced medical devices; factory automation sensors and applications in industrial robotics; sensor motes for increased agricultural yield; and automotive sensors and infrastructure integrity monitoring systems for diverse areas, such as road and railway transportation, water distribution and electrical transmission.”
When we say IoT, we speak of tools and technologies that are making their way into organizations as a part of ‘connected things.’ This includes analytics, edge computing, and 5G. No enterprise can transform into a digital company until it utilizes the benefits that the aforementioned offers.
2. Artificial Intelligence
We have tapped into the power of Siri, Alexa, Google Assistant and customer service chatbots - all of which is a small part of Artificial Intelligence. However, AI is much more than this. Automation and Robotics are the other realms of AI, which have already made their way into our daily lives and are transforming the way human beings work. In the near future, this technology is expected to evolve further and help enterprises grow at lightning speed.
3. Big Data
According to a report published by the International Data Corporation, the big data market is estimated to grow to $102 billion by 2019. Big data is not simply about the collection of data but about utilizing it correctly. If done right, big data can help enterprises safeguard their online reputation with the help of big data tools that allow sentiment analysis. In addition to that, big data also helps enterprises to understand market conditions by analyzing what the customers are buying and enables them to restructure their product strategies to meet the dynamic market demands. This, in turn, helps boost profits and cut down losses.
More than gaining a competitive edge, adopting these technologies, today, is about staying in the game. By failing to do so, your business may face the risk of becoming obsolete. Make sure you leverage the power of digital to the fullest and use it to win new customers as well as retain the existing ones.
One of the ways to transform digitally is by adopting integration and implementing automation in your processes.
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